Advanced Mortgage Calculator

Overview Tab

The Overview tab provides a comprehensive view of your mortgage:

• Enter your home price, down payment, loan term, and interest rate
• Add additional costs like property tax, insurance, PMI, and HOA fees
• See your monthly payment breakdown with an interactive donut chart
• View how your loan balance decreases over time
• Calculate the impact of extra payments on interest savings and payoff time

Amortization Tab

The Amortization tab shows how your payments are distributed over time:

• Interactive bar chart showing principal vs interest by year
• Detailed yearly breakdown of payments
• See how the proportion of principal increases over time
• Track your remaining balance year by year

Comparison Tab

The Comparison tab lets you evaluate different mortgage scenarios:

• Compare different loan terms (15 vs 30 years)
• See the impact of different interest rates
• Evaluate the effect of making extra payments
• Visual comparison chart showing key metrics side by side

Principal & Interest

The principal is the amount you borrow, while interest is the cost of borrowing. Early in your mortgage, most of your payment goes toward interest. Over time, more goes toward reducing the principal.

Property Tax & Insurance

Property taxes vary by location and are typically 0.5-2% of your home's value annually. Homeowners insurance protects your investment and is required by lenders. These are often collected monthly and held in escrow.

PMI (Private Mortgage Insurance)

If your down payment is less than 20%, you'll likely need PMI. This protects the lender if you default on the loan. PMI typically costs 0.5-1% of your loan amount annually and can be removed once you reach 20% equity.

Making Extra Payments

Extra payments go directly toward your principal, reducing the total interest you'll pay and shortening your loan term. Even an extra $100/month can save tens of thousands in interest over the life of your loan.