Intuitively, we all know taking out a mortgage will be, for almost everyone, the largest investment a person or family will make.

Further, a home loan is frequently thought of as a good investment when it is used to finance the purchase of a house or building that has a reasonable chance to appreciate in value.

"But how do I know if I can afford a mortgage," is a common refrain.

Helping you answer this question is precisely the goal of this mortgage calculator. You'll quickly notice this calculator is capable of a great deal more than just calculating a monthly mortgage payment. Spend a few minutes with it, and it will help you understand the actual cost of any potential (or existing) home loan. 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 above OR 2 0's and a "Loan Amount"
Enter a "0" (zero) for one unknown value above.

\$ : mm/dd/yyyy

For "#", type a "U" for "Unknown" to pay until mortgage is paid off.

Original Size

## The Mortgage Payment

This home loan calculator does have a lot of options. Don't let the number of details put you off. Fortunately, if you only want to calculate a payment amount, you'll frequently have to enter only three values while leaving the other settings and inputs unchanged. The payment calculation is as easy as this:

• Click clear and enter values for:
• Loan Amount
• Number of Payments
• Annual Interest Rate
• Leave "Payment Amount (P & I only)" set to 0.
• Click either "Calc" or "Payment Schedule."

That's it. Now you'll know the principal and interest payment required to pay off the debt.

But for sure, this debt payment does not begin to cover the full cost of having a home loan. There are few other expenses, of course! And this calculator is designed to consider them all.

VERY IMPORTANT - You must enter a 0 if you want a value calculated. Some users have been frustrated by this. They want to know why the calculator does not just recalculate if they have changed one of the inputs.

This behavior is by design. We want the calculator to create an amortization schedule using whatever parameters you want to use. This is a feature!

By not automatically recalculating a payment, this calculator lets those users who do not have a "standard" loan create a payment schedule.

ABOUT DATES - This calculator now allows irregular length first periods. That is, the calculator calculates the exact amount of interest due even when the initial period is shorter or longer than the other scheduled periods. This will result in payment amounts as well as interest charges that do not match other calculators. If you want to match other calculators then set the "Loan Date" and "1st Payment Date" so that the time between them equals one full period as set in "Payment Frequency". Example: If the "Loan Date" is May 15th and the "Payment Frequency" is "Monthly," then the "1st Payment Date" should be set to June 15th, that is IF you want a conventional interest calculation. See the end of the "Help" text for some more details.

Of course, you can always leave the dates set as they are when the calculator loads.

## A Mortgage is More Than a Payment Amount

Estimated property value at end of mortgage.
Enter "Annual Appreciation Rate" on option tab.

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 - Need to know the exact balance of a mortgage? Then use this mortgage payoff calculator.

Calculate the potential tax benefits of having a mortgage.
Mortgage calculator shows \$1,300 in tax savings after 2 payments.

The printable mortgage schedule has recently been upgraded to add support for the following:

• PMIprivate mortgage insurance. Could be required if your loan to value (LTV) is more than 80%. That is, your down payment frequently needs to be 20% or more to avoid PMI.
• Property Taxes — are included in the escrow column on the schedule. Please be sure to enter an annual amount in the calculator.
• Casuality Insurance — is also included in the escrow column on the mortgage schedule. Again, enter an annual amount.
• Tax Benefits — shows tax savings as result of potential deduction for mortgage interest and property taxes.
• Points — calculated on the loan amount, they are reported in the first row of the schedule.

All the above are optional. That is, you may set them to 0.

##### This documentation is not complete.
Some of you may be wondering about a particular calculated result or how to use a feature. I fully intend to enhance this page with examples and prehaps screen shots. In the mean time, please ask your questions below.

### 37 thoughts on “mortgage-calculator”

1. Sandra says:

Do you have a calculator I can use to calculate the interest due on a loan on payment dates that I choose? For example, I would enter the loan date, then I would enter the date the payment was to be made so I could determine the amount of interest due on that specific payment date.

Thank you

• Karl says:

Yes.

There are two calculators you could use.

The compound interest calculator will let you enter two dates and it will calculate the interest due at the rate you enter.

The Ultimate Financial Calculator will do the same, but it is also designed to track the balance of a loan. The user enters the payment as they are made, one the dates they are made and the interest due between the payment and the loan balance is calculated. Scroll down this page to see the tutorials. Read #1 for an overview and then #25 for tracking loan balances.

• Sandra says:

Thanks!