Mortgage Calculator

Use the calculator below to help schedule your monthly mortgage payments in order to pay off your mortgage early. The following is the formula used to determine the fixed monthly payment to amortize the loan.

Mortgage Formula

P = L[c(1 + c)n]/[(1 + c)n – 1]

i = IRR (Interest Rate)
L = Loan amount
F = Points and all other lender fees
P = Monthly payment
n = Month when the balance is paid in full
B= Balance in month n

4 Tips for Paying off your Mortgage

First, before you start trying to pay off your mortgage, check with your mortgage company to see if they accept early payment. Some companies will penalize you for prepayment if not done during a certain time period. With that said, here are some quick tips for paying off your mortgage. 

1) Refinance your Mortgage

If you are in a financial position to do so, refinancing to a shorter term mortgage can lower interest rates, and will reduce the total amount you owe by the end of the payment. If you are already at a fairly low interest rate, it might not make sense to refinance. If this is the case, simply pay off your mortgage at an increased rate to reduce final interest. 

2) Maximize your down payment

This one is pretty self explanatory. The larger the down payment, the less interest you will end up paying. In fact, if you can purchase a house with 100% down, this is almost always preferred. This is due to real estates increasing value as time goes on. With the exception of financial crises, real estate is almost always a sound investment. 

3) Make extra payments when you can afford it. 

There does not have to be any specific time frame such as every quarter or year. Simply put down extra payments when funds become available. Unless you have a very low interest rate on your mortgage, it almost always make sense to put extra money into paying of debt than investing. That is of course unless for some reason you are some expert investor. In which case you probably wouldn’t be worried about paying off mortgages anyway!

4) Downsize/Buy Houses that meet your finances

Often times people get caught up in the home buying experience and pay for more than they can afford. It’s extremely important to keep your mortgage at a reasonable level, typically less than 25% monthly income. There’s no way to know what financial troubles might impact you in the future. 

if you do get caught up in the home buying experience and get more than you bargained for, think about downsizing. That is selling your house and getting a smaller house. Often times you can make a significant down payment on the new house with the money from selling your old one and this will go a long way. 

No matter what, keep up on your loan payment. Defaulting on a mortgage can go south very quickly. 

Mortgage Calculator

Types of Mortgages and Home Loans

 Fixed Mortgage

– A fixed mortgage is a mortgage with a fixed interest rate over the entire life of the loan. The monthly payments will not change throughout the entire mortgage time period.. For example if you have a 40 year mortgage at 5% interest rate, in 39 years you will still be paying the same monthly payment. This option can be considered good for long term mortgages because of inflation and home value increasing. 

Adjustable Mortgage

– An adjustable mortgage, or adjustable-rate mortgage, will have varying interest rates throughout it’s life. This option is often chosen to pay of a loan quicker in the short term. For example for a 20 year loan, you may pay 5% for 10 years and then 2% for the next 10 years, or vise-versa. 

Conventional Mortgage

-The conventional mortgage is one that is not unsure or backed by the federal government. These loans typically are used for buyers that have significant down payments as banks will offer much lower interest rates with a larger down payment. 

Government Insured Mortgage

-A government insured mortgage is one that is backed by one of several government agencies. These loans are typically taken out by individuals with lower down payments. The government will allow the home buyer to purchase a house at a lower interest rate, in exchange for the risk that you may default and lose the house, and that you pay extra insurance on top of it. This will make you monthly payments larger than a typical conventional loan. 

