Buying a home means committing to one number for decades, so it pays to model it properly. This mortgage calculator combines principal and interest with the two costs most people forget — annual property tax and home insurance — to show the payment that will actually leave your account each month.
Lenders in most markets price their best rates at a 20% deposit because that removes the need for mortgage insurance. Raising the deposit lowers both the balance and, usually, the rate.
No. Private mortgage insurance, HOA or service charges, and ground rent are not modelled. Add them manually to the monthly figure if they apply to your property.
Interest is charged on the outstanding balance, which is at its highest at the start. On a 30-year loan the crossover point where you repay more principal than interest usually arrives around year 17.
Shorten the term instead. Reducing a 30-year term to 25 years shows roughly the payment increase an overpayment would require and how much interest it saves.
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