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Reverse Mortgage Calculator

Reverse mortgage calculator excel to calculate the remaining equity balance for your reverse mortgage a few years from now. The reverse loan calculator uses compound interest and the reverse mortgage amortization schedule will show you how much the loan balance is growing over the years. You can export the result to excel so that you can review it later. For conventional mortgage payments, use mortgage interest calculator.

Reverse Loan Calculator

Lump sum advance
Years
Monthly loan advance
Interest Rate

The total amount is $211,370.39 after 15 years.




Reverse Mortgage Amortization Schedule

Month # Interest Total Amount
1 $416.67 $100,416.67
2 $418.40 $100,835.07
3 $420.15 $101,255.22
4 $421.90 $101,677.11
5 $423.65 $102,100.77
6 $425.42 $102,526.19
7 $427.19 $102,953.38
8 $428.97 $103,382.35
9 $430.76 $103,813.11
10 $432.55 $104,245.67
11 $434.36 $104,680.02
12 $436.17 $105,116.19
13 $437.98 $105,554.17
14 $439.81 $105,993.98
15 $441.64 $106,435.62
16 $443.48 $106,879.11
17 $445.33 $107,324.44
18 $447.19 $107,771.62
19 $449.05 $108,220.67
20 $450.92 $108,671.59
21 $452.80 $109,124.39
22 $454.68 $109,579.07
23 $456.58 $110,035.65
24 $458.48 $110,494.13
25 $460.39 $110,954.53
26 $462.31 $111,416.84
27 $464.24 $111,881.07
28 $466.17 $112,347.24
29 $468.11 $112,815.36
30 $470.06 $113,285.42
31 $472.02 $113,757.44
32 $473.99 $114,231.43
33 $475.96 $114,707.40
34 $477.95 $115,185.35
35 $479.94 $115,665.28
36 $481.94 $116,147.22
37 $483.95 $116,631.17
38 $485.96 $117,117.13
39 $487.99 $117,605.12
40 $490.02 $118,095.14
41 $492.06 $118,587.21
42 $494.11 $119,081.32
43 $496.17 $119,577.49
44 $498.24 $120,075.73
45 $500.32 $120,576.05
46 $502.40 $121,078.45
47 $504.49 $121,582.94
48 $506.60 $122,089.54
49 $508.71 $122,598.24
50 $510.83 $123,109.07
51 $512.95 $123,622.02
52 $515.09 $124,137.11
53 $517.24 $124,654.35
54 $519.39 $125,173.75
55 $521.56 $125,695.30
56 $523.73 $126,219.03
57 $525.91 $126,744.95
58 $528.10 $127,273.05
59 $530.30 $127,803.35
60 $532.51 $128,335.87
61 $534.73 $128,870.60
62 $536.96 $129,407.56
63 $539.20 $129,946.76
64 $541.44 $130,488.20
65 $543.70 $131,031.91
66 $545.97 $131,577.87
67 $548.24 $132,126.11
68 $550.53 $132,676.64
69 $552.82 $133,229.46
70 $555.12 $133,784.58
71 $557.44 $134,342.02
72 $559.76 $134,901.77
73 $562.09 $135,463.87
74 $564.43 $136,028.30
75 $566.78 $136,595.08
76 $569.15 $137,164.23
77 $571.52 $137,735.75
78 $573.90 $138,309.65
79 $576.29 $138,885.94
80 $578.69 $139,464.63
81 $581.10 $140,045.73
82 $583.52 $140,629.25
83 $585.96 $141,215.21
84 $588.40 $141,803.61
85 $590.85 $142,394.45
86 $593.31 $142,987.76
87 $595.78 $143,583.55
88 $598.26 $144,181.81
89 $600.76 $144,782.57
90 $603.26 $145,385.83
91 $605.77 $145,991.60
92 $608.30 $146,599.90
93 $610.83 $147,210.73
94 $613.38 $147,824.11
95 $615.93 $148,440.05
96 $618.50 $149,058.55
97 $621.08 $149,679.62
98 $623.67 $150,303.29
99 $626.26 $150,929.55
100 $628.87 $151,558.43
101 $631.49 $152,189.92
102 $634.12 $152,824.04
103 $636.77 $153,460.81
104 $639.42 $154,100.23
105 $642.08 $154,742.32
106 $644.76 $155,387.07
107 $647.45 $156,034.52
108 $650.14 $156,684.66
109 $652.85 $157,337.52
110 $655.57 $157,993.09
111 $658.30 $158,651.40
112 $661.05 $159,312.44
113 $663.80 $159,976.24
114 $666.57 $160,642.81
115 $669.35 $161,312.16
116 $672.13 $161,984.29
117 $674.93 $162,659.23
118 $677.75 $163,336.97
119 $680.57 $164,017.54
120 $683.41 $164,700.95
121 $686.25 $165,387.20
122 $689.11 $166,076.32
123 $691.98 $166,768.30
124 $694.87 $167,463.17
125 $697.76 $168,160.93
126 $700.67 $168,861.60
127 $703.59 $169,565.19
128 $706.52 $170,271.72
129 $709.47 $170,981.18
130 $712.42 $171,693.60
131 $715.39 $172,408.99
132 $718.37 $173,127.36
133 $721.36 $173,848.73
134 $724.37 $174,573.10
135 $727.39 $175,300.48
136 $730.42 $176,030.90
137 $733.46 $176,764.37
138 $736.52 $177,500.88
139 $739.59 $178,240.47
140 $742.67 $178,983.14
141 $745.76 $179,728.90
142 $748.87 $180,477.77
143 $751.99 $181,229.76
144 $755.12 $181,984.89
145 $758.27 $182,743.16
146 $761.43 $183,504.59
147 $764.60 $184,269.19
148 $767.79 $185,036.98
149 $770.99 $185,807.97
150 $774.20 $186,582.17
151 $777.43 $187,359.59
152 $780.66 $188,140.26
153 $783.92 $188,924.17
154 $787.18 $189,711.36
155 $790.46 $190,501.82
156 $793.76 $191,295.58
157 $797.06 $192,092.64
158 $800.39 $192,893.03
159 $803.72 $193,696.75
160 $807.07 $194,503.82
161 $810.43 $195,314.25
162 $813.81 $196,128.06
163 $817.20 $196,945.26
164 $820.61 $197,765.87
165 $824.02 $198,589.89
166 $827.46 $199,417.35
167 $830.91 $200,248.26
168 $834.37 $201,082.62
169 $837.84 $201,920.47
170 $841.34 $202,761.80
171 $844.84 $203,606.64
172 $848.36 $204,455.01
173 $851.90 $205,306.90
174 $855.45 $206,162.35
175 $859.01 $207,021.36
176 $862.59 $207,883.95
177 $866.18 $208,750.13
178 $869.79 $209,619.92
179 $873.42 $210,493.34
180 $877.06 $211,370.39

