Easy to use down payment and monthly payment calculator

The title says it all.

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. Are extra payments paid to the principal automatically?

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 making extra payments on your mortgage lessen your monthly payments? 

A. The overpayment will decrease the principle amount while keeping the monthly payment constant.

Q. How many years does an additional mortgage payment subtract from a 15-year loan?

A. Go to Amortization calculator for the answer

Q. Is paying your mortgage on the 15th a bad idea?

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.

Read more questions and answers about FHA loans


In conclusion, using a down payment and monthly payment calculator can help you understand what you can afford and what your monthly payments will be. This information can help you make an informed decision about buying a home. So, use a calculator to crunch the numbers and get started on your home-buying journey today!