Mortgage Calculator

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

GreatWealth.com
Mortgage Loan Calculator

Price of Real Estate?:

Down Payment Percent?:

Amount of Loan?:

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

Number of Payments? (#):

Annual Interest Rate?:

Points?:

Annual Property Taxes?:

Annual Insurance?:

Private Mortgage Ins. (PMI)?:

Payment Method?:

Monthly Payment Amount:

Down Payment Amount:

Total Interest:

Total Principal & Interest:

Mortgage Calculator Help

You can calculate the mortgage loan amount from the price of the real estate by providing the down payment percentage.

If you know the mortgage amount you can afford and the cash down payment percentage required, you can calculate the affordable real estate price.

Or if you know the price of the real estate and the loan amout and enter "0" for the down payment percentage, the calculator will calculate the down payment amount and percentage.

Points, Annual Property Taxes, Annual Insurance and Private Mortgage Ins. (PMI) are all optional. If you enter values, the periodic portion of each will be calculated and shown on the schedule. Property taxes and insurance are combined under escrow.

If a borrower does not have cash to cover at least 20% of the purchase price, some lenders will require the borrower to purchase private mortgage insurance (PMI) to cover against a possible default. Premiums are typically 0.5% to 2.0% of the original loan amount. The borrower can drop the insurance coverage once the mortgage balance is less than 80% of the original purchase price. The calculator handles this automatically. (There may be other conditions as well under which the lender will no longer require PMI. One such case might be apprciation of the real estate.)

Points are charges that are normally due at closing. Borrowers (normally only in USA) may select to pay a lender "points" up front in exchange for a lower interest rate. Points are expressed in percent and are calculated on the amount borrowed. 3 points on a $200,000 mortgage equals $6,000. If the user enters points, this calculator includes their value in the summary and as part of the total payment at loan origination on the payment schedule.

The term (duration) of the loan is expressed as a number of months.

60 months = 5 years
120 months = 10 years
180 months = 15 years
240 months = 20 years
360 months = 30 years

Need more options including the ability to solve for other unknowns, change payment / compounding frequency and the ability to print an amortization schedule? Please visit, https://financial-calculators.com/mortgage-calculator

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 GreatWealth.com, 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.

Mortgage Calculator Help

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