How much home can I afford?
If the chart above does not display properly, then you may need to download the latest Java Plugin.
Return to Mortgage Calculators
Click here to download and install Java.
- Annual interest rate (APR)
- The yearly cost of a mortgage, including interest, mortgage insurance, and the
origination fee (point(s)), expressed as a percentage. Maximum APR is 20%.
- Mortgage length (years)
- Total length, or term, of your original mortgage in years. Most common lengths
are 30 years and 15 years.
- Original mortgage amount
- The original amount financed with your mortgage. Not to be confused with the
remaining balance or principal balance.
- Additional monthly payment
- Your proposed extra payment per month. This payment will be used to reduce
your principal balance.
- Scheduled payment
- Monthly principal and interest payment (PI) based on your original mortgage
amount, term and interest rate.
- Accelerated payment
- Scheduled payment plus additional monthly payment.
- Total savings
- Total amount you would save in interest if you made the accelerated payment
until your mortgage was paid in full.