Mortgage Amortization calculator

Mortgage Calculator

Your mortgage is probably the largest single loan you will ever take unless you are an entrepreneur or business owner. Most Americans take a mortgage over 360 months or 30 years so unless you took out your mortgage before you were 20, you are going to need to start making extra payments if you want to pay it off before your reach 50.

You will see how relatively small amounts extra can make an enormous difference to both the time it will take to repay the mortgage and the amount of interest you will save, even in these low interest environments.

Reducing the mortgage term

Here is a great example: Change the term from 360 months to 240 months, that is 1/3 reduction in the term.

In the pre populated data, the payment increases from $1713 to $2075 that is just a little over a 20% increase in your monthly payment to reduce the term by 1/3 or 10 years.

Play around with this calculator and see how little effort it takes to become financially secure in retirement.

Need a few tips on how to save a few Dollars to help make this possible? Take a look at the retirement calculator and read the section on freeing up some extra cash for savings.

Mortgage calculator

You can also use this mortgage calculator as a mortgage affordability calculator. See what payments you will need to make in order to afford a mortgage.

Once you have done that, reduce the term to 240 months and see if that amount is comfortable for you. If the answer is yes, then you are off to a good start. Don’t over extend yourself, make it a comfortable exercise and grow the equity until you can afford a bigger, better home.

Retire At Fifty
Mortgage Loan Calculator

Price of Real Estate?:

Down Payment Percent?:

Amount of Loan?:

Enter a "0" (zero) for one unknown value above.

Number of Payments? (#):

Annual Interest Rate?:

Points?:

Annual Property Taxes?:

Annual Insurance?:

Private Mortgage Ins. (PMI)?:

Payment Method?:

Monthly Payment Amount:

Down Payment Amount:

Total Interest:

Total Principal & Interest:

Original Size

Mortgage Calculator Help

You can calculate the mortgage loan amount from the price of the real estate by providing the down payment percentage.

If you know the mortgage amount you can afford and the cash down payment percentage required, you can calculate the affordable real estate price.

Or if you know the price of the real estate and the loan amout and enter "0" for the down payment percentage, the calculator will calculate the down payment amount and percentage.

Points, Annual Property Taxes, Annual Insurance and Private Mortgage Ins. (PMI) are all optional. If you enter values, the periodic portion of each will be calculated and shown on the schedule. Property taxes and insurance are combined under escrow.

If a borrower does not have cash to cover at least 20% of the purchase price, some lenders will require the borrower to purchase private mortgage insurance (PMI) to cover against a possible default. Premiums are typically 0.5% to 2.0% of the original loan amount. The borrower can drop the insurance coverage once the mortgage balance is less than 80% of the original purchase price. The calculator handles this automatically. (There may be other conditions as well under which the lender will no longer require PMI. One such case might be apprciation of the real estate.)

Points are charges that are normally due at closing. Borrowers (normally only in USA) may select to pay a lender "points" up front in exchange for a lower interest rate. Points are expressed in percent and are calculated on the amount borrowed. 3 points on a $200,000 mortgage equals $6,000. If the user enters points, this calculator includes their value in the summary and as part of the total payment at loan origination on the payment schedule.

The term (duration) of the loan is expressed as a number of months.

60 months = 5 years
120 months = 10 years
180 months = 15 years
240 months = 20 years
360 months = 30 years

Need more options including the ability to solve for other unknowns, change payment / compounding frequency and the ability to print an amortization schedule? Please visit, https://AccurateCalculators.com/mortgage-calculator

“There seems to be some perverse human characteristic that likes to make easy things difficult.”

– Warren Buffet

We should all be reducing our debt and starting to live life without stress and worry.

Knowledge is power and knowing the age you will be able to retire is very comforting. You can make small adjustments to bring the age down and give you more choice. If you have enough money to retire at age 50, the choice is then yours!

$$$