The Best Online Mortgage Calculator… You Won’t Believe What It Can Do – The Dough Roller

There is an endless supply of mortgage calculators online. Most major personal finance sites have done this. The best, in my opinion, is the one you’ve probably never heard of: Karl’s Mortgage Calculator.

You’re probably asking who the hell is Karl? I have absolutely no idea. Well, that’s not entirely true. I emailed Karl from time to time. I thought his mortgage calculator was so great that I wanted to buy it to add to my own website. His answer was a very polite “no thank you”.

And with good reason. It is an excellent calculator. You can find Karl’s Mortgage Calculator here.

Use our free mortgage calculator to estimate your monthly mortgage payment

So what makes this mortgage calculator the best? It’s not his appearance. It was built in the 90s (I think). It’s not flashy and sleek like some of the mortgage calculators you find today.

But there are two things I love about it. It’s very easy to use, and it has a ton of options. It’s not just a basic calculator where you put in the amount you’re going to borrow and the interest rate, and that spits out your monthly mortgage payment.

Yes, this will generate your monthly payments. And it also generates an amortization schedule to show you how your balance will decrease over time.

But it does even more useful things. For example, it lets you determine how paying extra on your mortgage will reduce your balance, how quickly you can pay it off, and how much interest you’ll save. It looks like this:

Karl’s Mortgage Calculator does more than that. So let’s take a look at the ins and outs of using it.

Options on the calculator

When you look down at the calculator, you will see a row of buttons. When you click on one of them, it brings up more options.

The prepayment option is the one I’m really interested in, especially since my wife and I are thinking about paying off our mortgage, but the calculator offers several options.

For example, let’s say you’re in a 30-year mortgage that you’ve had for five years. With a little extra money, you’re thinking of paying $50 more per month. How much interest will it save you and when will the mortgage be fully paid off? These questions are easy to answer with this calculation. You can actually put this prepayment into the calculator. Simply click on the “Prepayment” button and add $50 in the “Monthly Prepayment” field and the month you will start making this additional payment (eg, the 61st month of the loan).

Of course, you can change the assumptions to see how different amounts will affect your loan term.

But what if you don’t want to pay a little extra each month, but want to make extra payments from time to time, much like a one-time prepayment? Or what if one month you only pay $1,000 more on your mortgage?

Well, the calculator has you covered. You can enter this date, including the month you are going to make this one-time prepayment. The calculator will show you how your loan term will be shortened and how much interest you will save.

And Karl, if you happen to read this, kudos to you. For my other readers, this is a great calculator, and I hope you get some benefit from it. For my money, this is one of the best mortgage calculators out there – and I’ve looked at a ton of them.

Try it and tell me what you think.

Related: Ways to calculate how much house you can afford

Comments are closed.