Mortgage Payment Calculator With Down Payment

Animated interest rate graphicThis calculator breaks down a mortgage into monthly home payments based on a home's rate, current rates of interest, and other factors, a home mortgage calculator is a wise first step in buying a property.

This might help you determine whether a home loan is appropriate for your budget and how much house you can afford comfortably.

Q. Do extra payments automatically go to principal?
A. That is a question for the mortgage company.
The additional payment will most likely be used to reduce principle, although each lender is different.

Q. Does overpaying your mortgage reduce monthly payments?
A. The overpayment will decrease the principle amount while keeping the monthly payment constant.

Q. How many years does an extra mortgage payment take off a 15 year mortgage?
A. Go to Amoritization calculator for the answer

Q. Is it bad to pay your mortgage on the 15th?
A. I believe so. The US Postal Service isn't moving the mail as quickly as it used to. Do you want to risk a late payment because the loan payment did not arrive on time to the servicer? Another frequent issue is the servicer's failure to open the envelope and input the payment amount into the computer.