Mortgage Calculator
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Glossary & Educational Content
- Principal: The original sum of money borrowed, or the remaining balance of the loan.
- Interest Rate: The annual percentage rate charged on the borrowed amount.
- Amortization: The process of gradually reducing a debt through regular payments that cover both principal and interest.
- PMI (Private Mortgage Insurance): Insurance that protects the lender if you default on the loan, typically required if your down payment is less than 20%.
- Down Payment: The portion of the home’s purchase price paid upfront, which reduces the amount you need to borrow.
- Refinance: Replacing an existing loan with a new one, often to secure a lower interest rate or better terms.
- Extra Payments: Additional amounts paid toward the principal that can reduce overall interest and shorten the loan term.
- Amortization Schedule: A detailed table showing each periodic payment, breaking down the amounts applied to interest and principal over the life of the loan.
This calculator and glossary are provided for informational purposes only and are not a substitute for professional financial advice. Please consult a financial advisor for personalized guidance.