Types of Mortgage Calculators
Commercial Mortgage Calculator
A commercial mortgage calculator estimates payments for business properties including office buildings, retail spaces, warehouses, and multi-family properties. Commercial loans typically require 20-35% down payment with interest rates ranging from 6-12%, higher than residential mortgages due to increased lender risk.
Commercial mortgages often have balloon payments, shorter amortization periods (5-20 years), and include debt service coverage ratio (DSCR) requirements. The DSCR measures whether rental income covers monthly loan payments, typically requiring a minimum ratio of 1.25:1.
Mortgage Recast Calculator
A mortgage recast calculator determines your new monthly payment after making a lump sum principal payment. Unlike refinancing, recasting maintains your existing interest rate and loan term while lowering monthly payments by re-amortizing the remaining balance.
Mortgage recasting typically costs $150-$500 and requires a minimum lump sum of $5,000-$10,000. This option works well if you receive a bonus, inheritance, or home sale proceeds and want to reduce monthly payments without the hassle and expense of refinancing. Your loan must be current with no recent missed payments.
Interest Only Mortgage Calculator
An interest only mortgage calculator computes payments when you only pay interest for an initial period (typically 5-10 years). The monthly payment equals the loan amount multiplied by the annual interest rate divided by 12. For example, a $400,000 loan at 6.5% equals $2,167 monthly.
After the interest-only period ends, payments increase significantly as you begin paying principal plus interest. A $400,000 loan at 6.5% might jump from $2,167 to $3,200 monthly. These loans suit buyers expecting income growth, investors maximizing cash flow, or those planning to sell before the interest-only period ends.
Mortgage Loan Payoff Calculator
A mortgage payoff calculator shows how extra payments reduce your loan term and total interest paid. Even small additional payments create substantial savings because they reduce the principal balance on which future interest is calculated.
For example, adding $100 monthly to a $300,000 loan at 6.5% over 30 years saves approximately $49,000 in interest and pays off the loan 5 years early. Making one extra payment annually (equivalent to biweekly payments) can reduce a 30-year mortgage to 25-26 years with similar savings.
State-Specific Mortgage Calculators
Mortgage calculations vary by state due to differing property tax rates, insurance costs, and closing fees. Our calculator works for all states including Iowa, Idaho, Wisconsin, Missouri, Oklahoma, Alabama, Arkansas, Kansas, Nebraska, Maine, and New Hampshire. Enter your state-specific property tax rate for accurate estimates.
Mortgage Calculator Iowa
Average property tax: 1.50%
Iowa has moderate property taxes with typical rates around 1.50% of assessed value.
Mortgage Calculator Idaho
Average property tax: 0.63%
Idaho offers lower property taxes compared to national averages at around 0.63%.
Mortgage Calculator Wisconsin
Average property tax: 1.68%
Wisconsin property taxes are slightly above average at approximately 1.68%.
Mortgage Calculator Missouri
Average property tax: 0.91%
Missouri has below-average property taxes at around 0.91% of home value.
Mortgage Calculator Oklahoma
Average property tax: 0.88%
Oklahoma enjoys low property taxes averaging 0.88% statewide.
Mortgage Calculator Alabama
Average property tax: 0.41%
Alabama has some of the lowest property taxes in the US at just 0.41%.
How to Use the Mortgage Payment Calculator
Our mortgage calculator provides instant payment estimates for residential and commercial mortgages. Enter your home price or property value, down payment percentage, loan term (15 or 30 years typical), and current interest rate. The calculator instantly computes your monthly principal and interest payment.
For complete monthly cost estimates, include annual property taxes and homeowners insurance. Property tax rates vary significantly by location from 0.28% in Hawaii to 2.49% in New Jersey. Enable PMI calculation if your down payment is below 20% of the purchase price.
The results display your total monthly payment broken down by principal and interest, property tax, insurance, and PMI. You'll also see total interest paid over the loan term and the complete cost of your mortgage including all expenses.
Understanding Mortgage Points
Mortgage points (also called discount points) allow you to pay upfront fees to reduce your interest rate. One point typically costs 1% of the loan amount and reduces your rate by approximately 0.25%. For a $300,000 loan, one point costs $3,000.
A mortgage points calculator helps determine if buying points makes financial sense. Calculate your break-even point by dividing the upfront cost by monthly savings. If you pay $3,000 for points and save $75 monthly, you break even in 40 months. Buying points makes sense if you plan to keep the mortgage longer than the break-even period.
Points are tax-deductible in the year paid for primary residence purchases. For refinances and investment properties, deductions must be spread over the loan term. Consider your time horizon, available cash, and alternative investment opportunities before purchasing mortgage points.
Biweekly Mortgage Payment Strategy
A biweekly mortgage calculator shows the benefits of making payments every two weeks instead of monthly. By paying half your monthly amount every two weeks, you make 26 half-payments (13 full payments) annually instead of 12, effectively making one extra payment per year.
