mortgage calculator with down payment and extra payments

M = monthly mortgage payment; P = the principal amount; i = interest rate = number of monthly interest payments. PMI fees vary, depending of the amount down payment and the loan, from around 0.3 percent to 1.15 percent of the initial loan amount per year. The most simple. Learn how advantageous extra monthly mortgage payments might be. Use our calculator to see how even small payments can add up to big savings over the.

: Mortgage calculator with down payment and extra payments

Mortgage calculator with down payment and extra payments
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Mortgage Calculator

A mortgage calculator helps prospective home loan borrowers figure out what their monthly mortgage payment will be. A mortgage payment calculator takes into account factors including home price, down payment, loan term and loan interest rate in order to determine how much you’ll pay each month in total on your home loan. Other associated costs may include property taxes, home insurance and mortgage insurance.

How to calculate your mortgage payment

Mortgage calculators take into account a variety of different factors when determining your monthly mortgage costs. They can include the price of your home, your down payment, your monthly interest rate and the term length of your mortgage. If your math skills are a little rusty, a mortgage calculator does the hard work for you in order to determine your monthly payment and associated costs.

The basic formula for calculating your mortgage costs: P = A[R(1 + R)^T]/[(1 + R)^T – 1]

  • P stands for your monthly payment
  • A stands for your loan amount
  • T stands for the term of your loan in months
  • R stands for the monthly interest rate for your loan

For example, let’s say that John wants to purchase a house that costs $125,000 and has saved up a $25,000 down payment. His loan amount (A) is $100,000, the term length (T) is 15 years (180 months) and the monthly interest rate (R) is 4.20%. In this scenario, John’s monthly mortgage payment (P) will be $749.75.

John’s mortgage cost formula will look like: 749.75 = 100,000[4.2(1+4.2)^180/[(1+4.2)^180-1)

If John wants to purchase the same house with a 30-year term length, the formula works in much the same way. In this scenario, his loan amount (A) is $100,000, term length (T) is 30 years (360 months) and monthly interest rate (R) is 4.20%. With a 30-year mortgage, John’s monthly mortgage payment (P) will be $489.02.

John’s mortgage cost formula will look like: 489.02 = 100,000[4.2(1+4.2)^360/[(1+4.2)^180-1)

By using a mortgage calculator, prospective homebuyers can determine just how much they’ll be paying each month for their new home. Mortgage calculators are an easy, convenient way to determine how much you’ll be able to afford. They also allow borrowers to experiment with different down payments, loan term lengths and home prices. 

Why should I use a mortgage calculator?

  1. To decide if an ARM loan is right for me ­– An ARM loan, also known as an adjustable-rate mortgage, has an interest rate that changes over time. After a fixed-rate introductory period, ARM rates can fluctuate depending on the economy. There are usually set limits when it comes to how much the interest rates can increase from year to year, as well as limits over the length of the loan. While ARM loans can offer an enticingly low introductory rate, you run the risk of increasing monthly payments over time. Mortgage calculators can help you decide whether an ARM rate is worth the risk or if a conventional fixed-rate mortgage is a better option.
  2. To figure out if a home is out of my price range – Because a mortgage calculator allows prospective borrowers to calculate their monthly costs, it can help buyers decide on a good price range for purchasing a home. A good rule of thumb is to spend no more than 30% of your monthly income on a housing payment.
  3. To figure out what my payments would be with more or less money down – Mortgage calculators can also help borrowers decide on an optimal down payment amount. In general, the larger your down payment, the lower your monthly costs will be. A larger down payment can also help you avoid paying for mortgage insurance. The more money you can save up for a down payment on a house, the less you’ll end up spending on interest and fees. Depending on the price of your home, a mortgage calculator can help you figure out what the best down payment will be.
  4. To decide what the best loan term is – Mortgages are commonly offered with either 15 or 30-year terms. Longer-term lengths will reduce your monthly payment, but you’ll pay more interest over time. Shorter-term lengths have higher monthly payments but may end up saving you money in the long run. When deciding on a term length for your mortgage, it’s also a good idea to consider other related factors, such as how long you plan to live in your home and whether or not you plan to refinance.
  5. To figure out associated costs – When it comes to buying a house, most people focus on the down payment as the biggest cost associated with homeownership. However, there are a variety of associated costs that are easy to overlook, including insurance, property taxes and homeowners association dues. Mortgage calculators can help you to include these additional factors when you’re determining the necessary monthly payments for your new home.

The final word

Ultimately, mortgage calculators ensure that borrowers are more informed when it comes to the financial side of purchasing a home and enable home buyers to make the choices that are right for their financial situation. Once you’re done calculating your mortgage, compare the best mortgage rates of this year to see which lender best fits your needs.

Third Party Services

How Much Will My Mortgage Payments Be?

