Comprehensive mortgage analysis with detailed amortization schedules, comparison scenarios, and professional insights
Mortgage Inputs
Basic Information
Advanced Options
Extra Payments
Compare Scenarios
$400,000
Based on current market averages in most US cities
$80,000 (20%)
20% down payment avoids PMI insurance
6.5%
Rate shown is for 30-year fixed mortgage
1.2%
0.375%
$0
0.5%
$0
$0
Scenario Analysis Tips:
15-year loans save ~50% total interest
Extra payments early in the loan have maximum impact
PMI adds 0.3-1.5% to your loan cost annually
Refinancing makes sense when rates drop 1%+
Results & Analysis
ESTIMATED MONTHLY PAYMENT
$1,959.07
Includes principal, interest, taxes, insurance, and other costs
Total Interest
$385,265
Total Payments
$705,265
Payoff Date
Dec 2055
Total Home Cost
$1,014,265
Payment Breakdown
Amortization Schedule
Visual Analysis
Key Insights
Principal & Interest
$1,959.07
Monthly mortgage payment
Property Tax
$400.00
Annual: $4,800
Home Insurance
$125.00
Annual: $1,500
Total Monthly Cost
$2,484.07
All housing costs combined
Year
Beginning Balance
Principal Paid
Interest Paid
Ending Balance
Cumulative Interest
🎯 Total Interest Impact: You'll pay $385,265 in interest over the life of this loan, which is 1.2x the original loan amount.
💡 Extra Payment Power: Adding just $100/month extra would save you $55,240 in interest and pay off your loan 4 years early.
📈 Equity Building: After 5 years, you'll have built $48,000 in equity (12% of home value). After 10 years: $118,000 (30%).
💰 Refinancing Opportunity: If rates drop to 5.5%, refinancing could save you $180/month and $65,000 total.
🏠 Total Cost Reality: Over 30 years, this $400,000 home will actually cost you $1,014,265 when including interest and other costs.
Scenario Comparison
Compare different mortgage strategies to find the optimal approach
Current Scenario
Down Payment:20%
Term:30 years
Rate:6.5%
Monthly Payment:$2,484
Total Interest:$385K
15-Year Mortgage
Down Payment:20%
Term:15 years
Rate:5.8%
Monthly Payment:$3,259
Total Interest:$163K Save $222K
With Extra Payments
Extra Monthly:$300
Term:22 years
Monthly Payment:$2,784
Total Interest:$260K Save $125K
Time Saved:8 years
Lower Down Payment
Down Payment:10%
With PMI:$133/month
Monthly Payment:$2,690
PMI Duration:8 years
Total PMI Cost:$12,800
Comparison Insight: The 15-year mortgage saves the most in total interest but has the highest monthly payment.
Extra payments offer a balanced approach with moderate payment increase but significant long-term savings.
Financial Recommendations
Debt-to-Income Ratio
36%
Recommended max: 43%
Housing Cost Ratio
28%
Recommended max: 28%
Emergency Fund Needed
$29,809
6 months of housing costs
Recommended Income
$106,461
To afford this mortgage
📊 Affordability Analysis: Your mortgage payment should be less than 28% of your gross monthly income.
Total debt payments (including mortgage) should stay below 36% for comfortable budgeting.
⚠️ Refinancing Strategy: Consider refinancing when rates drop 1% or more below your current rate.
The closing costs (2-5% of loan) should be recovered within 24 months through payment savings.
✅ Investment Comparison: If your mortgage rate is lower than expected investment returns (typically 7-10% for stocks),
it may be better to invest extra money rather than paying down the mortgage faster.
Break-Even Analysis
🔄 Break-even Point: You'll need to stay in this home for at least 5.2 years to recover
closing costs and break even vs. renting. This considers appreciation, tax benefits, and transaction costs.
📅 5-Year Projection:
Total equity built: $48,000
Total interest paid: $98,605
Total tax deductions: $19,721
Net housing cost: $78,884
📈 Appreciation Impact: If your home appreciates at 3% annually (national average), in 5 years it will be worth
$463,710, giving you $111,710 in total equity (original down payment + appreciation + principal paid).
Risk Factors
Interest rate increases if you have an adjustable-rate mortgage (ARM)
Property taxes typically increase 3-5% annually in most areas
Maintenance costs average 1-3% of home value annually ($4,000-$12,000/year)
Income stability and job security should support the mortgage commitment