Mortgage Payment Calculator

Principal Calculator

Should I Refinance Calculator

What If I Pay More Every Month

What is the Real APR for that Loan

Should I Pay Point to Lower My Rate

Project Analysis In this project, I learned about the basic guidelines of mortgage payments and refinancing house payments. The principal calculator showed me that the smaller amount of payments result in less interest paid which is favorable to a homeowner if they can afford to do so. Also, many homeowners choose to refinance because they have the ability to afford a higher payment or they want to establish a shorter term of payments. However, some people refinance and increase their loan amounts because they borrow against their equity. I also saw the effects of paying more each month. While doing this saves the amount of payments you make, a mortgage is also a debt that is paid last because they have lower interest rates and are tax deductible. Finally, paying more points to lower rates saves many years as noted in my calculations. The first case is much more realistic because the 4% interest rate is common today. All in all, this project taught me the importance of purchasing a home that you can afford at the time and not take out a high loan because that will result in a longer payment period and much more interest.