Mortgage Calculator with Extra Payments

Home price
Down payment
Add extra payments
Interest rate
Mortgage term

Add extra payments:

To monthly mortgage payment
Extra yearly mortgage payment
Occurring every
One-time mortgage payment
Down payment
Total principal paid
Total interest paid
Total of all payments
Start Date
Estimated Payoff Date

Amortization Schedule

Payment Date Payment Principal Interest Total Interest Balance

Mortgage Calculator - Your Personal Assistant to become a Home Owner

Owning a befitting home is perhaps one of the bravest moves you will make in your life; especially when you reside in the United States. Your property is a plausible investment for your family, you may spend up to 30 years securing it!

A mortgage calculator can ensure that you remain in the financial and informational ‘know how’ throughout the payment period.

More than a handful of mortgage owners often admit that they are in the dark about their mortgage fees; which percentage is for what, and which isn’t? It is no fault of theirs when you have to pay a mortgage sum for over decades, there’s bound to be a disconnection at some point. However, mortgage calculator is designed to keep you abreast with all your payments. It is a necessity for every financially prudent person and a must for every mortgage owner.

Your Personal Mortgage Calculator and Auditor

A mortgage calculator is an application that helps mortgage owners to estimate their monthly payments over the lifetime of their mortgage. That is, it could be considered as software that is designed to calculate, and update the amount of mortgage that is due considering the rates, the interest accruable, the duration and the special charges attached.

You can consider it a personal assistant for all your mortgage payment. A mortgage calculator can also be called a mortgage loan calculator, a mortgage rate calculator, a home mortgage calculator, etc.

As pertinent and important as this service is, we are offering you a free mortgage calculator. The best part is - we are going to demystify every process involved for you by defining its term of usage. Here’s a free mortgage calculator, with a free guide, and a short lesson on how to use it. Stay connected, read, and remain informed.

Special Terms You Should Know About Mortgage Calculator

Amortization period

Otherwise known as the mortgage amortization period, it is the duration for which the mortgage lasts; that is, the length of time you will use in paying the mortgage.

Amortization period may differ in length and it may go as far as 30 years or even as close as 10-15 years. A 30-year mortgage calculator can estimate monthly mortgage payment for the lifetime of the mortgage. Same applies to a 15-year mortgage and other time periods.

Amortization Table

Amortization Table is a used to compare the monthly or yearly rates and what is due. It contains the periodic payment on a mortgage by carrying the rundown of the payments biweekly, monthly or yearly.


ARM stands for Adjustable Rate Mortgage. It is an amortization or mortgage payment pattern where the interest on a mortgage loan may differ periodically, or on a yearly basis. That is, where mortgage rates are adjusted based on the index that reflects the cost to the lender in the general market. Mortgage on ARM does not come with fixed rates.

Down Payment

Down payment is part of the value of the real estate purchased on credit, which the borrower must pay independently to the seller of the housing. It is the money you pay to the home’s seller principally to avoid mortgage insurance. In the US the down payments fluctuate between 4% and 20% of the price.

Extra payment

Extra payment is a percentage that is not compulsorily due to the mortgagee but that he/she could use to pay up the amortization faster. Every extra payment reduces the principal balance.

With consistent extra payments, the mortgage loan will be paid faster than the actual amortization period.

Home price

Home price is the amount you are expected to pay for the home itself. It is the actual cost of the property and it may differ based on size, quality, location, or condition.

Interest rate

This is the percentage of the money you are expected to pay for the mortgage as interest. It is used to secure the property over the years and is often split into bits to be paid monthly. Usually, the rate is around 4%. It is advisable for you to consider the interest rate before purchasing a mortgage because it can triple or reduce the cost of maintaining it.

Mortgage started date

This is the date, month and year that a mortgage payment begins to read. It is when your mortgage begins to count.

A short guide on How to Use Mortgage Calculator with Extra Payments

You can use our mortgage calculator to determine your extra payments by calculating how much you can save with a fixed extra payment. For example, you could enter $100 extra payment on a property where you have to pay $453 monthly (making a total of $553) and then allow the calculator sum much how much you could save at that rate by the end of the mortgage.

Extra payments can affect your mortgage term and duration and save you the crippling interest rates attached. So, if you have some few extra dollars, it is best to throw them in as extra payments.

When to use 15 years vs. 30 years mortgage?

One of the most asked questions is when to use a 15-year mortgage over 30 years one and we will comment on that briefly.

Firstly, a 15-year mortgage will attract twice lesser interest rate, taxes and extra fees as a 30-year mortgage. For example, if you are paying 4% monthly on a property of 200,000 it would amount to about $800+ in a year; making about $12,000 for a 15 year period.

However, that could double into $24,000 in the space of 30 years!

Meanwhile, interest rates are relatively lesser with 15 years mortgages than 30 years (because the latter is riskier with a longer time frame). Though, you will have to pay more on a monthly basis with a 15-year mortgage.

Therefore, our advice is if you have the money to spare, opt for a 15-year mortgage over a 30-year one. The shorter the lifespan, the better.

Conclusively, you should know that whatever mortgage you take, our mortgage calculator is ready to assist you in getting the digits right.