Mortgage Calculator

Mortgage Calculator - Help

Amortization Schedule

The amortization schedule show you how monthly principal and interest payment and principal balances change over the life of your loan.

Extra Payment

The amount of additional principal that you plan to add to your mortgage payment. To get the financial benefit of paying down your principal balance early, direct your mortgage servicer to use the extra payment to pay down the mortgage balance immediately rather than giving you a credit towards your next scheduled payment. Some loans restrict how fast you can pay off your loan and may even have prepayment penalties. Refer to your mortgage documents, including the prepayment penalty rider, if any, to determine if this applies to you. You should also check with your mortgage servicer to make sure that extra payments you make do not trigger a prepayment penalty.

Extra Payment End

The number of months from now that you plan to make your last extra payment of principal.

Extra Payment Frequency

The frequency is how often you plan on making extra payments of principal. Some homeowners add an extra payment of principal to their mortgage payment every month. Others may choose to pay extra principal on a quarterly, semi-annual, annual or one-time basis to better match the times when they have more cash available. For example, borrowers who receive a regular bonus or tax refund may wish to use them to pay down the principal balance of their mortgage.

Extra Payment Start

The number of months from now that you plan to make your first extra payment of principal.

HOA Dues

Your Homeowners Association dues, if any, will be included in calculating your debt-to-income ratio which helps lenders determine the maximum mortgage loan amount you qualify for.

Homeowner's Insurance

Your insurance premium will be included in your debt-to-income ratio which lenders use to help determine the maximum mortgage loan amount you qualify for.

Home Value

The current market value of your home. At the time you buy a home this is often the purchase price of your home.

Interest

The portion of your mortgage payment that is due to the interest rate being applied to the principal balance. The Total Interest for a mortgage is the sum of all interest paid over the life of a loan.

Interest Rate

The percentage of the principal balance of your mortgage that determines how much interest you must pay. The interest rate on your mortgage may change or remain the same depending on the type of loan you have.

Loan Amount

The initial principal balance or your mortgage at closing.

Principal

The portion of your mortgage payment that is used to pay down the current balance of your mortgage. The principal balance represents how much you owe on the mortgage.

Private Mortgage Insurance (PMI)

Lenders often require borrowers to pay Private Mortgage Insurance (PMI) on mortgages with a loan-to-value ratio of more than 80%. PMI insures the lender in the event of a borrower default. Making a down payment of 20% or more of the purchase price of your home is one way you may be able to avoid being required to pay mortgage insurance.

Property Taxes

The property taxes on your home are included in the calculation of your debt-to-income ratio and in determining the maximum mortgage loan amount you qualify for.

Taxes and Insurance

Mortgage lenders generally require that taxes and insurance be included in a borrower's mortgage payments. These payments may be for property taxes, homeowner's/hazard insurance, and mortgage insurance. Other required payments may include homeowners' association dues.

Term

The amortization term is one of the key factors that determine your required mortgage payment. Your required mortgage payment for fully amortizing mortgages is the amount that would result in the mortgage being closest to being paid off by the end of the amortization term. Longer amortization terms result in lower required mortgage payments for fully amortizating mortgages, all other things being equal.