will it cost me each month? And what will I still owe in five years?
Most calculators stop at one number. That number is only the first page of the story. Scroll down and I’ll show you the second page, the one that tells you what you’ll actually owe if you sell, refinance, or pay extra.
Mortgage Payment, Amortization & Payoff Calculator
Type in a rate, see the payment, the full schedule, and what you would still owe on any date you pick.
For illustration only. This tool is not a loan offer, a rate quote, a pre-approval or financial advice, and it does not show what any lender will offer you. Your payment depends on your loan type, credit, lender, mortgage insurance, taxes and insurance. Rates are entered by you; they are not provided by me. Get a written Loan Estimate from a licensed lender.
Felix Trujillo · Texas Realtor · TREC 667130 · All City Real Estate
What you're looking at
Principal and interest is the base payment for the loan amount, rate, and term you type in.
The schedule shows how each payment splits between interest and principal. Early on, more goes to interest. That's why the payoff balance moves slowly at first.
Payoff balance check lets you pick a payment number or a month and see the scheduled balance. Here's the payoff for the loop I opened: this is the number that matters when you're deciding whether to sell, rent, or refinance later. A real payoff comes from your servicer in writing, with interest to the day and any fees.
Tax, insurance and HOA are fields you fill in yourself. In Austin the tax district matters a lot (MUD and PID bills are real). I check the district before you write an offer. See No State Income Tax. The Bill Is the Trade.
The rate is yours to type
I don't set rates and I don't quote them. Use the number from a written Loan Estimate from a licensed lender. A rate you read online is a headline. The Loan Estimate is the truth.
Thinking about a rate you already have? Read High-Interest-Rate Mortgage: What You Can Do and Where Rates Sit Today.
Keep reading
For illustration only. Not a loan offer, rate quote, pre-approval, or advice. I am a Realtor, not a lender. Equal Housing Opportunity.
