mortgage calculator

Mortgage Calculator Excel

Mortgage Calculator Excel spreadsheet is an advanced mortgage calculator with PMI, taxes, and insurance, monthly and bi-weekly payments, and multiple extra payments options to calculate your mortgage payments. The mortgage calculator spreadsheet has an amortization schedule that is printable and exportable to excel and pdf.

Advanced Mortgage Calculator

Home Value
Down Payment
Mortgage Amount
Loan Terms
Interest Rate
PMI (Yearly)
Property Tax (Yearly)
Home Insurance (Yearly)
HOA Fees (Monthly)
Payment Frequency
First Payment Date

Amortization schedule
Extra Payments
One Time
$ On Date
Monthly or Biweekly
$ Starting Date
$ Starting Date
$ Starting Date

This free and accurate mortgage calculator with extra payments (multiple extra payments) or the PITI mortgage calculator (principal, interest, taxes, and insurance) that estimates mortgage payments and has options for PMI, down payment, additional payments, home value, payment frequency (monthly & bi-weekly), HOA fees and extra payments.

How do Mortgages Work?

A mortgage is a loan between a lender and borrower to help the borrower finance the purchase of a house. In return, the borrower agrees to pay back the loan plus interest over the course of 15 or 30 years. The main parts of a mortgage are made up by

  • Loan Amount - this is the amount of money that the borrower asks for
  • Interest Rate - the borrower must pay back the loan with interest, and the interest rate determines how much the borrower should pay in interest payment.
  • Loan Terms - the borrower is given a certain amount of years to pay off the mortgage. 15 and 30-year terms are the most common types of mortgages.

On a 30 year fixed-rate mortgage, the payment is divided up by monthly payment where a borrower will pay the same amount each month for 30 years. In the beginning, most of your monthly payment goes towards paying interest instead of the principal. As time passes, the ratio between interest and principal payment will reverse. With our amortization schedule, you can easily view each payment to learn exactly how much of your monthly payment is for interest.

What Does PITI Stand For?

A mortgage payment can get complicated when you factor in other costs, such as PMI, taxes and insurance. Taxes and insurance are the two other parts in addition to principal and interest that made up your monthly mortgage payment. Principal, interest, taxes, insurance, or PITI are the core components of a mortgage payment since no matter where you live, you have to pay taxes and insurance on your house. Taxes and insurance vary state by state, and city by city. With the comprehensive mortgage calculator PITI, you can quickly calculate these costs and see how much you need to pay each month. Our PITI mortgage calculator has a built-in function to include taxes and insurance, so you can quickly include them in your calculation.

What is Private Mortgage Insurance?

Private mortgage insurance or PMI is insurance that a borrower needs to pay if his down payment on the house is less than 20%. The PMI is a protection for the banks and lenders to protect themselves in case the borrower defaults or stops making payments. The banks want the borrower to have more equity in the house to reduce their risks of making a loan. The more down payment a borrower puts down on a house, the less likely that he is to walk away from his mortgage payments. For borrowers who put down less than 20%, PMI is an extra cost for the mortgage. Once the borrower's equity on the house is over 20%, then he can contact the lenders and remove the PMI charges. Our mortgage calculator with PMI has a field called "PMI Yearly" that allows you to enter a PMI by percentage or dollar money.

Monthly Payment vs. Bi-Weekly Payment

By default, most mortgage payments are paid on a monthly by monthly basis. However, some people may want to choose bi-weekly payment. Bi-weekly payment is not the same as paying twice a month. When making monthly payments, a borrower pays 12 times a year. There are 52 weeks in a year, making bi-weekly payments means a borrower makes 26 payments a year. Since the bi-weekly payment is half of the monthly payment amount (not including tax & insurance & other fees), a borrower who chooses bi-weekly payment is essentially making 13 payments a year compared to the regular monthly payments.

Why Make Bi-Weekly Mortgage Payments?

