The Home Mortgage Loan Calculator helps you analyze home mortgage loans. How much can you afford to borrow for how long at what interest rate?

You compute one of the following variables while modifying the others. That means that in the calculator, you click on the button with the same label as that listed in the left-hand column, below. The red check mark indicates for which variable you are solving.

Enter ballpark values by clicking on and dragging the black diamond-shaped sliders left or right. Enter exact numbers by clicking on the number in the box on the right and type your number (no commas) in the box.

The results of your calculations show in the box at the bottom of the calculator.

 
Note: The examples below are based on the assumption that the calculator is refreshed with the default values loaded.
 

The Loan Calculator Tab allows you to manipulate various amounts and values to explore the ramifications of your decisions.

Loan Amount

Click this button to figure out the biggest loan you can afford given the interest rate, the loan duration and the monthly payment you can afford. This is the amount of your current loan. Use the diamond-shaped slider to enter the value or enter it directly in the edit box.

• "If I want my monthly payment to be no more than $2,000, how much can I borrow if I want the 7%, 15-year mortgage?"
• "If I decide to go for the 30-year loan with a monthly payment of $2,000, how much more will I be able to afford to borrow if the interest on that loan is 7.25%, rather than 7.50%?"
• "If my brother-in-law can give me a loan at 4%, will I be able to afford that dream home if I can pay off the loan in 20 years?"

Loan Period

Click on this button to figure out how long your debt will last. You would typically solve for the loan period to figure out how an increased monthly payment might reduce the loan term.

• "How many months will my $200,000 loan last if I can get a 6% interest rate and I increase my monthly payment to $1,500?"

Annual Rate

Click on this button to figure out how what happens to the interest rate when you change other loan variables. Can you afford the rate? Can you afford to pay a higher rate?

• "If I can afford to pay $1,500 a month on a $200,000 loan, how much more can I afford to pay in interest?"
• "If I decide to go for the 15-year loan, how much does that lower the interest rate on the loan?"
• "If I can reduce the amount I need to borrow to $150,000, how much of a higher interest rate can I afford?"

Monthly Payment

Click on this button to figure out what affects the monthly payment.

• "If I can get a monthly payment of 6.875% rather than 7.5%, how much less will my monthly payment be?"
• "Can I afford my desired monthly payment if I can get a longer loan term?"

The Payment Schedule Tab shows the amortization schedule for the chosen loan. Each row shows a payment number, the interest, the principal and the balance of the loan at that payment number.

The Payment Chart Tab shows an area graph with payment values and the distribution of interest, principal and extra principal (if any). Grab the diamond-shaped slider at the bottom of the graph and move it to a payment number to get a readout of interest, principal and extra principal for any one loan period.

Extra Principal

Extra Principal is an amount you include with your payment to be used explicitly for paying down the principal, not the interest. The faster you pay down your principal, the shorter your loan will be and the less total interest you have to pay.

• "How many fewer months will my loan last if I pay $50 per month in additional principal?"

The Payment Totals Tab shows a pie graph with total payment values and the distribution of interest, principal and extra principal (if any).

Extra Principal

Extra Principal is an amount you include with your payment to be used explicitly for paying down the principal, not the interest. The faster you pay down your principal, the shorter your loan and the less total interest you have to pay.

• "If I pay $50 per month in additional principal, how much less interest will I pay over the life of the loan?"