Related Terms

mortgage calculator
mortgage payment calculator
amortization schedule
amortization calculator
simple mortgage calculator
mortgage loan calculator
refinance calculator
mortgage comparison
mortgage payoff calculator
mortgage rate calculator
mortgage affordability calculator
home mortgage calculator
house payment calculator
mortgage amortization calculator
fha loan calculator
amortization schedule mortgage
mortgage calculator with pmi
home affordability calculator
mortgage refinance calculator
dave ramsey mortgage calculator
amortization table
interest only mortgage calculator
free mortgage calculator
fha mortgage calculator
mortgage amortization
mortgage interest calculator
reverse mortgage calculator
closing cost calculator
mortgage estimator
mortgage calculator with extra payments
debt to income ratio calculator
commercial mortgage calculator
va mortgage calculator
mortgage calculator with taxes
pmi calculator
dti calculator
monthly mortgage calculator
down payment calculator
va home loan calculator
debt to income calculator
interest only calculator
affordability calculator
mortgage affordability
15 year mortgage calculator
30 year mortgage calculator
mortgage payment
early mortgage payoff calculator
home equity line of credit calculator
mortgage insurance calculator
payoff calculator
house affordability calculator
online mortgage calculator
house mortgage calculator
estimate mortgage payment
home calculator
mortgage approval calculator
mtg calculator
home equity calculator
piti calculator
cash out refinance calculator
mortgage points
us mortgage calculator
home loan interest calculator
real estate calculator
mortgage calculator with taxes and insurance
principal and interest calculator
home payment calculator
mortgage qualification calculator
monthly mortgage payment calculator
mortgage comparison calculator
refi calculator
mortgage borrowing calculator
home loan borrowing calculator
extra payment calculator
mortgage calculator with down payment
closing cost estimator
amortization calculator extra payments
mortgage prepayment calculator
home refinance calculator
home credit calculator
fha calculator
home sale calculator
refinance mortgage rates calculator
average closing costs
second mortgage calculator
early payoff calculator
usda mortgage calculator
home loan payment calculator
mortgage pre approval calculator
dave ramsey mortgage payoff calculator
mortgage cost calculator
house down payment calculator
monthly mortgage payment
property calculator
home buying calculator
debt to income ratio for mortgage
balloon payment calculator
income to debt ratio
va loan mortgage calculator
land mortgage calculator
mortgage calculator excel
mortgage qualification
loan payoff calculator extra payments
biweekly mortgage calculator
home loan prepayment calculator
debt to income
mortgage calculator with escrow
interest only payment calculator
home loans calculator
business mortgage calculator
mortgage refinance calculator with taxes
mortgage interest rate calculator
2nd mortgage calculator
mortgage calculator with multiple extra payments
loan amortization schedule excel with extra payments
calculate my mortgage
home finance calculator
home loan interest rate calculator
mort calc
mortgage qualifier
mortgage amortization table
amortization schedule with balloon payment
basic mortgage calculator
home equity line of credit payment calculator
accelerated mortgage payoff calculator
free refinance calculator
mortgage recast calculator
amortization schedule with extra payments
mortgage balance calculator
200000 mortgage
mortgage amount calculator
mortgage points calculator
prepayment calculator
pre approval calculator
monthly amortization
best mortgage calculator
mortgage calculator with pmi and taxes
mortgage income calculator
home loan estimator
mortgage debt to income ratio
mortgage payoff calculator extra payment
mortgage principal
mortgage calculator amortization table
credit score mortgage calculator
20 year mortgage calculator
300000 mortgage
mortgage payment calculator with extra payments
simple mortgage
mortgage calculator piti
100000 mortgage
first time buyer mortgage calculator
mortgage calculator based on income
mortgage prequalification calculator
calculate my mortgage payment
self employed mortgage calculator
mortgage qualifier calculator
lenders mortgage insurance calculator
home loan affordability calculator
p&i calculator
maximum mortgage calculator
loan amortization schedule calculator
amortization table calculator
10 year mortgage calculator
refinance home loan calculator
bi weekly payments
mobile home mortgage calculator
closing cost calculator fha
amortization schedule with fixed monthly payment
realtor mortgage calculator
mortgage calculator with extra payments and lump sum
mortgage equity calculator
mortgage cash out refinance calculator
home loan calculator usa
mortgage payoff calculator with extra principal payment
advanced mortgage calculator
max mortgage calculator
150000 mortgage
joint mortgage calculator
loan refinance calculator
mortgage payment schedule
fha home loan calculator
refinance rates calculator
manufactured home loan calculator
mortgage loan payment calculator
mortgage payoff
bi weekly mortgage payments
easy mortgage calculator
fha debt to income ratio
mortgage interest deduction calculator
arm mortgage calculator
250000 mortgage
pmi removal calculator
mortgage lending calculator
400000 mortgage
recast calculator
home affordability
reverse amortization calculator
usda home loan calculator
house buying calculator
balloon mortgage calculator
ramsey mortgage calculator
mortgage on 300k
conventional mortgage calculator
home equity payment calculator
mortgage schedule
home purchase calculator
500000 mortgage
principal interest calculator
mortgage payment calculator with pmi
mortgage table
estimate house payment
mobile home loan calculator
mortgage calculator with credit score and income
monthly house payment calculator
mortgage ca
accurate mortgage calculator
average monthly mortgage payment
fha payment calculator
fixed rate mortgage calculator
15 year mortgage rates calculator
15 year fixed mortgage calculator
condo mortgage calculator
home loan mortgage calculator