MORTGAGE PLANNING

Home Mortgage Calculator

Enter your mortgage information. Calculated fields update automatically.

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Mortgage Information
Monthly PaymentPayment: This is the regular principal+interest payment due each pay period. For variable rate mortgages, it is the payment for the initial fixed-rate portion of the ARM. This does not include extra payments, unless the "Acc Bi-Weekly" or "Acc Weekly" option is chosen for the Payment Frequency. In that case, see the comments in the Payment Frequency and Extra Payment fields.
Yearly Property TaxesEstimated Property Tax: (Real estate taxes) Annual property taxes are often based on a percentage of the property value. The average is around 1.8%, but you should call your Tax Collector's office in the city where you plan to buy the home for more information.
Yearly H.O. InsuranceThis cell is shaded in the supplied workbook. It is displayed as a read-only field here, matching that layout. The supplied cell E15 is blank and contains no insurance formula, so this value stays blank and adds no insurance cost to PITI. The workbook comment mentions a 0.4% estimate, but that formula is not present in the cell.
PITI PaymentEstimated PITI Payment: This is the estimated mortgage payment that includes Principal (P), Interest (I), Taxes (T), and Insurance (I). It doesn't include extra payments unless you've chosen one of the accelerated payment frequency options.
Extra Payments
Total Extra PaymentsTotal Extra Payments: This is sum of the Extra Payments and the Additional Payments columns.
Interest Saved from Extra PaymentsInterest Savings The reduced interest associated with making extra payments or "prepayments". When you make extra payments on the principal, then you pay less interest in the long run. This calculation does NOT include any tax deductions.
Total Months with Extra Payments
Total Months without Extra Payments
Months Saved
Payments Including Extras
Extra Payment Interval
Balance at a Specified Year
Date
Interest Paid
Principal Paid
Outstanding Balance
Summary
Years Until Paid OffWorkbook note: This supplied cell contains a fixed 30, not a live formula. It remains 30 here to match Excel. Original note — Years Until Paid Off: If you elect to make extra payments, you may be able to pay off your loan early. Important: For variable rate mortgages, the monthly payment is adjusted whenever the rate changes! So, even if you make extra payments, you may not end up paying your loan off early.
Number of Payments
Last Payment Date
Total PaymentsTotal Payments: The total amount paid over the course of the loan, including both interest and principal.
Total InterestTotal Interest: The total amount of interest paid over the course of the loan.
Principal Amount
Principal Paid
Monthly Pay (P&I Equivalent)
Loan Start / First Payment Date
Balance at Payoff
Fixed-Rate or ARM
Highest Monthly PaymentHighest Monthly Payment: This field tells you what the highest monthly payment not counting extra payments is over the course of the loan, based on the inputs you provided about how you expect the rate to change over time.
Tax Deduction
Effective RateEffective Annual Interest Rate: Only applies to fixed-rate mortgages (or the starting interest rate on an adjustable rate mortgage). If you can deduct the interest paid on your home mortgage from your taxes, then one way to look at this benefit is by calculating the "effective annual interest rate". Note that you still must pay the normal amount of interest, but when making comparisons to other loans and investments, you should consider the tax deduction if it applies.
Tax ReturnedTotal Tax Returned: The total amount of tax returned due to the home mortgage interest deduction. Note that the amount indicated in the Tax Returned column is NOT actually returned that month. You must wait for your yearly tax return to see the benefit.

Your Mortgage and Extra-Payment Summary

Loan payments and interest exclude property taxes and ownership costs. For non-monthly schedules, monthly pay is the initial payment converted to a monthly equivalent. Months use the payment-period equivalent; dates follow your selected frequency.

View the full payment schedule

Current Loan Status

Estimated from your payment schedule, assuming every payment due on or before this date—including entered extras—was paid on time. This is not a live lender balance. Taxes and ownership costs are excluded.

Enter your loan details and first payment date to see the balance as of today.

Balance over time

With extra payments Without extra payments

Interest rate history

SEE EVERY PAYMENT THROUGH PAYOFF

Payment Schedule

Enter an additional payment on any row to update your payoff plan. All amounts are per payment period.

All payment fields are shown below. Scroll down to see later payments, or use Last payment to reach payoff. Choose Spreadsheet table for the Excel-style view. Pink rows include extra payments.