The main reason why anyone would want to make bi-weekly payments is that it allows a borrower to save a lot of money on interest, and pay off the mortgage many years earlier than the monthly payment. One extra payment a year may not seem like a lot. However, each extra payment towards principal reduces both your mortgage and the interest you are paying. For example, a borrower pays about $373,023.14 in interest payment on a mortgage of $400,000 with a 30-year term and a fixed interest rate of 5%. The amount of interest that a borrower pays at the end of the term is almost the size of the mortgage amount. However, if the borrower chooses to make a bi-weekly payment, he or she will pay about $304,367.27 in interest payment, which is a saving of $68,655.87. On top of that, the borrower is able to pay off his mortgage 5 years earlier. If we include other costs such as PMI, the savings may be even bigger with the biweekly mortgage payments. Our mortgage calculator allows you to choose payment frequency (monthly & bi-weekly) and get an amortization schedule with a breakdown of each payment in detail. You will also get a comparison table that shows you exactly how much you will save in interest payment, and how many years earlier you will pay off your mortgage.

How to Payoff Your Mortgage With Extra Payment

There are other ways that a borrower chooses to pay off his or her mortgage earlier and save money on interest payment. One such option is to make extra payments toward the principal. A borrower can make a one-time lump sum payment or increase his monthly payment. By increasing the monthly payment, you pay off your mortgage faster and cut down on interest payments.

Is Bi-weekly Payment or Extra Payment Right For You?

There are situations where a borrower does not want to make bi-weekly payments or extra payments.

  • Are you planning to move out of the house after a couple of years? If you are, making an extra payment or bi-weekly payment may not be worth the effort. Most of the savings on interest payments are saved after you live in the house for a decade or more.
  • Can you use the extra money for other better investments? If you have better use for your money such as stocks, bonds, real estate, business, or other opportunities.
  • Can you afford it? If your salary doesn't increase and you are not able to cut your spending, then you may not afford to make extra payments.

Mortgage Calculator with PMI

Our advanced mortgage payment calculator with PMI, multiple extra payments, tax and insurance, has all the variables built in that you can estimate exactly how much you will be paying each month. Mortgage Calculator With PMI is a mortgage amortization calculator that has an option to include Private Mortgage Insurance or PMI. The PMI is calculated only if the down payment is less than 20% of the property value, and the borrower will have to pay for the mortgage insurance until the balance is less than or equal to 80% of the home value. One can enter the PMI as a dollar amount or as a percentage of the home value. The mortgage calculator with taxes and insurance allows a borrower to include property taxes and homeowner's insurance so that one can get a complete breakdown of the amortization schedule and see how much one has to pay monthly or biweekly. Every little thing adds up such as taxes and fees, a borrower should make sure he or she is able to pay the monthly payments before making the down payments for a house. The mortgage affordability calculator will help you estimate how much house can I afford using your annual income and monthly debt. The mortgage calculator with extra payments gives borrowers four ways to include extra payments for their payments in case they want to pay off their mortgage earlier. The extra payment options are a one-time extra payment, recurring biweekly, monthly, quarterly, and yearly plan. All you have to do is to toggle the yes button next to the extra payment option and enter the amount, and a starting date accordingly.

Amortization Schedule

The mortgage calculator with PMI comes with a downloadable and printable mortgage amortization schedule that you can save and print as a pdf file. The mortgage amortization schedule has all the details of each monthly mortgage payment such as monthly fees, insurance, taxes, principal, interest, and the total monthly or biweekly payment. You will see the payoff date, the total interest, principal as well as the total payments made after the mortgage is paid off.

Monthly vs. Bi-Weekly Payment Mortgage Comparison Table

You will also get a mortgage comparison table that compares the monthly and biweekly payment options. A borrower will be able to see the total interest, extra payment, fees, payoff date for each payment frequency as well as the amount of savings if one chooses the bi-weekly payment option.

PITI Mortgage Calculator Terms

Following are the terms for the PITI mortgage calculator with multiple extra payments.

