Mortgage Calculators

Mortgage Payment Calculator

Mortgage amount

Original or expected balance for your mortgage.

Term in years

The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.

Interest rate

Annual fixed interest rate for this mortgage. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.

Monthly payment

Monthly principal and interest payment (PI).

Total payments

Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.

Total interest

Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.

Prepayment type

The frequency of prepayment. The options are none, monthly, yearly and one-time payment.

Prepayment amount

Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.

Start with payment

This is the payment number that your prepayments will begin with. For a one-time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month’s interest calculation. If you choose to prepay with a one-time payment for payment number zero, the prepayment is assumed to happen before the first payment of the loan.

Savings

Total amount of interest you will save by prepaying your mortgage.

Report amortization

Choose how the report will display your payment schedule. Annually will summarize payments and balances by year. Monthly will show every payment for the entire term.


Mortgage Payoff Calculator

Annual interest rate

The annual interest rate used to calculate your monthly payment. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.

Original mortgage term

Total length, or term, of your original mortgage in years. Common terms are 15, 20 and 30 years.

Years Remaining

Total number of years remaining on your original mortgage.

Original mortgage amount

The original amount financed with your mortgage, not to be confused with the remaining balance or principal balance.

Additional principal payment

Your proposed extra payment amount per month. This amount will be used to further reduce your principal balance.

Current mortgage payment

Monthly principal and interest payment (PI) based on your original mortgage amount, term and interest rate.

Monthly accelerated payment

Scheduled payment plus your additional principal payment.

Total savings

Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.


Mortgage Refinance Calculator

Original mortgage amount

Original amount of your mortgage.

Appraised value

The appraised value of your home when you purchased it.

Current interest rate

The annual interest rate for the original loan.

Current term in years

Total length of your current mortgage in years.

Years remaining

Number of years remaining on your current mortgage.

Calculate balance

To let the calculator determine your remaining balance, based on your original loan information and years remaining, check this box. To enter your own amount, leave this box unchecked.

Current appraised value

The current appraised value of your home.

Loan balance

Balance of your mortgage that will be refinanced.

New interest rate

The annual interest rate for the new loan.

New term in years

Number of years for your new loan.

Loan origination rate

This is the percentage of the new mortgage that is paid to the lender as the loan origination fee. Typically, this fee is 1% of the loan balance.

Points paid

This is the number of points paid to the lender to reduce the interest rate on the mortgage. Each point costs 1% of the new loan amount.

Other closing costs

Estimate of all other closing costs for this loan. This should include filing fees, appraiser fees and any other miscellaneous fees paid.

Monthly PMI payment

Monthly cost of Principal Mortgage Insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year. Monthly PMI is calculated by multiplying your starting loan balance by this percent and dividing by 12. When the equity in your home exceeds the percentage required for PMI, your PMI payment drops to zero.

Normally PMI is required if you have less than 20% equity in your home, however for the refinance of loan guaranteed by Freddie Mac or Fannie Mae you may not be required to pay PMI if your current mortgage doesn’t require it. Check with your lenders for details. Check the box “do NOT include PMI” if this applies to your refinance.

Current payment

Your current payment is the sum of principal, interest and PMI (Principal Mortgage Insurance). Because refinancing does not affect your insurance or taxes, they are not included here.

New payment

Your new payment is the sum of principal, interest and PMI.

Monthly PI payment

Monthly principal and interest payment.

Break even monthly payment savings

The number of months it will take for your monthly payment reduction to be greater than closing costs.

Break even PMI & interest savings

The number of months it will take for your interest and PMI savings to exceed your closing costs.

Break even total savings after-tax

The number of months it will take for your after-tax interest and PMI savings to exceed your closing costs.

Break even total savings vs. prepayment

This is the most conservative break even measure. It is the number of months it will take for your after-tax interest and PMI savings to exceed both your closing costs and any interest savings from prepaying your mortgage. The prepayment amount used in this calculation is the amount that you would have to spend on closing costs.

Information and interactive calculators are available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.