Mortgage Calculators & Guides
Paying off your mortgage isn't as simple as it seems. For one thing, you have to account for taxes and insurance in your monthly payments. This calculator will help you figure out your amortization schedule -- that is, your payoff timetable. You can also determine what impact paying extra money each month toward principle will have on your loan length and interest charges.
Definitions
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 (PI)
Monthly principal and interest payment (PI).
Monthly payment (PITI)
Monthly payment including principal, interest, homeowners insurance and property taxes.
Annual property taxes
The annual amount you expect to pay in property taxes. This amount is divided by 12 to determine the monthly property tax included in PITI.
Annual home insurance
The annual amount you expect to pay in homeowners insurance. This amount is divided by 12 to determine the monthly home owners insurance included in PITI.
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.
Do you have a 30-year mortgage? A 15-year mortgage? Not everyone knows this, but you can pay them off much sooner than the names suggest. How? Just increase the amount you are paying toward your mortgage payment and note the additional amount you want applied to your principle in the memo section of your check (or in the additional comments section if paying via Online Banking). Use this calculator to find out how much faster you can pay off your loan and how much money you might save on interest charges over the long haul.
Definitions
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.
Times change. Your current mortgage may not look quite as good now. Perhaps interest rates have dropped. Or your monthly payments are higher than you would like. It's possible you could come out ahead financially if you refinance your mortgage. This calculator will help you factor in how much you still owe on your home, along with interest rates and loan terms. In addition, it will calculate the number of months it would take to break even on closing costs with your new payment.
Definitions
Appraised home value
Current market value of your home.
Annual property taxes
Your annual property taxes.
Annual home insurance
Your annual homeowner's insurance premium.
Original loan amount
Total amount of your original mortgage.
Original interest rate
Interest rate of your original 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.
Original term in years
Total number of years of your original mortgage.
Monthly PMI
Monthly cost of Private Mortgage Insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year but can be higher or lower depending on the loan and your credit score.
Number of payments made
The total number of payments you have made on your original mortgage.
New interest rate
Interest rate of your new 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.
New term
Total number of years of your new mortgage.
New mortgage balance
Total amount for your new refinanced mortgage. This amount is equal to your current balance on your original mortgage. Closing costs and prepayment penalties are assumed to be payable at the time of closing. Closing costs are not added to your new mortgage balance.
Closing costs
Total fees and other costs associated with the new mortgage, paid at the time of closing. This calculator assumes that all closing costs are paid separately and are not rolled into the new mortgage amount.
New loan-to-value
Total loan amount divided by the appraised value of your home.
Guides for Buying or Owning a Home
Finding the right home and the best mortgage makes car shopping look easy. Learn to protect yourself from big mistakes when looking at mortgages and the mortgage process.
Laying a foundation for what kind of home you need and want, where to find it, and how much you can afford to pay for it will get you ready to shop for a home and negotiate its purchase.
Smart homeowners know that maintaining that home in good shape protects their investment. This guide offers resources to help make homeowning chores and challenges a little easier.
Interactive Online Modules
Finding the right home and the best mortgage makes car shopping look easy. Learn to protect yourself from big mistakes when looking at mortgages and the mortgage process.
Explore how to calculate costs and other factors to consider before buying a home. (6 min)
Learn how to work with a lender you trust and find a mortgage that fits your needs and budget. (5 min)
Learn the process, resources, and strategies to help you buy a home while sticking to a budget. (6 min)