Home Value - the estimated value of your home or property Down Payment - how much are you putting down on the property? You can enter a percentage or a dollar amount. Mortgage Amount - how much do you need to get a mortgage to finance the purchase of your dream home? This field is automatically calculated based on your home value and down payment. Loan Terms - how long will the loan last. The most common terms are 15-year and 30-year term mortgages. You have the option to enter the loan terms in years or months. Interest Rate - how much interest are you going to pay each month? The interest rate determines your interest payment and is agreed upfront between the lender and the borrower. PMI (Yearly) - if your down payment is less than 20% of the property, you may be required to pay for private mortgage insurance or PMI. Enter a percentage or dollar value for the PMI, and it will be included in the mortgage calculation. Once your equity on the house is over 20%, it will be automatically removed from our calculation. You may have to contact your lender or bank to have them remove the PMI payment once your equity is over 20%. Property Tax (Yearly) - property tax is a tax that you have to pay by owning the house. You can enter a property tax amount or as a percentage of your house. Home Insurance (Yearly) - every house needs to pay home insurance in case of unforeseen damages such as fire, flooding, and hurricane. HOA Fees (Monthly) - some houses are required to pay a monthly homeowners association fee or HOA fees. Payment Frequency - you have the option to choose monthly and bi-weekly payments. The amortization schedule will be shown accordingly. By default, the monthly payment option is selected. First Payment Date - if your payment doesn't start today, you can choose a date from the past or in the future when you start your mortgage payment. Amortization Schedule - you have the option to see the breakdown of each payment or group by them by year and only show how much you will be paying and the balance remaining each year. Extra Payment - if you want to pay off your mortgage earlier, you can choose to make an extra payment towards the principal. Our mortgage calculator supports four types of extra payment, one-time lump sum payment, recurring monthly, quarterly, or yearly extra payment. You can even combine multiple extra payments in a single calculation. To get the most accurate mortgage report, enter as many relevant fields as possible. For example, if your down payment is less than 20%, you will likely need to pay for the PMI each month, then you should input the percentage for the PMI.

Other Mortgage Calculators

In addition to the conventional mortgage calculator, we also offer loan calculators for other types of mortgages such as FHA, USDA, and VA loans. Simple Mortgage Calculator - The advanced mortgage calculator with a down payment is designed to be a home mortgage calculator with many options that are applied to home mortgages only. For other types of loans such as auto loans, personal loans, or student loans, please use the simple mortgage calculator. The simple mortgage calculator requires only four options that are necessary for any type of loan and mortgage which are the loan amount, interest rate, loan terms, and the starting date. Also, this is a US mortgage calculator with additional payments, some options may not apply to loans for other countries. FHA Mortgage Calculator - For those who are applying for an FHA mortgage and need an FHA loan calculator, please use the FHA mortgage calculator with PMI and taxes. It has the same settings as the mortgage calculator and takes into account the one-time up from MIP and annual MIP. USDA Mortgage Calculator - For USDA Mortgage Calculator to calculate USDA loan payments, please use the USDA mortgage calculator with taxes and insurance. The USDA loan Calculator has some custom parameters such as the USDA guarantee fee and annual mortgage insurance. VA mortgage calculator - VA Mortgage Calculator is also available for those who are applying for VA loans. Simply visit the VA loan mortgage calculator to see the details. The VA loan mortgage calculator takes into account the VA Funding Fee as well as the base mortgage amount. Commercial Mortgage Payment Calculator - If you are investing in real estate, you may want to check out our commercial mortgage calculator that comes with a balloon payment option. Balloon Mortgage Calculator - Looking for a mortgage calculator with a balloon payment? Try our amortization schedule with balloon payment. Refinance Mortgage Calculator - The refinance mortgage calculator shows how much one can save by refinancing an existing mortgage. Visit the refinance mortgage calculator page to calculate the numbers for refinancing options. Interest Only Mortgage Calculator - Is your mortgage payment interest only? The interest only mortgage calculator is the one that you need. Payoff Early Mortgage Calculator - If you want to pay off your mortgage earlier and save on interest payment, learn how much you can save with the early payoff mortgage calculator. You can pay off your mortgage earlier by increasing the monthly payment or seeing the monthly mortgage payment when a borrower has a plan to pay off a mortgage within a certain amount of year. Mortgage Balance Calculator - calculate the outstanding balance of your loan using the first date of payment, the number of payments made, or the remaining number of payments to be made. Calculate how much you still owe with the mortgage balance calculator. Mortgage Points Calculator - If you are thinking of buying discount mortgage points to reduce your interest rate and monthly payments, check out the mortgage points calculator.

Mortgage Calculator App

The all-in-one mortgage calculator is available for download on the Play Store. If you have an Android device, you can install the free mortgage calculator app in your pocket. The advanced mortgage calculator app offers the same functionalities as the online mortgage calculator which includes options for extra payments, PMI, taxes and insurances. There is also a simple version that requires only the mortgage amount, loan terms, and interest rate which can be used as a loan calculator for any type of loan. Just like our online mortgage calculator, you can print, save and export the results to pdf. The app is one of the best mortgage calculator apps for Android with a rating of 4.6.

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