Mortgage Math, Simplified.

Step-by-Step Instructions

1. Enter Loan Details: Input your home price, down payment, interest rate, and loan term in the "Loan Parameters" section.

2. Add Expenses: Fill in your estimated annual property tax and insurance. If you have an HOA fee, include that as a monthly cost.

3. Check Advanced Options: This is a specialized calculator for mortgage with annual tax increase capability. Click "Advanced Options" to set a percentage for Tax, Insurance, or HOA increases to see how your monthly payment will change over 10 or 20 years.

4. Analyze Results: Click "Plan Your Payment" to generate a full visualization. Use the interactive amortization schedule with PMI drop off date to see exactly when you will stop paying mortgage insurance.

5. View Examples: Check the 'Examples' section below to see how strategies like adding $100/mo or annual bonuses can save you thousands using your own numbers.

6. Share Your Plan: Found a strategy that saves you money? Click the "Share this Plan" button to send a live link to your spouse or realtor. They will see your exact numbers instantly.

The Power of Extra Payments

One of the most effective ways to save money is by making extra principal payments. Because interest is calculated on your remaining balance, every dollar you pay down early reduces the interest charged for every single month thereafter.

• Round Up: Rounding your payment up to the nearest $100 can shave years off your loan.
• The "13th Payment": Making one extra full payment per year can reduce a 30-year mortgage to roughly 22-23 years.
• Recasting: If you come into a lump sum (like a bonus), apply it as a "One-Time Payment" in this calculator to see how it impacts your timeline.

Click a button below to instantly apply these scenarios to your current loan details:

What is PMI and when does it go away?

PMI (Private Mortgage Insurance) is usually required if you put down less than 20%. It protects the lender, not you. This tool automatically calculates your loan-to-value ratio (LTV) and highlights the specific month your PMI is removed on the schedule.

How do Annual Tax and HOA increases affect me?

Unlike a fixed-rate mortgage payment, taxes and fees rise over time. Most calculators ignore this, but it can make a home unaffordable in 10 years. Use the Advanced Options to calculate the impact of HOA fee increase on mortgage payments to ensure you remain within budget long-term.

Should I pay off my mortgage or invest?

This depends on your interest rate versus expected investment returns. If your mortgage rate is 7% and the market returns 5%, paying off the debt is a guaranteed 7% return. Use this tool to see exactly how much interest you save by paying early.