Mortgage Calculator

Fields:

• Purchase Price - The amount you will pay for your new house.
• Down Payment - The amount that you plan to put towards your purchase in cash.
• Term (Years) - The number of years that your mortgage will run over.
• Interest Rate - The fixed interest rate for your mortgage. Be sure to use the interest rate and not the APR.
• Property Tax (Per Year) - The amount of tax you will be charged each year on the property.
• PMI - The PMI or private mortgage insurance is a charge often levied when borrowing more than 80% of a properties value. Once you owe less than 80% this value will be excluded from the calculations.
• Mortgage Start Date - The month in which the mortgage will start. We apply the first payment one month after this date.

Calculation Results

Loan Summary

The summary section is broken into five columns:

1. Loan Amount - The amount that will be borrowed to purchase your new home.
2. Monthly Payment - The monthly payment for your home. This encompasses the loan repayment, taxes and PMI. The second number in brackets is the payment amount once PMI payments cease.
3. Total Payments - The total amount you will pay over the life of the loan.
4. Total Interest - The total interest you will pay on your loan.
5. Pay-off Date - The month that you will make your final payment.

Payment Breakdown & Balance Chart

This chart shows the breakdown of your payments and also the balance over the life of your mortgage. Hover your mouse over it to get specific information.

Each bar represents one year, the numbers displayed represent the position of the loan at the end of December that year.

Amortization

Our mortgage calculator provides both yearly and monthly amortization schedules, use the tabs at the top of this section to switch between them.

Each row represents the loan position at the end of the month or year after payments and interest have been applied.