Mortgage Calculator for Purchase Price and Down Payment
Use this mortgage calculator to determine your monthly mortgage payment based on your purchase price and down payment. It can also to generate an estimated amortization schedule for your mortgage. Enter prepayment amounts to calculate their impact on your new mortgage.
Mortgage Calculator for Purchase Price and Down Payment Definitions
- Purchase price
- Purchase price of the home you wish to buy.
- Down payment
- Amount you have for the down payment on your purchase.
- Mortgage amount
- Original or expected balance for your mortgage.
- Term in years
- The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
- Interest rate
- Annual fixed interest rate for this mortgage. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.
- Monthly payment
- Monthly principal and interest payment (PI).
- Prepayment type
- The frequency of prepayment. The options are none, monthly, yearly and one-time payment.
- Prepayment amount
- Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
- Start with payment
- This is the payment number that your prepayments will begin with. For a one-time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation. If you choose to prepay with a one-time payment for payment number zero, the prepayment is assumed to happen before the first payment of the loan.
- Report amortization
- Choose how the report will display your payment schedule. Annually will summarize payments and balances by year. Monthly will show every payment for the entire term.