How much will my mortgage payments be?

This calculator is property of CalcXML and licensed for use on dcu.org. It is provided as a self-help tool for your independent use. The results shown are based on information and assumptions provided by you regarding your goals, expectations and financial situation. Applicability or accuracy in regard to your individual circumstances is not guaranteed. All sample ranges provided within calculator fields do not reflect actual loan terms available and examples are hypothetical for illustrative purposes only and are not intended to purport actual user-defined parameters. Default figures shown are hypothetical and may not be applicable to your individual situation. Calculation results does not indicate whether you qualify or assumes you could qualify for the loan, product or service. The calculations provided should not be construed as financial, legal or tax advice. Consult a financial professional prior to relying on the results presented. 

Источник: https://www.dcu.org/plan/home-financing/mortgage-payment-calculator.html

Extra Mortgage Payments Calculator

Extra Mortgage Payments Calculator.

Save Thousands in Interest Expenses by Paying Your Loan Off Early With Additional Payments

Financial Analysis (Switch to Plain English)

Loan Original Schedule Additional Payment
Monthly Principal & Interest Payment: $1,088.02$1,138.02
Total Monthly Payments: $391,682.75$380,277.66
Interest Savings: $11,405.09
Length: 30 Yrs 0 Mts27 Yrs 11 Mts
Time Saved: 2 Yrs 1 Mts

Your Results in Plain English (Switch to Financial Analysis)

When it comes to a home mortgage loan, you can actually pay off the loan much more quickly and save a mortgage calculator with down payment and extra payments deal of money by simply paying a little extra each month.

If you take out a 30 year loan for $250000.00 with a 3.250% interest rate, for example, your monthly payment (interest and principal only) will be $1,088.02. By the time the 30 year time period is complete, you will have paid $391,682.75 for your home.

If you make the initial extra payment amount you entered and pay just $50.00 more each month, you will pay only $380,277.66 toward your home. This is a savings of $11,405.09. In addition, you will get the loan paid off 2 Years 1 Months sooner than if you paid only your regular monthly payment.

 

This calculator allows you to enter an initial lump-sum extra payment along with extra monthly payments which coincide with your regular monthly payments. We also offer three other options you can consider for other additional payment scenarios.

Want to Make Irregular Payments? Do You Need More Advanced Calculation Options?

  • Biweekly Payment Method: Please see our bi-weekly mortgage calculator if you are using mortgage calculator with down payment and extra payments payments to make an effective 13th monthly payment.
  • Extra Payments In The Middle of The Loan Term: If you start making extra payments in the middle of your loan then enter the current loan balance when you started making extra payments and set the loan term for however long you have left in the loan. For example, if you are 3.5 years into a 30-year home loan, you would set the loan term to 26.5 years and you would set the loan balance to whatever amount is shown on your statement. If you do not have a statement to see the current balance you can calculate the current balance so long as you know when the loan began, how much the loan was for & your rate of interest.
  • Irregular Extra Payments: If you want to make irregular extra contributions or contributions which have a different periodicity than your regular payments try our advanced additional mortgage payments calculator which allows you to make multiple concurrent extra payments with varying frequencies along with other lump sum extra payments.

For your convenience current Los Angeles mortgage rates are published underneath the calculator to help you make accurate calculations reflecting current market conditions.

Refi Today & Save: Mortgage calculator with down payment and extra payments Los Angeles's Low 30-Year Mortgage Rates Today

How much money could you save? Compare lenders serving Los Angeles to find the best loan to fit your needs & lock in low rates today!

By default 30-yr fixed-rate loans are displayed in the table below. Filters enable you to change the loan amount, duration, or loan type.

Exercising Additional Payment Options

When you sign on for a 30-year mortgage, you know you're in it for the long haul. You might not even think about trying to pay off your mortgage early. After all, what's the point? Unless you're doubling up on your payments every month, you aren't going to make a significant impact on your bottom line — right? You'll still be paying off your loan for decades — right?

Not necessarily. Even making small extra payments over time can shave years off your loan and save you thousands of dollars in interest, depending on the terms of your loan.

Money served on a plate.

Early Loan Repayment: A Little Goes a Long Way

One of the most common ways that people pay extra toward their mortgages is to make bi-weekly mortgage payments. Payments are made every two weeks, not just twice a month, which results in an extra mortgage payment each year. There are 26 bi-weekly periods in the year, but making only two payments a month would result in 24 payments.

Instead of paying twice a week, you can achieve the same are at&t stores open today by adding 1/12th of your mortgage payment to your monthly payment. Over the course of the year, you will have paid the additional month. Doing so can shave four to eight years off the life of your loan, as well as tens of thousands of dollars in interest.

However, you don't have to pay that much to make an impact. Even paying $20 or $50 extra each month can help you to pay down your mortgage faster.

