Simple Mortgage Calculator

A 2 step mortgage calculator - just enter the loan amount and the interest rate and it will show the results in 5 payment options.

Purchase Calculator (Simple)

This will calculate the down payment with the option of having a second mortgage. Usually if there is a second mortgage the first is at 80 % LTV and the rest is the second. Also, with 80% LTV the borrower doesn’t pay PMI. This calculator shows your monthly payments of the 1st and the 2nd with Interest Only and Full Payment (P&I) options, and also shows the combined monthly payment with all other housing costs like Taxes and Insurance.

Purchase Calculator (Extended)

This is the extended version of the simple Purchase Calculator. This one does it all. By entering all the essential data you will know exactly how much your payments will be, it will show the LTV and if there is a need for a second loan or are you better off with one loan and paying a PMI. It will also calculate your DTI that the banks use to qualify your income. Use Income screen to enter borrowers and co-borrower income in specific categories.

Simple Option ARM Calculator

This calculator is designed to calculate Adjustable Rate Mortgage payments that are based on the Daily Indexes. The calculator will automatically update the indexes that are also displayed in the ‘Rates’ section of Mortgage App.

Refinance Calculator

This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs.

Housing affordability

To arrive at an "affordable" home price, this calculator follows the guidelines of most lenders. The total debt-to-income ratio (DTI) varies from bank to bank. Some, like FHA, go as high as 50 percent and the more conservative ones as low as 30 percent. The average DTI is about 35 percent.

Simple Interest Calculations

The basic calculation for this calculator finds A, the Final Investment Value, using the basic simple interest formula: A = P(1 + ni) where P is the Principal amount of money to be invested at an Interest Rate i% per period for n Number of Time Periods.

Compound Interest Calculations

The basic calculation for this calculator finds A, the final Investment Value, using the basic compound interest formula: A = P(1 + i)^n where P is the Principal amount of money to be invested at an Interest Rate i% per period for n Number of Time Periods.

Be sure to enter the interest rate per period. For example, if the stated annual rate is 5% and you are compounding monthly then the rate per period is 5% / 12 = 0.417% per period. (the effective interest rate is 5.12%)

Inflation Calculator

The inflation calculator uses data from U.S. Retail Price Inflation (Annual Average), 1850 to 2009. It shows how inflation is affecting the prices of products. Although there are many different ways to measure inflation, this calculator uses the most common measure: "U.S. Retail Inflation (Annual Average)." This is also known as the Consumer Price Index for Urban Consumers (CPI-U). It is the mean average of monthly inflation rates during a given year.