Mortgage Calculator
A mortgage for your home is one of the biggest financial commitments you will ever make. A good insight in the mortgage costs is essential to prevent unpleasant surprises. This mortgage calculator can help you with learning more about your mortgage costs. Use the calculator to check the height of the monthly mortgage payments and total costs for various loan scenarios and see how much the differences are. The calculator supports amortized and interest only mortgages. For amortized mortgages, an amortization schedule will be created too. Mortgage payment calculations can be based upon the home purchase price or the loan amount. Change any of the values and calculation results are shown immediately. The used calculator terms and definitions are explained below on this page.
Definitions/terms used in the calculator
| Calculator Type | Choose 'Purchase Price based' when you want to calculate the mortgage costs based upon the purchase price of your home. When you select this calculation type, you must enter the Down Payment percentage also. The loan amount and the down payment amount will be calculated automatically. The loan amount will be calculated as the purchase price minus the down payment. Select 'Loan Amount based' when you know exactly how much you want to borrow from a bank without taking a down payment into account. |
| Purchase Price | The purchase price of your home. |
| Loan Amount | The amount of money you want to lend from a bank or another financial institution to purchase the home. This is the mortgage loan. |
| Down Payment | The amount of you money you want to pay upfront when the mortgage begins. You have to fill it in as a percentage of the Purchase Price. When you have a Down Payment percentage smaller than 20%, you probably have to pay PMI (Private Mortgage Insurance). |
| Mortgage Type | Choose 'Amortization' when you want to pay off your mortgage loan. Select 'Interest Only' when you only want to pay interest without paying off. |
| Loan Term | The length of time of the mortgage. An amortized mortgage loan is paid off at the end of the loan term, a interest only morgage isn't paid off at all. |
| Interest Rate | The annual interest rate for the mortgage loan. The percentage is based upon the loan amount, not on the purchase price of your home. |
| Amortization Table | Choose how the amortization table should be generated. Select 'Monthly' when you want see a the payment for each month during the loan. Select 'Monthly average per year' to get an annual overview in which the average monthly payments are shown for each year of the loan term. Choose 'Annually' to get an annual overview containing overall amounts for the full year. For amortized mortgages only. |