Calculating Your Potential Savings

If you have a 30-year $250,000 mortgage with a 5 percent interest rate, you will pay $1,342.05 each month in principal and interest alone. You will pay $233,133.89 in interest over the course of the loan. If you pay an additional $50 per month, you will save $21,298.29 in interest over the life of the loan and pay off your loan two years and four months sooner than you would have.

You can also make one-time payments toward your principal with your yearly bonus from work, tax refunds, investment dividends or insurance payments. Any extra payment you make to your principal can help you reduce your interest payments and shorten the life of your loan.

Considerations for Extra Payments

Pay Off Higher Interest Debts First

Paying off your mortgage early isn't always a no-brainer. Though it can help many people save thousands of dollars, it's not always the best way for most people to improve their finances.

Compare your potential savings to your other debts. For example, if you have credit card debt at 15 percent, it makes more sense to pay it off before putting any extra money toward your mortgage that has only a 5 percent interest rate.

Further, unlike many other debts, mortgage debt can be deducted from income taxes for those who itemize their taxes.

Also consider what other investments you can make with the money that might give you a higher return. If you can make significantly more with an investment and have an emergency savings fund set aside, you can make a bigger financial impact investing than paying off your mortgage. It is worth noting volatilility is the price of bank of america company id workday for higher earning asset classes like equities & profits on equites can be taxed with either short-term or long-term capital gains taxes, so the hurdle rate for investments would be the interest rate on your mortgage plus the rate the investments are taxed at.

Paying extra toward your mortgage may not make sense if you aren't planning to stay in your home for more than a few years. You won't pay down your equity fast enough to make it worth your while if you are planning to move in less than anno onb ac at to 10 years. You should also carefully evaluate the trends in your local housing market before you pay extra toward your mortgage.

Calculating Your Mortgage Overpayment Savings

mortgage calculator with down payment and extra payments Paying More Early & Save Big

Want to build your home equity quicker? Use this free calculator to see how even small extra payments will save you years of payments and thousands of Dollars of additional interest cost. Making extra payments early in the loan saves you much more money over the life of the loan as the extinguised principal is no longer accruing interest for the remainder of the loan. The earlier you begin paying extra the more money you'll save.

Use the above mortgage over-payment calculator to determine your potential savings by making extra payments toward your mortgage. Put in any amount that you want, from $10 to $1,000, to find out what you can save over the life of your loan. The results can help you weigh your financial options to see if paying down your mortgage will have the most benefits or if you should focus your efforts on other investment options. As you nearly complete your mortgage payments early be sure to check if your loan has a prepayment penalty. If it does, you may want to leave a small balance until the prepayment penalty period expires.

Homeowners May Want to Refinance While Rates Are Us pension benefit guaranty corporation Federal Reserve has hinted they are likely to taper their bond buying program later this year. Lock in today's low rates and save on your loan.

Are you paying too much for your mortgage?

Find Out What You Qualify For

Check your refinance options with a trusted local lender.

Answer a few questions below and connect with a lender who can help you refinance and save today!

Источник: https://www.mortgagecalculator.org/calculators/what-if-i-pay-more-calculator.php

Mortgage Loan Calculator (PITI) for Refinancing or Home Purchase Payments

Basic Overview

There are many different mortgage programs and options to choose from whether you are setting up a new mortgage to purchase a home or to refinance a mortgage on a home that you already own. There are fixed rate mortgages, fixed to adjustable rate mortgages and adjustable rate mortgages to choose from. The most popular and well known mortgages are 15- and 30-year fixed rate mortgages.

Why Use the Mortgage Loan Calculator?

There are so many different mortgage and loan options to choose from, it can sometimes be a little overwhelming. Whether you are setting up a new mortgage to purchase a home or to refinance a mortgage on a home that you already own, there are always a great many aspects to consider.

To name just a few of the more common choices, there are fixed rate mortgages, adjustable rate mortgages, and fixed to adjustable rate mortgages for those mortgage calculator with down payment and extra payments want something in between. Fixed rate mortgages with terms lasting between 15 and 30 years are currently the most common.

Whichever kind of mortgage you end up using, the information you get from the Mortgage Loan Calculator will remain relevant.

