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This Mortgage Calculator is unique among the financial calculators found elsewhere. It has the ability to solve for two unknowns at a time allowing you to calculate, for example, both the payment amount and the affordable house price. More below...»

Need a traditional loan calculator?
Our Loan Calculator solves for one of four unknowns and creates a printable payment schedule as well as several charts.
Will making small, extra payments save me money?
Our Extra Payment Calculator will create an amortization table and show you the interest saved.
Enter a "0" (zero) for one unknown value above.
Enter a "0" (zero) for one unknown value above.

$ : mm/dd/yyyy
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Related: Loan Carrying Cost: Interest Reduction Techniques
from The Reading Room

You can use this calculator to answer such questions as:

  • How much mortgage can I afford?
  • What is the mortgage payment?
  • How much money do I need to buy a house?
  • What is the down payment on a house?

Related You may also like the Auto Loan Calculator. It also accepts six inputs, but it asks for an amount for the down payment rather than a percentage.

This Mortgage Calculator is not limited to solving mortgage loan problems of course. It can be a useful tool whenever money is borrowed to purchase an asset and the down payments is expressed as a percent.

Do You Have 20 Seconds?
Please tell me how you use this calculator. Are you using it personally or professionally? What feature is important to you? If it didn't meet your needs, why? Your feedback will help me make improvements. Complete sentences aren't necessary! :)

6 thoughts on “mortgage-calculator

  1. Your columns are mixed up.
    The interest and the principal columns are wrong which is causing numbers to be incorrect.

  2. You’re referencing the print preview? The numbers aren’t wrong there. Using the default example, click on calc and then print preview. I see the following number for interest and principal for the first payment.

    1,516.67 interest
    922.43 principal

    The loan amount is $280,000 @ 6.5% interest rate.

    (6.5 / 100 / 12) * 280,000 = 1516.667

    Also, check the last running total of the principal column, the total equals the loan amount i.e $280,000.

    Or were you talking about something else?

    • If you want to enter payments as they are made (to determine exact loan balance or to handle extra or missed payments) then you can use this Time Value of Money Calculator . (This is a more flexible calculator but it will take time to learn. Please scroll to the bottom of the page for 25 tutorials.)

      If you just want to specify the loan’s origination date and first payment date and have the other payments on a regular schedule then you can use this amortization table, which I see you have already found.

  3. Why don’t the calculators auto-complete with the correct calculations once the required fills are filled in. It would lead to a much smoother user experience. Additionally, the errors that pop up when the calculator cannot calculate are vague, it would be helpful if they could pinpoint the exact source of error. Thank you!

    • Hi Rachel, so there are 2 questions / issues here. I’ll take the 2nd one first.

      As to the messages being vague, that should be very easy for me to fix. The problem is, they are not vague to me! Can you copy / paste here and tell me what isn’t clear and I’ll reword an update. I guess you keep seeing the message because they aren’t clear. The basic point to remember is, a user never types anything except for a number or the decimal character. And a user should use backspace to delete.

      As to the calculator auto calculating rather than clicking on the calculate button, that might be a future enhancement, but it’s tricky because many calculators can solve for multiple unknowns and there also does not need to be an unknown. Lets’s say a user wants to create a schedule with a specific payment amount which is not the normal payment amount and they want to have a term that results in a final larger balloon payment. Now they enter all their values and has they get to the payment amount, it has been calculated by the calculator because it previously had been 0. That means they have to clear out the just calculated value. That’s not ideal either.

      Probably the best thing is to let the user type Alt-C to calculate?

      Thanks for your comments and hope to hear what text you find not to be clear.

Comments, suggestions & questions welcomed...

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