Mortgage Calculator

Review the Calculator Caution page before proceeding ahead with the calculator below.

Enter a "0" (zero) for one unknown value above.

Unlike the forecast calculators, in which the future return on investment (ROI) is uncertain, this calculator determines your monthly payment on a mortgage assuming you lock in your interest rate.

To do this:

  • Enter the real estate price
  • Enter EITHER the down payment percent or the amount of the loan. Do not enter both.  Also, if you revise something after clicking on the “Calc” button, you must erase one or the other of these cells before clicking on “Calc” again.
  • Enter the number of monthly payments, annual interest rate, points, annual property taxes, annual insurance and PMI.
  • Select either the end of period or start of period from the drop-down box.
  • Click on the “Calc” button to make the calculations that are displayed in the bottom half of the box
  • If you wish to see the “Schedule” or “Charts” and you have already clicked on “Calc”, go back up and delete either the down payment percent or the amount of loan, then click on either “Schedule” or “Charts” prior to clicking on “Calc”

To see how much raising your monthly payment will reduce the total number of payments and interest you will ultimately pay, go up to the “Monthly Payments?” box and change it.  For example, change it from 180 payments to 168 payments to pay off your loan in 14 years instead of 15 years.  Click on “Calc” and subtract the monthly payment for the 180 month case from the 168 month case.

It may surprise you how much a nominal additional amount will decrease the time to payoff and the amount of interest you will ultimately pay.  However, be sure to verify there is no pre-payment penalty on the loan before paying an additional amount.

The monthly payment amount may differ slightly from your mortgage company due to differences in compounding period, etc.  However, the numbers should be close.  If they’re not, start asking questions, but don’t be surprised when no one from the financial institution can tell you how they calculate the payment amount, interest rate, etc.

DISCLAIMER:  Neither, nor Schulz Media, nor Schulz Financial nor any other entity directly or indirectly affiliated with this web site assume any risk or responsibility for the accuracy, implications, results or decisions made using the calculators contained herein.

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