How to Use the Mortgage Loan Calculator

We have done our best to make this calculator as simple and user-friendly as possible, but if you aren’t sure where to start, try following these steps:

  1. Use the slider to enter your mortgage amount, or alternatively just type it into the box. If you aren’t sure yet how much you will borrow, just enter your best guess.
  2. Use the drop-down list or the slider to input your term; this is the number of years you intend to take to repay your loan.
  3. Use the slider or the box to input your interest rate. If you don’t know this yet, leave the original figure as this is representative of the current market average.
  4. Your monthly payment will now be displayed in the top blue bar and under the interest rate box based on the information provided.
  5. If you are coming in well under budget, you can click Prepayments to add an additional amount that you will pay every month, year, or even just one time. This will reduce the total amount repaid as you can see in the graph below the Prepayments section.
  6. Click View Report to see a detailed breakdown of your loan including total amount to be repaid over the term, and a payment schedule comparing your regular payments with those augmented by prepayments (where applicable).
Источник: https://www.mortgageloan.com/

Amortization Schedule Calculator

Amortization is paying off a debt over time in equal installments. Part of each payment goes toward the loan principal, and part goes toward interest. With mortgage loan amortization, the amount going toward principal starts out small, and gradually grows larger month by month. Meanwhile, the amount going toward interest declines month by month for fixed-rate loans.

Your amortization schedule shows how much money you pay in principal and interest over time. Use this calculator to see how those payments break down over your loan term.

What is an amortization schedule?

A mortgage amortization schedule is a table that lists each regular payment on a mortgage over time. A portion of each payment is applied toward the principal balance and interest, and the mortgage loan amortization schedule details how much will go toward each component of your mortgage payment.

Initially, most of your payment goes toward the interest rather than the principal. The loan amortization schedule will show as the term of your loan progresses, a larger share of your payment goes toward paying down the principal until the loan is paid in full at the end of your term.

How do you calculate amortization?

An amortization schedule calculator shows:
  1. How much principal and interest are paid in any particular payment.
  2. How much total principal and interest have been paid at a specified date.
  3. How much principal you owe on the mortgage at a specified date.
  4. How much time you will chop off the end of the mortgage by making one or more extra payments.
This means you can use the mortgage amortization calculator to:
  1. Determine how much principal you owe now, or will owe at a future date.
  2. Determine how much extra you would need to pay every month to repay the mortgage in, say, 22 years instead of 30 years.
  3. See how much interest you have paid over the life of the mortgage, or during a particular year, though this may vary based on when the lender receives your payments.
  4. Figure out how much equity you have.

How do I calculate monthly mortgage payments?

Here’s a formula to calculate your monthly payments manually: M= P[r(1+r)^n/((1+r)^n)-1)]
  • M mortgage calculator with down payment and extra payments the total monthly mortgage payment.
  • P = the principal loan amount.
  • r = your monthly interest rate. Lenders provide you an annual rate so you’ll need to divide that figure by 12 (the number of months in a year) to get the monthly rate. If your interest rate is 5 percent, your monthly rate would be 0.004167 (0.05/12=0.004167).
  • n = number of payments over the loan’s lifetime. Multiply the number of years in your loan term by 12 (the number of months in a year) to get the number of payments for your loan. For example, a 30-year fixed mortgage would have 360 payments (30x12=360).

Want to learn more? Check out these resources:

Источник: https://www.bankrate.com/calculators/mortgages/amortization-calculator.aspx

Mortgage Calculator: Estimate Your Monthly House Payments

A mortgage is often a necessary part of buying a home, but it can be difficult to understand what you’re paying for—and what you can actually afford. A mortgage calculator can help borrowers estimate their monthly mortgage payments based on the purchase price, down payment, interest rate and other monthly homeowner expenses.

How to Calculate Mortgage Payments Using Our Calculator

Whether you’re shopping around for a mortgage or want to build an amortization table for your current loan, a mortgage calculator can offer insights into your monthly payments. Follow these steps to use the Forbes Advisor mortgage calculator:

1. Enter the home price and down payment amount. Start by adding the total purchase price for the home you’re seeking to buy on the left side of the screen. If you don’t have a specific house in mind, you can experiment with this number to see how much house you can afford. Likewise, if you’re considering making an offer on a home, this calculator can help you determine how much you can afford to offer. Then, add the down payment you expect to make as either a percentage of the purchase price or as a specific amount.

2. Enter your interest rate. If you’ve already shopped around for a loan and have been offered a range of interest rates, enter one of those values into the interest rate box on the left. If you haven’t prequalified city national arena las vegas jobs an interest rate yet, you can enter the current average mortgage rate as a starting point.

3. Choose a loan term. To help calculate your monthly mortgage payment, enter a loan term up to a maximum of 30 years. Keep in mind that if you haven’t already been approved for a loan term and interest rate, the rate you select here should correspond with the average rate you entered above. For example, if you choose a 15-year term, also use the average rate for 15-year mortgages. If, instead, you’re trying to strike a balance between low monthly payments and a shorter term, you can use this portion of the calculator to compare your options.

4. Add in taxes, insurance and HOA fees. This portion of the calculator is optional, but it can help give you a more accurate picture of your potential monthly payments. If you have the information available, plug in your monthly property tax, private mortgage insurance (PMI), homeowners insurance and homeowners association (HOA) fees. If you don’t have these numbers in front of you, some information may be available through your real estate agent or your local property assessor’s website.

