Mortgage Calculator
Easily analyze how much you can borrow, at what interest rate and
for how long with our speedy mortgage calculator.
- Enter ballpark values by clicking on and dragging the diamond-shaped
sliders left or right. Enter exact numbers by clicking on the
number in the box on the right and type your number (no commas).
- Solve for different variables by clicking on a label name.
A red check mark appears on the label of the variable for which
you are solving. You cannot change red-checked values.
- The results of your calculations show in the box at the bottom
of the calculator.
- Click on tabs for details and for more options.
Loan Calculator Tab You can easily
calculate how much you can afford to borrow by entering basic information
into the Loan Calculator Tab.
Loan Amount
Just enter the amount of the loan that you want or use this button
to figure out the biggest loan you can afford based on the interest
rate, the loan duration and the monthly payment you can afford.
Loan Period
You can click on this button to see how long your debt will last
and how a larger monthly payment will decrease the length of your
loan.
Annual Rate
This button will allow you to see how your interest rate will be
affected by the other loan variables. If you already know the interest
rate that your lender will charge, enter it here.
Monthly Payment
If you want to see how your monthly payment is affected by other
variables you can click on this button, or simply enter the amount
you can afford to pay each month.
Total Interest Paid
This will show you the total amount of interest that you will pay
over the entire life of the loan.
Results
The information in our results box will vary based on the values
you have entered and the button that you have placed the red check
mark on.
Payment Schedule Tab Once you have
chosen a loan the Payment Schedule Tab will show the complete amortization
schedule by designating each row a value for the interest, the principal
and the balance of the home loan at that payment number.
Payment Chart Tab The Payment Chart
Tab shows an area graph, a pie chart and allows you to see the changes
extra principal payments could have on your loan.
The area graph shows how your payments are distributed between
the interest, principal and extra principal for the length of the
loan or for a single loan period by moving the diamond-shaped slider
at the bottom of the graph.
The pie chart shows you the cumulative distribution of interest,
principal and extra payments (if any) at the end of your loan.
Extra Principal
You may want to include extra principal with your monthly payment,
to be used only for paying down the principal and not the interest,
which would allow you to shorten your loan and pay less total interest.
Entering an amount in this box will also change the results on the
Payment Schedule Tab.
Click
Here to open the Mortgage Calculator
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