Mortgage Payments Calculator

A complex but very powerful financial planning tool, this Calculator will help you plan out Mortgage payments and show you how much time you could cut off by paying extra; or alternatively tell you all the details in one handy location of how much you’ll be paying each month on your mortgage by adjusting the Mortgage Term. It even provides a handy Table and Graph to provide a visual element to what’s changing as you adjust the fields in the Calculator.

Examples:

Mortgage Balance = £120,000
Interest Rate = 3.5%
Mortgage Term = 20 Years
Compounding Frequency = Monthly (UK/US)
The monthly payment is £695.95, and you will pay-off the loan on 24.01.2042.
The total payment amount is £167,028.4, with an interest payment of £47,028.4

This alone might be all you need this Calculator for, adjusting the desired pay-off date and being told how it changes the amount that you will have to pay, but what about accelerated Pay-off options? Well there are two available: Lump Sum Prepayment and Extra Monthly Payment, and you can set dates for when you want both to commence, so lets add these Accelerated Pay-Off options to this example:

Examples:

Mortgage Balance = £120,000
Interest Rate = 3.5%
Mortgage Term = 15 Years
Compounding Frequency = Monthly (UK/US)

Accelerated Pay Off Options:
Extra Monthly Payment = £150 starting 2/3/2022
Lump Sum Payment of £5000 on 5/3/2022

Adding this to the example, you’ll notice the graph and table changing to adjust for the Accelerated Payoff Option; this is to show you how paying extra is accelerating your payment schedule year by year and by how much compared to the original schedule. If larger Accelerated Pay Off Options are chosen, or it’s a smaller/shorter term mortgage, you can save interest this way and the Calculator will tell you how much.

Please bear in mind however, when planning Mortgage Payments, that other costs such as taxes and insurance can factor in. So treat the results of this calculator as a close approximation, and try to have more than the stated figures to cover unexpected additional costs if possible.