5. Review your loan details. Once you enter all of the relevant information on the left side of the screen, the calculator will mortgage calculator with down payment and extra payments your payment breakdown on the right. This portion of the calculator lets you view your monthly payments as well as your estimated payoff month. Navigate to the amortization schedule tab to view how much of your annual payments will go toward interest and principal. You can also toggle mortgage calculator with down payment and extra payments the annual and monthly view to see a breakdown of each monthly payment.

Decoding Your Mortgage Costs

If this is your first time shopping for a mortgage, the terminology can be intimidating. It also can be difficult to understand what you’re paying for—and why. Here’s what to look for when reviewing your mortgage costs:

  • Principal. Principal is the amount of money you borrowed on the mortgage. A portion of each payment will go toward paying this off, so the number will go down as you make monthly payments.
  • Interest rate. This is essentially what the lender is charging you to borrow the money. Your interest rate is expressed as a percentage and may be fixed or variable.
  • Property taxes. Property taxes are imposed by your local tax authority. This number can usually be viewed on your recorder or assessor’s website—wherever you access property cards and other real estate records.
  • Homeowners insurance.Homeowners insurance is required to protect you and your lender in the case of damage to your home. If mortgage calculator with down payment and extra payments considering a home, ask the real estate agent if they have any information about current insurance costs. Otherwise, contact your local insurance agent to get a quote.
  • Mortgage insurance. Also known as private mortgage insurance—or PMI—this protects montecito bank and trust ventura lender in case you default on your mortgage. It typically ranges from 0.58% to 1.86% of your total mortgage amount and you will need to factor this in if your down payment is less than 20%.

How Much House Can You Afford?

How much house you can afford depends on several factors, including your monthly income, existing debt service and how much you have saved for a down payment. When determining whether to approve you for a certain mortgage amount, lenders pay close attention to your debt-to-income ratio (DTI), which is a comparison of your total monthly debt payment to your monthly pre-tax income. In general, your monthly housing costs shouldn’t be more than about 28% of your income, though you may be approved with a higher percentage.

Keep in mind, however, that just because you can afford a house on paper doesn’t mean your budget can actually handle the new payments. Beyond the factors your bank considers when pre-approving you for a mortgage amount, consider how much money you’ll have on-hand after you make the down payment. It’s best to have at least three months of payments in savings in case you experience financial hardship. Also calculate how much you expect to pay in maintenance and other house-related expenses each month.

Likewise, when determining how much house you can afford, consider your other financial goals. For example, if you’re planning to retire early, determine how much money you need to save or invest each month and then calculate how much you’ll have leftover to dedicate to a mortgage payment. Ultimately, the house you can afford depends on what you’re comfortable with—just because a bank pre-approves you for a mortgage doesn’t mean you should maximize your borrowing power.

Choosing the Mortgage Term Right for You

A mortgage term is the length of time you have to pay off your mortgage—stated another way, it’s the time span over which a mortgage is amortized. The most common mortgage terms are 15 and 30 years, though other terms also exist and may even range up to 40 years. The length of your mortgage terms dictates (in part) how much you’ll pay each month—the longer your term, the lower your monthly payment.

That said, interest rates are usually lower for 15-year mortgages than for 30-year terms, and you’ll pay more in interest over the life of a 30-year loan. To determine which mortgage term is right for you, consider how much you can afford to pay each month and how quickly you prefer to have your mortgage paid off.

If you can afford to pay more each month but still don’t know which term to choose, it’s also worth considering whether you’d be able to break even—or, perhaps, save—on the interest by choosing a lower monthly payment and investing the difference.

How Forbes Advisor Estimates Your Monthly Mortgage Payment

Forbes Advisor’s mortgage calculator makes it easy to estimate your monthly mortgage payment using your home price, down payment and other loan details. Based on that information, it also calculates how much of each monthly payment will go toward interest and how much will cover the loan principal. You can also view how much you’ll pay in principal and interest each year of your mortgage term.

To make these calculations, our tool uses this data:

  • Home price. This is the amount you plan to spend on a home.
  • Down payment amount. The amount of money you will pay to the sellers at closing. This amount is subtracted from the home price to determine the amount you’ll be financing with the mortgage.
  • Interest rate. If you’ve already started shopping for a mortgage, enter the interest rate offered by the lender. If not, check out the current average mortgage rate to estimate your potential payments.
  • Loan term. The loan term is the length of the mortgage in years. The most popular terms are for 15 and 30 years, but other terms are available.
  • Additional monthly costs. In addition to principal and interest, the calculator considers costs associated with property taxes, private mortgage insurance (PMI), homeowners insurance and homeowners association fees.

Frequently Asked Questions (FAQs)

How does a mortgage work?

