Mortgage Calculator

Calculator Input

- Amount
- Amount of money to borrow from a bank. It is initial principal of your mortgage.
- Rate
- Interest rate expressed as percentage. Or use APR or APRC.
- Term
- Term of your mortgage in years.

Mortgage can change in the future. Use *Add Change* button to add up to three mortgage changes

- Month
- Month when mortgage change is going to happen. For example, set it to 37 to to add a change after three years of fixed mortgage.
- Lump Sum
- Amount of initial principal to be repaid to accelerate mortgage schedule.
- Rate
- New interest rate of your mortgage.
- Term
- New term of your mortgage.

See also mortgage definition at
Financial Dictionary.

Error: . Please try again later.

Warning:

Mortgage Summary

- Last Date
- Last date of your mortgage payment. Or, if mortgage changed, last date of mortgage payment before a change.
- Payment
- Monthly payment to a bank. It is sum of fraction of initial principal of your mortgage and fraction of total interest.
- Principal
- Amount of initial principal repaid to a bank till last date. It is less of lump sums overpaid due to mortgage changes.
- Interest
- Amount of interest paid to a bank till last date. It is cost of your mortgage, which can be decreased by lowering interest rate, shortening mortgage term or lump sums overpayments.
- Total
- All money to paid to a bank - principal plus total interest.

See also mortgage definition at
Financial Dictionary.

Last Date | Payment | Principal | Interest | Total |
---|

Mortgage Payment Plot

Plot of monthly payments on your mortgage.

- Solid line
- Monthly rate paid by you to a bank.
- Dashed line
- An amount of principal repaid every month.

An amount between the dashed and solid lines is interest paid each month to a bank.

At the begining of the term of a mortgage, monthly payments include a lot of interest. With each month, the amount of repaid principal increases.

The ratio of interest and princial in a monthly payment can be affected by a change in your mortgage (interest rate, length of term, lump sum paid).

See also mortgage definition at
Financial Dictionary.