When to use Mortgage Calculator
You found a house listed at $485,000 and the open house was yesterday. Before calling your broker, enter the price, your planned down payment, the current rate you've been quoted, and the term — 15 or 30 years. The standard amortization formula computes your monthly principal-and-interest, and you can layer in property tax and homeowner's insurance estimates to get a realistic all-in monthly number. The full amortization schedule is the real payoff: it shows how the principal-to-interest ratio shifts year by year, so you can see exactly how much equity you're building at year 5 versus year 15. Stress-test a lower down payment or a half-point rate difference without calling anyone.
- Model a 15-year vs 30-year term on a $485k house
- Stress-test a 0.5% rate difference before locking in
- See how much equity you hold after five years of payments