A mortgage is a secured loan that is collateralized by the home it is financing. This means that the lender will have a lien on your home until the mortgage is paid in full. After closing, you’ll make monthly payments—which covers principal, interest, taxes and insurance. If you default on the mortgage, the bank will have the ability to foreclose on the property.

How do you apply for a mortgage?

Mortgages are available through traditional banks and credit unions as well as a number of online lenders. To apply for a mortgage, start by reviewing your credit profile and improving your credit score so you’ll qualify for a lower interest rate. Then, calculate how much home you can afford, including how much of a down payment you can make. When you’re ready to apply, compile necessary documentation like income verification and proof of assets and start shopping for the best rates.

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Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed mortgage calculator with down payment and extra payments the time of publication. Past performance is not indicative of future results.

Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
Источник: https://www.forbes.com/advisor/mortgages/mortgage-calculator/

Mortgage calculator with down payment and extra payments -

Loan Calculator Paying Extra On Principal

Adding machineMaking extra payments on your mortgage can drastically reduce the number of years on the loan . . . and can save you a tremendous amount of interest. How much interest can you save with an extra payment every month? Take a look . . .

Initial Loan Amount$100,000 $200,000 $300,000
Term of the Loan30-years30-years30-years
Interest Rate5.00%5.00%5.00%
Extra Monthly Payment$100$100$100
SAVINGSSave $30,580 in interest. You will pay off your mortgage 8 years and 8 months early.Save $37,069 in interest. You will pay off your mortgage 5 years and 2 months early.Save $39,937 in interest. You will pay off your mortgage 3 years and 8 months early.

If you’re thinking about refinancing your mortgage to a lower interest rate or decreasing the length of the mortgage, you might be wondering if it would be better to make an extra payment instead of going through the refinance process. The extra payoff calculator will estimate the time you can payoff the mortgage starting with your present balance.

This calculator will not accept partial months. For example, 26 years and 1 month. Please use whole numbers.

  1. Initial Loan Amount - The initial loan amount is the original loan amount on day one.

  2. Term of the Loan – How long was the mortgage for? Thirty years, 15-years, etc.

  3. Years Remaining – If the original term of the mortgage was 30-years, and you have been paying the mortgage for 5 years, enter 25 years in this box.

  4. Interest Rate – Enter the current interest rate

  5. Extra Payment – How much extra do you want to pay each month?


Rotating question markFrequently Asked Questions About Extra Payments

Q. Can I be charged a penalty for paying off my mortgage early?
A. The answer is maybe. Here's what the Consumer Financial Protection Bureau says about prepayment penalties:

The kind of mortgage you have and the conditions of your loan affect whether or not you will be punished for paying off your mortgage early.

Certain loans include prepayment penalties in the early years of the loan.

These costs may rapidly mount up for homeowners who want to refinance their adjustable-rate mortgages before interest rates increase, and some fixed-rate mortgages also contain prepayment penalties.

Many states have laws that limit the amount or duration of time that these penalties may be imposed.

The presence of a prepayment penalty on your loan must have been disclosed in your loan documents.

It's often only disclosed in an "Addendum to the Note"-look for anything with the word "Addendum" in the title.
SOURCE: Consumer Financial Protection Bureau

Q. Can you pay ahead on your mortgage?
A. Call the mortgage company before you start making additional payments to get ahead on your mortgage.

The extra mortgage payments will very certainly be allocated to principle rather than future mortgage payments.

If the extra mortgage payments are allocated to principal reduction and you fail to make the following month's mortgage payment, the mortgage company will charge you a late fee and record a late or overdue payment on your credit report.

If you need to pay ahead for vacation or other reasons, contact your mortgage provider and, if they agree, get it in writing.

Or, even better, locate a trustworthy friend or family member to make the payment (s), or have the payment automatically deducted from a checking or savings account.

Q. Do extra mortgage payments go towards the principal?
A. The extra mortgage payment will be applied to principal on FHA, VA, USDA, and conventional loans... but, you should call the bank, mortgage company, or servicer just to make sure that the overpayment will be applied to principal. The lender may have specific requirements for the overpayment. Always keep your mortgage statements to prove the overpayment (s).

Q. Do FHA loans have a prepayment penalty?
A. Prepayment penalties are prohibited with FHA, VA and USDA mortgages

Q. How much do you save by making one extra mortgage payment a year?
A. Making just one extra mortgage payment each year can drastically reduce the amount of interest you pay and shorten the term of your mortgage. Here's an example:

Loan Amount$250,000
Interest Rate5%
Term30-years
Monthly Payment$1,342.05
Total Monthly Payments :$483,133.89
  
Extra Payment$1,342.05
Total Monthly Payments :$461,835.60
Interest Savings$21,298.29
Mortgage Payoff27 Yrs 8 Mts
Early Payoff2 Yrs 4 Mts

Q. Is it better to pay the principal or interest?
A. Interest is calculated on the principal balance, therefore, extra payments should always be paid against the principal balance and the interest balance will decrease.

