Mortgage Calculator

Step 1: Enter Your Basic Loan Information

To get started, locate the main input section at the top of the calculator and enter the fundamental details of your potential home purchase:

• Home Value: Enter the total purchase price of the home (e.g., $350,000).

• Down Payment: Input your down payment amount either as a percentage (%) or a flat dollar amount ($).

• Length of Loan: Specify the term of your mortgage (e.g., 30 years). You can toggle between years and months.

• Interest Rate: Enter the expected annual interest rate for your mortgage.

• One-time Expenses: Add any upfront closing costs or one-time fees as a percentage or dollar amount.

• Start Date: Select the date you expect your mortgage payments to begin.

• Payment Frequency: Choose whether you plan to make payments Monthly or Bi-weekly.

Step 2: Customize Your Ongoing Expenses

A mortgage payment is more than just principal and interest. Scroll down to the "Customize your mortgage payment" section to input your estimated local costs, which will be factored into your total monthly payment:

• Home Insurance: Enter the estimated annual cost (as a % of the home's value or a flat $ amount).

• Property Taxes: Input the local property tax rate or estimated annual dollar amount.

• HOA Fees: If you are buying in a community with a Homeowners Association, add the monthly fee here.

• PMI (Private Mortgage Insurance): If your down payment is less than 20%, you will likely need to enter a PMI rate here.

Step 3: Experiment with Extra Payments (Optional)

If you want to see how paying off your loan faster affects your bottom line, click the + Add Extra Payments button. You can input additional monthly payments to see how it shortens your loan term and reduces total interest.

Step 4: Review Your Results

As you adjust the numbers, the calculator will automatically update your results in real-time. Be sure to review the following sections to understand your full financial picture:

• Estimated Monthly Payment: The large number at the top shows exactly what you can expect to pay each month.

• Payment Breakdown: A categorized list showing exactly how your monthly payment is divided between Principal & Interest, Home Insurance, Property Taxes, HOA Fees, and PMI.

• Total Of All Payments: A comprehensive look at the lifetime cost of the loan, breaking down the total principal, total interest paid, and total taxes/insurance over the life of the loan.

• Amortization Schedule & Payoff Date: An interactive graph showing your loan balance decreasing over time, along with your exact Mortgage Payoff Date (e.g., June 22, 2056). You can also view a snapshot of your payment breakdown for specific future years.