Mortgage Payment Calculator
For information on how this calculator works, scroll down.
|New Mortgage Balance|
|Percent Change (Increments)|
|Interest Rate||New Payment||Difference|
What this calculator does
The purpose of this calculator is to determine what a mortgage payment will be in the future. It will do a sensitivity analysis to see what the payment will be at various different interest rates. You enter in your mortgage details (price, downpayment, current interest rate, and terms). You also need to plug in a refinance year so that the calculator knows what the new balance will be when you go to refinance the mortgage. It assumes all payments are monthly and it will show you the new monthly payment given the new mortgage amount at varying different interest rates.
By default, the percentage change is set to 0.25%. If you would like to see larger changes in interest rate, simply adjust this value.
Note: when entering interest rates and dollars, only enter the numbers, not any dollar signs ($) or percentages (%). The formatting will automatically be added afterwards.