What is a reverse mortgage?

A reverse mortgage is for homeowners who are 62 years or older to borrow against the equity in their homes. Borrowers own the home outright or must have substantial equities in their houses in order to get approved for reverse mortgages. A reverse mortgage allows the borrower to receive funds as a lump-sum payment, monthly payment, or line of equity in exchange for equities in their homes.


How does a reverse mortgage work?

Unlike a traditional mortgage, the borrower does not need to make monthly payments to repay the mortgage. Instead, the lender makes monthly payments to the borrower. The mortgage balance is due when the borrower dies, moves away, or sells the house. When the borrower dies, the lenders are paid in full from the proceeds of the home sale. The payment includes principal, interest, mortgage insurance, and other fees that are associated with the reverse mortgage. Whatever is left over from the proceeds goes to the homeowner's heirs.


Reverse mortgage pros and cons

Following are the pros and cons of getting a reverse mortgage.

Pros of a reverse mortgage

  • No Monthly Payment - Borrowers don't have to make a monthly payment to repay the loan until they die, move out, or sell the house.

  • Stay in Your Home - You get to stay in your home instead of selling it to raise funds for other expenses. Since you get payments from the mortgage, they will cover part of your living expenses.

  • Enjoy Retirement - If a borrower doesn't have a lot of cash, and all or most of their net worth is tied to their home, a reverse mortgage allows them to have enough cash to enjoy their retirement instead of getting a part-time job.

  • No Need to Pay Tax - A reverse mortgage is treated as a loan instead of as an income, therefore, a borrower does not need to pay taxes on the payments that they receive from their lender.

  • Pay Off Your Existing Mortgage -  If you still have a mortgage on the house, you can use the payments that you have to pay off your existing mortgage.

  • Balance Exceeds Home’s Value - You or your heir does not have to pay back if the mortgage balance exceeds the home value. This can happen if your home price drops.


Cons of a reverse mortgage

  • Home Insurance & Property Taxes - Homeowners are required to pay home insurance, property taxes, and other maintenance.

  • Less Inheritance For Heirs - There may or may not be any inheritance for the heirs depending on how much equities are owed to lenders.

  • Costly Fees - There are fees for getting a reverse mortgage, such as upfront insurance premium or MIP, loan origination, and closing fees. Although some of the fees may be rolled to the mortgage, you will lose even more equity in your house.

  •  Impact Government Benefit Programs - Homeowners may not be eligible for other retirement and benefits programs that they would have otherwise qualified for. Borrowers should consult an accounting or professional advisor and make sure there are no impacts.


Should I get a reverse mortgage?

Reverse mortgages are complicated. If you are not sure if you should get a reverse mortgage, discuss it with a professional financial advisor and see if a reverse mortgage is the best option for you. There may be other better options that you may not know about.




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