Accurate Mortgage Calculator
How do I use the mortgage calculator?
- Enter the Price of Real Estate.
- Enter the Down Payment Percent or the Down Payment Amount.
- Set Mortgage Loan Amount to 0 if the amount is unknown.
- Enter the expected Number of Payments.
- Enter the anticipated Annual Mortgage Interest Rate.
- Set Mortgage Payment (P & I only) to 0 if the amount is unknown.
- Optionally, set the Mortgage Closing Date.
- Optionally, set the First Payment Due Date.
- Optionally, enter Points.
- Click either Calc or Pmt & Cost Schedules to see the results.
These steps are sufficient to calculate a fixed-rate mortgage payment.
However, the calculator can also provide additional information beyond the payment amount.
Details are below…
The Calculator-Calculate Down Payment, Payment, PMI, Rate and Term
Information
IMPORTANT — Always enter (and reenter) 0 when you want the calculator to compute a value.
Why does the calculator not automatically calculate the last unknown value?
The calculator creates a payment schedule based on the exact parameters you choose. This behavior is intentional.
By not automatically recalculating the payment when the mortgage amount changes, the calculator allows users to create a schedule with any payment amount they select. If you provide the payment amount, you will usually set the “Number of Payments” to “0.”
Notes about this calculator
Found on the “Set Dates or XPmts” tab:
- Mortgage Closing Date — also called the loan origination date or start date.
- First Payment Due — the due date for the first payment.
About Dates & Interest Calculations — In practice, the time between the mortgage origination date and the