This recently updated Mortgage Calculator is unique when compared with financial calculators found elsewhere. It can solve for two unknowns at a time allowing you to calculate, for example, both the payment amount and the affordable house price. More below...»
Updated Nov. 26: Now includes points. (See Help.)
Updated Oct. 22: Now optionally calculates private mortgage insurance (PMI), real estate taxes and property insurance. Updated, easier to read schedule. Now prints more uniformly in a variety of browsers, not just Chrome and Firefox. Also, users can select all the text in the schedule and copy and paste it to Excel and hopefully other spreadsheets.
You can use this calculator to answer such questions as:
Unlike our general loan or simple loan calculators, this calculator will allow you to have more than one unknown value in certain cases.
To indicate an unknown value, enter '0' (zero). There must be one unknown in each group — that is two unknowns are required.
You can enter the price of the real estate, the down payment percent you need, the total number of periods for which you want to borrow the money and the interest rate. When you click on "Calc", the amount of the loan and the monthly payment will be calculated.
If you enter the loan amount and "0" for the down payment percentage, then the down payment percentage (and down payment amount) will be calculated.
If you enter "0" for the price, a down payment percentage, "0" for the amount of loan, the total periods, the interest rate and the payment you can afford, the calculator will calculate the loan amount and the price you can afford to pay. You can use this calculation to tell you what you can afford to pay and borrow and still stay within a budget.
Annual Property Taxes, Annual Insurance and Private Mortgage Ins. (PMI) are all optional. If you enter values, the periodic portion of each will be calculated and shown on the schedule. Property taxes and insurance are both included under escrow.
If a borrower does not have cash to cover at least 20% of the purchase price, some lenders will require the borrower to purchase private mortgage insurance to cover against a possible default. Premiums are typically 0.5% to 2.0% of the original loan amount. The borrower can drop the insurance coverage once the mortgage balance is less than 80% of the original purchase price. The calculator handles this automatically. (There may be other conditions as well under which the lender will no longer require the PMI. One such case might be apprciation of the real estate.)
Points are charges that are normally due at closing. It is an optional input. Borrowers (normally only in USA) may select to pay a lender "points" up front in exchange for a lower interest rate. Points are expressed in percent and are calculated on the amount borrowed. 3 points on a $200,000 mortgage equals $6,000. If the user enters points, this calculator includes their value in the summary and as part of the total payment at loan origination on the payment schedule.
Auto Loan Calculator. It also accepts six inputs, but it asks for an amount for the down payment rather than a percentage.You may also like the
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.