Mortgage Calculator Use Cases
About Mortgage Calculator
This mortgage calculator - also known as an amortization schedule calculator - allows you to estimate your monthly mortgage payment. It also shows out how much of your repayments will go towards interest and how much will go towards the principal.
Consider different scenarios
Use this mortgage payment calculator compare the monthly payments for different scenarios. By changing the home price in the loan calculator you can estimate monthly payment and see if it still fits within your budget.
You can also use amortization schedule calculator to see the impact of making a higher down payment. By making higher down payment you decrease you monthly payment not only because it reduces the borrowed amount of money but also sometimes it can affect your interest rate.
In some cases higher down payment can help you avoid paying private mortgage insurance (PMI).
Decide if an ARM is applicable for you
ARM’s are mortgages whose rates adjust according to the terms of the contract you made with the lender. Usually interest rates are fixed for the first years. After that period is up, rates will be allowed to fluctuate within the limits of your contract with the lender.
Usually initial interest rate of an adjustable-rate mortgage (ARM) is lower and can be tempting. Try to enter the ARM rate into amortization schedule calculator leaving the term as 30 years and then compare your payments with the payments of 30-years fixed mortgage.
This will help determine whether the adjustable-rate mortgage (ARM) is much more profitable than fixed mortgage and worth risk.
See Where Your Money Is Going
A monthly mortgage payment is made up of a number of different costs. This mortgage payment calculator can show you exactly where your payment will go: principal or interest, property taxes and private mortgage insurance (PMI).
You can accurately predict monthly mortgage payment using this online simple mortgage calculator. It also shows the total amount of interest you should pay over the life of your mortgage.
It's very important to calculate what the mortgage payment will be and how much you can afford. Estimate your yearly payments and see the effect of adding additional payments.
Planning to pay off your mortgage early
You can find out how you can shorten your term by paying extra money toward your loan's principal every year, every month or even just one time.