This mortgage calculator quickly and effectively calculates your potential monthly payment based on various factors! It works automatically on-the-fly to show the results immediately as you edit the input variables. Some things to consider, when calculating your mortgage:
- While 30-years is the most popular term in the United States, a 15-year term builds equity much quicker
- Home buyers in the US move on average of once every 5 to 7 years
- Early payments apply primarily to interest rather than the principal, so the higher your early payments are, the quicker you will pay off your loan term
- Using a shorter loan term, paying extra & making bi-weekly payments can better help offset any transaction-based expenses associated with moving again in 5 or 7 years.
