A mortgage calculator is a tool used to calculate the monthly mortgage payment for a home loan. It can also help to estimate the total home value of a property, which was bought with an existing loan.
As mortgage calculators have evolved into elaborate tools that can do multiple calculations and calculations based on different scenarios, they are now a necessity in the residential real estate market. The benefits of using them are that they help borrowers to understand how much their monthly payments will be on their mortgage and what potential future costs could be.
They help new homeowners avoid wasting money on expensive mortgages by making sure they get the right amount of house for their budget. They also showcase the potential savings that buyers could make over time by buying a more affordable property while still paying off their loan in full.
Mortgage calculators can be more helpful than you think at times. They can provide a breakdown of what monthly payments will be and how much you can save over time with your mortgage.
Mortgage calculators are also a great way to compare the cost of different kinds of mortgages. With just a few clicks, you can see which loan option works best for you!
—
Use this mortgage calculator to calculate your monthly payment and an estimated amortization schedule. See how much interest you could pay and your estimated principal balances in a flash. Enter your prepayment amounts to see how they will affect your mortgage.
| Loan
Information: Press Spacebar to Hide Inputs |
| Prepayments:
Press Spacebar to Show Inputs |
|
Press Spacebar to Hide Graph |
| Mortgage
Term 30 Years
Principal Balances by
Year
Press Spacebar to Show Graph |
Original or expected balance for your mortgage.
The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
Annual fixed interest rate for this mortgage.
Monthly principal and interest payment (PI).
Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
The frequency of prepayment. The options are none, monthly, yearly and one-time payment.
Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
This is the payment number that your prepayments will begin with. For a one-time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation. If you choose to prepay with a one-time payment for payment number zero, the prepayment is assumed to happen before the first payment of the loan.
Total amount of interest you will save by prepaying your mortgage.
Choose how the report will display your payment schedule. Annually will summarize payments and balances by year. Monthly will show every payment for the entire term.
Your mortgage's original or expected balance.
The number of years it will take you to repay this loan. The most common loan terms are 15 and 30 years.
This mortgage's annual fixed interest rate.
Monthly principal and interest payment (PI).
Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
Total of all monthly payments made over the life of the loan. This total payment amount is based on no principal prepayments.
The frequency with which prepayment is made. There are four payment options: none, monthly, yearly, and one-time payment.
The amount you will pay off your mortgage. Based on the type of prepayment, this amount will be applied to the mortgage principal balance.
Your prepayments will begin with this payment number. This is the payment number that the single prepayment will be included in for a one-time payment. All principal prepayments are assumed to be received by your lender in time to be included in the interest calculation for the following month. If you choose to prepay with a one-time payment for payment number zero, the prepayment is assumed to occur prior to the loan's first payment.
The total amount of interest saved by prepaying your mortgage.
Choose how your payment schedule will be displayed in the report. Payments and balances will be summarized annually. Monthly will display all payments for the entire term.
Lawyer
Calculators
Bra Size
Calculator
Online
Digital Clock With Dark Background
Online
GUID UUID Generator
HOME | PRIVACY POLICY | CONTACT US | TERMS