Mortgage Calculator

Home Price$  
Down Payment
Loan Termyears
Interest Rate%

Property Taxes
Home Insurance$ /year
PMI Insurance$ /year
HOA Fee$ /year
Other Costs$ /year
Start Date
 

Monthly Pay:   $1,148.57

 MonthlyTotal
Mortgage Payment$1,148.57$413,483.65
Property Tax$300.00$108,000.00
Home Insurance$100.00$36,000.00
Other Costs$250.00$90,000.00
Total Out-of-Pocket$1,798.57$647,483.65
 
House Price$300,000.00
Loan Amount$240,000.00
Down Payment$60,000.00
Total of 360 Mortgage Payments$413,483.65
Total Interest$173,483.65
Mortgage Payoff DateDec. 2046

Payments

Mortgage Amortization Graph



This is a typical mortgage calculator for fixed-rate mortgage loans. This calculator has graphing capabilities and can also display either monthly or annual amortization schedules based on the loan starting date. You can also add property taxes, PMI costs, HOA fee, insurance, and other related costs to estimate your total monthly out-of-pocket cost.

A mortgage is a loan secured by a property – usually a real estate property. A real estate mortgage includes the following key components:

The total cost of owning a home is more than just the monthly payment, or the mortgage. When planning to purchase a home, you should also consider other necessities and extras. The following is a list of the possible costs:

Property taxes, home insurance, HOA fee, and other costs increase with time, which can be estimated in the results of this calculator.

In many situations, mortgage borrowers may want to pay off their mortgages earlier in whole or in part. Typical reasons are home selling, refinance, interests saving, etc. Most mortgage lenders allow borrowers to pay off up to 20% of the loan balance each year. Some lenders may have prepayment penalty for one time payoff, mainly to prevent borrowers from refinancing too soon, which will affect the lenders' profit. One time payoff due to home selling is normally exempted from prepayment penalty. The penalty amount normally decreases with time and phases out within 5 years. Few lenders will charge prepayment penalty regardless of home selling or refinance. So, be sure to study the loan terms carefully. Other borrowers may want to pay off their mortgage loan earlier to cut down the interest. Typically, there are 3 ways to do so:

  1. Make extra payment whenever you can—For a 30-year loan, the majority of the payments you make in the first few years will cover the interest. Any extra payment will directly cut down the loan balance, which may save you thousands in interest. Some people form the habit to pay extra every month. Others pay extra whenever they can.
  2. Make bi-weekly pay of half month's payment—Since there are 52 weeks each year, this is equivalent to making 13 months of mortgage repayment in a year instead of 12. Therefore, the loan will be paid off earlier.
  3. Refinance to a loan with shorter term—Normally, the interest rate of shorter term mortgage loan is lower. Therefore, the borrower not only repays the loan balance faster, but also cuts down the interest rate. However, this imposes a higher pressure on the borrower and may have fee or prepayment penalty involved.

The methods above can be used combined or separately based on the specific situations. Our mortgage calculator above can help evaluating the options. Please be aware that the rate of mortgage is very low compared with other loans. Also the mortgage interest is tax deductible. Furthermore, the home equity accumulated may be counted against the borrowers when applying for need-based college aid. So, be sure to study other investment options before pay off the mortgage loan earlier.