Q. Is mortgage interest calculated daily or monthly?
A. Mortgage interest is typically calculated monthly

Источник: http://www.anytimeestimate.com/CALCULATORS/extrapayments.html
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Mortgage Calculator

A mortgage calculator helps prospective home loan borrowers figure out what their monthly mortgage payment will be. A mortgage payment calculator takes into account factors including home price, down payment, loan term and loan interest rate in order to determine how much you’ll pay each month in total on your home loan. Other associated costs may include property taxes, home insurance and mortgage insurance.

How to calculate your mortgage payment

Mortgage calculators take into account a variety of different factors when determining your monthly mortgage costs. They can include the price of your home, your down payment, your monthly interest rate and the term length of your mortgage. If your math skills are a little rusty, a mortgage calculator does the hard work for you in order to determine your monthly payment and associated costs.

The basic formula for calculating your mortgage costs: P = A[R(1 + R)^T]/[(1 + R)^T – 1]

  • P stands for your monthly payment
  • A stands for your loan amount
  • T stands for the term of your loan in months
  • R stands for the monthly interest rate for your loan

For example, let’s say that John wants to purchase a house that costs $125,000 and has saved up a $25,000 down payment. His loan amount (A) is $100,000, the term length (T) is 15 years (180 months) and the monthly interest rate (R) is 4.20%. In this scenario, John’s monthly mortgage payment (P) will be $749.75.

John’s mortgage cost formula will look like: 749.75 = 100,000[4.2(1+4.2)^180/[(1+4.2)^180-1)

If John wants to purchase the same house with a 30-year term length, the formula works in much the same way. In this scenario, his loan amount (A) is $100,000, term length (T) is 30 years (360 months) and monthly interest rate (R) is 4.20%. With a 30-year mortgage, John’s monthly mortgage payment (P) will be $489.02.

John’s mortgage cost formula will look like: 489.02 = 100,000[4.2(1+4.2)^360/[(1+4.2)^180-1)

By using a mortgage calculator, prospective homebuyers can determine just how much they’ll be paying each month for their new home. Mortgage calculators are an easy, convenient way to determine how much you’ll be able to afford. They also allow borrowers to experiment with different down payments, loan term lengths and home prices. 

Why should I use a mortgage calculator?

  1. To decide if an ARM loan is right for me ­– An ARM loan, also known as an adjustable-rate mortgage, has an interest rate that changes over time. After a fixed-rate introductory period, ARM rates can fluctuate depending on the economy. There are usually set limits when it comes to how much the interest rates can increase from year to year, as well as limits over the length of the loan. While ARM loans can offer an enticingly low introductory rate, you run the risk of increasing monthly payments over time. Mortgage calculators can help you decide whether an ARM rate is worth the risk or if a conventional fixed-rate mortgage is a better option.
  2. To figure out if a home is out of my price range – Because a mortgage calculator allows prospective borrowers to calculate their monthly costs, it can help buyers decide on a good price range for purchasing a home. A good rule of thumb is to spend no more than 30% of your monthly income on a housing payment.
  3. To figure out what my payments would be with more or less money down – Mortgage calculators can also help borrowers decide on an optimal down payment amount. In general, the larger your down payment, the lower your monthly costs will be. A larger down payment can also help you avoid paying for mortgage insurance. The more money you can save up for a down payment on a house, the less you’ll end up spending on interest and fees. Depending on the price of your home, a mortgage calculator can help you figure out what the best down payment will be.
  4. To decide what the best loan term is – Mortgages are commonly offered with either 15 or 30-year terms. Longer-term lengths will reduce your monthly payment, but you’ll pay more interest over time. Shorter-term lengths have higher monthly payments but may end up saving you money in the long run. When deciding on a term length for your mortgage, it’s also a good idea to consider other related factors, such as how long you plan to live in your home and whether or not you plan to refinance.
  5. To figure out associated costs – When it comes to buying a house, most people focus on the down payment as the biggest cost associated with homeownership. However, there are a variety of associated costs that are easy to overlook, including insurance, property taxes and homeowners association dues. Mortgage calculators can help you to include these additional factors when you’re determining the necessary monthly payments for your new home.

The final word

Ultimately, mortgage calculators ensure that borrowers are more informed when it comes to the financial side of purchasing a home and enable home buyers to make the choices that are right for their financial situation. Once you’re done calculating your mortgage, compare the best mortgage rates of this year to see which lender best fits your needs.

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Источник: https://www.interest.com/calculator/mortgage-calculator/

How Much Will My Mortgage Payments Be?

