![]() ![]() For that option, check out our new Interest-Only Mortgage Calculator. It also doesn't work for interest-only mortgages. Note: This mortgage calculator does NOT work for so-called "simple interest mortgages" - you'll need to try our Simple Interest Mortgage Calculator instead. Remember that if paying monthly, you can enter a fraction of a year by entering a value like =10+5/12 (for 10 years and 5 months). You can set up periodic extra payments, or add additional payments manually within the Payment Schedule. The second approach is to enter the current mortgage balance and adjust the term length until the PI payment matches what you are currently paying. It lets you analyze a fixed or variable rate home mortgage. So, if you've already been making payments for a couple of years, you can choose to have scheduled extra payments start on payment number 25. That is the simplest solution, so we've added a new feature to the Extra Payments section (at the suggestion of one of our users) that lets you specify what payment you want the extra payments to start at. over 30-years would require you to make additional payments of around 2,100 each month to cut the loan term down to 15 years. The first is to enter the original loan amount and date and then make adjustments to the payment history within the Payment Schedule as needed. Based on Your Mortgage’s Extra and Lump Sum Calculator, an 800,000 mortgage with an interest rate of 4.5 p.a. There are a couple of ways to analyze your existing home mortgage.
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