mortgage calculator

[Disney Addicted]

I'm looking for a really good mortgage calculator program. One that will let me put in all my necessary information. I want to be able to choose the correct amortization period left (ie, years and months); my mortgage start date (so it will calculate the 10% anniversary lump sum on the correct date); add in yearly lump sums, double-ups, extra $ to raise the mtg payment. I'd really love if it would let me pick & choose dates I want to make extra payments. For it to also show me a list of each & every payment - from the o/s balance, the principal payment, the interest, the remaining o/s balance, etc. The whole works!

None of the ones I've seen at most banks seem to do it all. Years ago I had a fantastic one that was right to the penny on our mortgage. But it stopped working with Windows a long time ago. Not even in compatible mode.

Any suggestions? I don't know if it makes a difference but I'm in Canada.

 

[ruadisneyfan2]

This one has been working well for me.
https://www.free-online-calculator-use.com/extra-payment-mortgage-calculator.html
Our mortgage bank offers one but only offers the choice of applying a lump sum OR extra monthly payments. I like that this one has more features. I was able to enter our lump sum AND extra monthly, and extra quarterly.

The guy who creates these is very open to suggestions and welcomes comments from his guest users. I was beyond thrilled when this calculator showed that we could cut our payoff time from 8 years down to 2.5 years with the extra payments we're able to make. I had to email to tell him how happy I was with this calculator.

I don't see how entering CA$ would create incorrect information being given to you; it's based on the interest rate, numbers and time which would be consistent with either country's currency.

 

[Disney Addicted]

Awesome, thank you! I'll try it out. Our mortgage is up for renewal July 2023. My husband is looking to retire in 4-7 more years and I really want the mortgage paid off before he does. I'm hoping with double-ups and anniversary lump sums we can bring the amount down low enough so we can pay off the balance at renewal. Then sock all the regular mortgage payments; the double-payments; and car loan payments (ends same time-frame); and as much extra as we cal into savings until he retires.

The one my bank currently has on their website will let me put in double-up payments and anniversary lump sums BUT it seems to be taking the balance of our current mortgage and acting as if it's a brand new mortgage. So it automatically applies the anniversary lump sum starting September 2021, instead of our true anniversary date of July 2021. Plus it insists on putting the 1st anniversary lump sum on our next payment (Sept 2020) instead of a full year down the road. Strange and very inaccurate!

 

[ruadisneyfan2]

What does it mean to be up for renewal?
My hubs is in a similar timeframe for retirement, probably more like 6-8 years. I just really want it gone. If I'm going to give up going on vacations for all of these months, we might as well have something good come out of it. I'm putting everything I can into it and trying to buy only what we truly need.
Let me know if this calculator works for you. I'm just curious. Hope it does!
Good luck with your paydown!

 

[Disney Addicted]

We have our mortgage locked in for 5 years at a certain interest rate. That five years ends July 2023. Whatever amount of mortgage is remaining has to be re-financed. We just call it a mortgage renewal.

I'm afraid it didn't quite suite my needs either. He didn't have an option for bi-weekly payments. When I tried to select weekly or monthly instead, it was throwing everything off. Ah well. I ended up phoning the bank and talking to someone in the mortgage department. He walked through another calculator (that they have access to, not public) and plugged in all the double-ups I wanted and 10% anniversary lump sum payments. We will start doubling up to the full amount next month and putting $9,000-$10,000 down two years in a row on our anniversary. By the time July 2023 comes around, we should only owe $5,000 - $6,000 and we will pay it off then instead of re-financing!

I talked with my husband tonight and it turns out while he would like to retire at 60, he says he was planning on work until 65 as long as he feels healthy and young. He turns 60 in 7 years. So we're going to spend the next almost 3 years getting rid of the mortgage; then socking as much savings as we can; and re-evaluate around age 59/60 and take it year-by-year.

 

[ruadisneyfan2]

Glad to hear you found a solution!

 

[DisneyTexan]

We have our mortgage locked in for 5 years at a certain interest rate. That five years ends July 2023. Whatever amount of mortgage is remaining has to be re-financed. We just call it a mortgage renewal.

Just in case anyone needs clarification on the terminology:

If the interest rate is the only thing changing but the payments at a new amount can continue, then its an adjustable rate mortgage (ARM).

If the remaining balance is truly due in full, the final payment is known as a balloon payment.

 

[ruadisneyfan2]

Just in case anyone needs clarification on the terminology:

If the interest rate is the only thing changing but the payments at a new amount can continue, then its an adjustable rate mortgage (ARM).

If the remaining balance is truly due in full, the final payment is known as a balloon payment.

I thought of that but OP is in Canada and I figured they have different mortgage products from us.

 

[AnnaS]

We had a 30 year fixed mortgage and paid it off in about 18/19 years. I used to send a minimum of $100 a month and applied towards the principal (I did not do this in the beginning but did for quiet a few years). It was really a long time ago.

 

[elgerber]

Just in case anyone needs clarification on the terminology:

If the interest rate is the only thing changing but the payments at a new amount can continue, then its an adjustable rate mortgage (ARM).

If the remaining balance is truly due in full, the final payment is known as a balloon payment.

Yes the OP is in Canada, and they do their home loans different than we do here. So it's not an ARM or a Balloon, it's a completely different type of loan.

