google mortgage calculator with extra payments

#Google mortgage calculator with extra payments full
#Google mortgage calculator with extra payments free

Life happens, and the extra money slides through your fingers for things you no longer remember. You may say that you don't want to be locked into that higher payment and that you'll simply add extra each month to reduce some of that interest? It rarely happens. Quickly Compare Your Mortgage Payment Optionsįigure your savings by comparing 15-yr vs 30-yr loans or fixed vs arms side by side.

#Google mortgage calculator with extra payments free

Think of what your life would be like being mortgage free after only 15 years and having an extra $77,452 in your pocket! This time the total cost of borrowing $200,000 is $266,287 saving you $77,452 in interest compared to the 30-year option. After five years you still owe $146,117 after 10 years you still owe $80,328, and at the end of the term you will have paid the bank only $66,287 in interest. Right off the bat, more of your investment is going more to principal than interest. This is a bit more than our other example, but stay with me here. This scenario provides monthly principal and interest of $1,479.38. Let's take the same $200,000 fixed loan at 4%, but this time let's select a 15-year term. So In reality that $200,000 home really costs you $343,739! The 15-Year is the Real Winner After five years you still owe $180,895 after 10 years you still owe $157.568, and after 30 you will have paid the bank $143,739 in interest. The road to building equity is slow moving. Your monthly principal and interest is $954.83, but it would take 153 payments until more money is directed to principal than interest. For example, let's assume you have a $200,000 fixed mortgage for 30 years at 4% interest and no down payment. As time progresses more is placed toward principal, but it takes years before the interest and principal are equal paid. In the beginning, a large portion of your payment goes to interest. Unless you plan to move in a few years, the 15-year is the way to go. It can't be expressed enough that you should almost always choose a 15-year fixed mortgage. Using our amortization calculator you can enter various scenarios to reveal the true cost of the place you will call home & any other type of loan.

This may seem like a no-brainer, but so many people look only at the monthly cost and never consider the total cost. No one factor affects the cost of purchasing a house more than length of the loan.

#Google mortgage calculator with extra payments full

The Full Monthly Repayment Chart and Understanding Your Payment Allocations