How much will my mortgage payments be?

This calculator is property of CalcXML and licensed for use on dcu.org. It is provided as a self-help tool for your independent use. The results shown are based on information and assumptions provided by you regarding your goals, expectations and financial situation. Applicability or accuracy in regard to your individual circumstances is not guaranteed. All sample ranges provided within calculator fields do not reflect actual loan terms available and examples are hypothetical for illustrative purposes only and are not intended to purport actual user-defined parameters. Default figures shown are hypothetical and may not be applicable to your individual situation. Calculation results does not indicate whether you qualify or assumes you could qualify for the loan, product or service. The calculations provided should not be construed as financial, legal or tax advice. Consult a financial professional prior to relying on the results presented. 

Источник: https://www.dcu.org/plan/home-financing/mortgage-payment-calculator.html

Mortgage Loan Calculator (PITI) for Refinancing or Home Purchase Payments

Basic Overview

There are many different mortgage programs and options to choose from whether you are setting up a new mortgage to purchase a home or to refinance a mortgage on a home that you already own. There are fixed rate mortgages, fixed to adjustable rate mortgages and adjustable rate mortgages to choose from. The most popular and well known mortgages are 15- and 30-year fixed rate mortgages.

Why Use the Mortgage Loan Calculator?

There are so many different mortgage and loan options to choose from, it can sometimes be a little overwhelming. Whether you are setting up a new mortgage to purchase a home or to refinance a mortgage on a home that you already own, there are always a great many aspects to consider.

To name just a few of the more common choices, there are fixed rate mortgages, adjustable rate mortgages, and fixed to adjustable rate mortgages for those who want something in between. Fixed rate mortgages with terms lasting between 15 and 30 years are currently the most common.

Whichever kind of mortgage you end up using, the information you get from the Mortgage Loan Calculator will remain relevant.

How to Use the Mortgage Loan Calculator

We have done our best to make this calculator as simple and user-friendly as possible, but if you aren’t sure where to start, try following these steps:

  1. Use the slider to enter your mortgage amount, or alternatively just type it into the box. If you aren’t sure yet how much you will borrow, just enter your best guess.
  2. Use the drop-down list or the slider to input your term; this is the number of years you intend to take to repay your loan.
  3. Use the slider or the box to input your interest rate. If you don’t know this yet, leave the original figure as this is representative of the current market average.
  4. Your monthly payment will now be displayed in the top blue bar and under the interest rate box based on the information provided.
  5. If you are coming in well under budget, you can click Prepayments to add an additional amount that you will pay every month, year, or even just one time. This will reduce the total amount repaid as you can see in the graph below the Prepayments section.
  6. Click View Report to see a detailed breakdown of your loan including total amount to be repaid over the term, and a payment schedule comparing your regular payments with those augmented by prepayments (where applicable).
Источник: https://www.mortgageloan.com/

When to use a mortgage calculator?

About Mortgage Calculator with Extra Payments

This mortgage calculator with extra payments ( amortization schedule calculator ) allows you to estimate your monthly mortgage payment. It also shows out how much of your payments will go towards interest and how much will go towards the principal.

Think about different cases when using a Mortgage Calculator with Extra Payments

When deciding whether to buy property on credit, the potential borrower should first calculate the monthly mortgage payment to understand the burden on the family budget. The payments should not exceed a certain proportion of the monthly income of a borrower, most often - not more than 50%. Knowing the future payments, a potential borrower can independently calculate the maximum monthly payment, loan term and overpayments.

By changing the value of the down payment in the mortgage calculator, you can see how the monthly payment changes. It is also worth mentioning that a higher initial payment may affect the rate on the loan. Moreover, a higher initial deposit will help to avoid loan insurance in some cases. In some cases, higher down payment can help you avoid paying PMI (which stands for private mortgage insurance)

What does the Monthly Payment consist of?

When calculating a mortgage payment, you can be surprised by the final amount of the overpayment. Even a small difference in the interest rate can affect the amount of overpayment. Sometimes it may not seem so obvious, but at a long distance - this is very critical. That is why it is so important to understand what happens with payment, and where exactly the money goes - repayment of interest or the body of debt.

At the initial stage, most of the payment will go towards interest. Over time, the body of the debt decreases, respectively, the amount of interest to pay will also decrease, and most of the payment will go towards the body of debt.

Using the mortgage calculator, you can verify this by looking at the amortization schedule. Choose the optimal parameters - the interest rate, the down payment, the price of the house.

Calculate savings by making additional payments

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.

This mortgage calculator has only been designed to give a useful general indication of costs. It's important you always get a specific quote from the lender and double-check the price yourself before acting on the information.

Источник: https://mortgage-advice-online.org/

5 Replies to “Mortgage calculator with down payment and extra payments”

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