 

[_19disnA]

If you have software like Excel you can probably just as easily model what you want. There are simple formulas for mortgage rate calculations and payoffs. Excel (or any basic spreadsheet) would let you do all the things you want. Sounds like you want to model various scenarios to payoff the mortgage by a certain future date. Spreadsheet are great for that and easily let you change the various inputs.

 

[DVC California]

If you have software like Excel you can probably just as easily model what you want. There are simple formulas for mortgage rate calculations and payoffs. Excel (or any basic spreadsheet) would let you do all the things you want. Sounds like you want to model various scenarios to payoff the mortgage by a certain future date. Spreadsheet are great for that and easily let you change the various inputs.

This.

I've been using a stock template that came with MS Works years ago that works with Excel too. It's called "AMORT" and does most calculations and scenarios related to mortgages.

 

[hsmamato2]

This one has been working well for me.
https://www.free-online-calculator-use.com/extra-payment-mortgage-calculator.html
Our mortgage bank offers one but only offers the choice of applying a lump sum OR extra monthly payments. I like that this one has more features. I was able to enter our lump sum AND extra monthly, and extra quarterly.

The guy who creates these is very open to suggestions and welcomes comments from his guest users. I was beyond thrilled when this calculator showed that we could cut our payoff time from 8 years down to 2.5 years with the extra payments we're able to make. I had to email to tell him how happy I was with this calculator.

I don't see how entering CA$ would create incorrect information being given to you; it's based on the interest rate, numbers and time which would be consistent with either country's currency.

this is a great calculator!

 

[Anthony1971]

A side word of advice. When making a principal payment always check a few days later to make sure the payment was applied to your principal. We were fortunate to be able to make numerous principle payments towards our mortgage, I can not tell you how many times they applied it as a payment towards our monthly payments... and yes that would include paying the interest on the payments as it would be like you made your September and October payments so would not have a payment due until December.

 

[ruadisneyfan2]

A side word of advice. When making a principal payment always check a few days later to make sure the payment was applied to your principal. We were fortunate to be able to make numerous principle payments towards our mortgage, I can not tell you how many times they applied it as a payment towards our monthly payments... and yes that would include paying the interest on the payments as it would be like you made your September and October payments so would not have a payment due until December.

That’s horrible! I wonder if these were truly “accidental” mistakes or slighly intentional.
Our mortgage is with Chase and their website makes it easy to designate whether payments are regular or principal only. If I had to trust a a bank clerk to do it, I’d want some kind of receipt to keep for my records.

 

[hsmamato2]

A side word of advice. When making a principal payment always check a few days later to make sure the payment was applied to your principal. We were fortunate to be able to make numerous principle payments towards our mortgage, I can not tell you how many times they applied it as a payment towards our monthly payments... and yes that would include paying the interest on the payments as it would be like you made your September and October payments so would not have a payment due until December.

Oh mannnnn wait. Crap. I just looked at all my extra payments,which I was making thru my bank page,just added an extra when I wanted to- the mortgage company has been applying all my extras as a regular payment so I've been paying on interest early??? is there anything I can do retroactively? Argggggggggggh

 

[PamelaM72]

Bankrate has a great one.

 

[Shelly F - Ohio]

Oh mannnnn wait. Crap. I just looked at all my extra payments,which I was making thru my bank page,just added an extra when I wanted to- the mortgage company has been applying all my extras as a regular payment so I've been paying on interest early??? is there anything I can do retroactively? Argggggggggggh

I would talk to the bank. They can reapply those extra payments. But a bank can only collect the interest which will accrue during the month. If it was applied as a regular payment then yes you paid next months interest payment early. It is always best to make sure it is applied as a principle payment.

 

[ruadisneyfan2]

Oh mannnnn wait. Crap. I just looked at all my extra payments,which I was making thru my bank page,just added an extra when I wanted to- the mortgage company has been applying all my extras as a regular payment so I've been paying on interest early??? is there anything I can do retroactively? Argggggggggggh

I would think if you were including extra with each regular payment, the leftover would go to the principal wouldn't it? I would call and find out for sure. When you look at old statements, does it state how the extra funds were allocated? That is really scummy if they don't let you choose.
Chase Bank website forces me to choose where/how I want to apply any extra funds: fees, escrow, interest or principal. Up until a few months ago, it wouldn't allow any partial regular payments so the only way I could make more than a regular payment is to designate where the extra goes. Definitely call and speak to a supervisor.

 

[hsmamato2]

I would think if you were including extra with each regular payment, the leftover would go to the principal wouldn't it? I would call and find out for sure. When you look at old statements, does it state how the extra funds were allocated? That is really scummy if they don't let you choose.
Chase Bank website forces me to choose where/how I want to apply any extra funds: fees, escrow, interest or principal. Up until a few months ago, it wouldn't allow any partial regular payments so the only way I could make more than a regular payment is to designate where the extra goes. Definitely call and speak to a supervisor.

Yeah...this is a different (major) bank.... It never occurred to me to ask,I've been doing it all wrong.... I was paying twice a month for the past 6 months... Now I can see all the lovely interest that I've prepaid- I'm gonna call next week to inquire about directly paying extra on principal....(I made payments thru my bank to mortgage company)