This extra payment goes entirely toward principal, significantly reducing interest costs and loan duration. For a $300,000 loan at 6.5% over 30 years, biweekly payments can save over $60,000 in interest and pay off the loan 4-5 years early without noticeably impacting your budget.
Contact your lender before switching to biweekly payments to ensure they apply payments correctly when received, not holding them until the monthly due date. Some lenders charge fees for biweekly payment programs, though you can achieve the same result by manually making an extra payment annually.
Mortgage Calculation Formula
The standard mortgage payment formula calculates your monthly principal and interest (P&I) payment using the loan amount, interest rate, and term length:
M = P × [r(1 + r)^n] / [(1 + r)^n - 1]
M = Monthly payment (principal and interest)
P = Principal loan amount (home price minus down payment)
r = Monthly interest rate (annual rate ÷ 12)
n = Total number of monthly payments (loan term in years × 12)
For example, a $400,000 loan at 6.5% for 30 years: Monthly rate = 6.5% ÷ 12 = 0.00542. Total payments = 30 × 12 = 360. Monthly P&I = $2,528.
Add monthly property tax (annual tax ÷ 12), homeowners insurance (annual premium ÷ 12), and PMI if applicable (loan amount × PMI rate ÷ 12) to get your total monthly housing payment.
Benefits of Using Our Calculator
Multiple Calculator Types
Calculate residential, commercial, interest-only, and recast mortgages in one tool.
Compare Scenarios
Test different down payments, terms, and rates to find your optimal mortgage strategy.
State-Specific Accuracy
Works for all 50 states with location-specific property tax and insurance estimates.
Interest Cost Analysis
See total interest paid over the loan life to make informed financial decisions.
Free & Private
No registration required, no data collection, instant calculations.
Mobile Optimized
Calculate mortgage payments anywhere on any device with responsive design.
Related Financial Calculators
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Frequently Asked Questions
What is a mortgage recast calculator and how does it work?
A mortgage recast calculator helps you determine new monthly payments after making a lump sum payment toward your principal. Unlike refinancing, recasting keeps your existing interest rate and loan term while lowering monthly payments. Most lenders charge $150-$500 for recasting and require a minimum lump sum of $5,000-$10,000.
How do I calculate interest-only mortgage payments?
Interest-only mortgage payments are calculated by multiplying your loan amount by the annual interest rate, then dividing by 12. For example, a $400,000 loan at 6.5% interest equals $2,167 monthly (interest only). After the interest-only period ends (typically 5-10 years), payments increase to include principal.
What is the difference between a commercial mortgage calculator and residential mortgage calculator?
Commercial mortgage calculators account for income-producing properties with typically higher interest rates (6-12%), larger down payments (20-35%), and shorter terms (5-20 years). They may include debt service coverage ratio (DSCR) calculations. Residential calculators focus on personal home loans with lower rates and longer 15-30 year terms.
How can I calculate my mortgage payoff amount?
A mortgage payoff calculator determines how extra payments reduce your loan term and interest. Input your current balance, interest rate, monthly payment, and additional payment amount. The calculator shows your new payoff date and total interest savings. Even $100 extra monthly can save thousands and shorten your loan by years.
Do mortgage calculators work for all states like Iowa, Idaho, and Wisconsin?
Yes, mortgage calculators work nationwide including Iowa, Idaho, Wisconsin, Missouri, Oklahoma, Alabama, Arkansas, Kansas, Nebraska, Maine, and New Hampshire. Enter your state-specific property tax rate and insurance costs for accurate estimates. Property taxes vary significantly by state, from 0.28% in Hawaii to 2.49% in New Jersey.
What is PMI and when is it required?
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home's purchase price. It typically costs 0.5-1% of the loan amount annually and protects the lender. You can request PMI removal once you reach 20% equity through payments or home value appreciation.
Should I choose a 15-year or 30-year mortgage term?
A 30-year mortgage offers lower monthly payments (typically $200-400 less per $100K borrowed) but costs significantly more in total interest. A 15-year mortgage builds equity faster and can save $100,000+ in interest on a $300,000 loan. Choose based on your monthly budget and long-term financial goals.
How do biweekly mortgage payments help pay off my loan faster?
Biweekly mortgage payments mean paying half your monthly amount every two weeks, resulting in 26 half-payments (13 full payments) yearly instead of 12. This extra payment goes directly to principal, potentially reducing a 30-year mortgage to 25-26 years and saving thousands in interest without increasing your budget significantly.
How much should I put down on a home purchase?
While 20% down payment is traditional and avoids PMI, many loan programs accept 3-10% down. FHA loans require as little as 3.5% down, while VA and USDA loans may require 0% down for qualified buyers. Larger down payments reduce monthly payments, eliminate PMI, and decrease total interest costs over the loan term.
What are mortgage points and should I buy them?
Mortgage points (discount points) are upfront fees that reduce your interest rate. One point typically costs 1% of the loan amount and reduces the rate by approximately 0.25%. Calculate your break-even point by dividing the upfront cost by monthly savings. Buying points makes sense if you plan to keep the mortgage longer than the break-even period, typically 3-5 years.