Mortgage Calculators

Mortgage Calculators


Summit Funding understands how overwhelming it can be to try and understand your mortgage options, and deciding which option is best for you. We have provided the 14 most popular mortgage calculators, which will help provide fast answers to your questions. If you aren’t sure where to start, our Borrow Smart Calculator can help compare options for you, while helping you build your own custom lending presentation within just a few minutes. Should you have any questions, we are always a quick phone call away, and we are available to address any concerns or questions, and help guide you through this process.



Why Refinance?


Mortgage Payment Calculator

This calculator helps determine what your mortgage payments might be, with the option to prepay.

Simply enter the Principle Loan Balance amount, Annual Interest Rate, Amortization (Term) Length, Starting Month and Year.

To include the prepay option with your results, select your Pre-Payment Frequency, Prepayment Amount(s) and then select Calculate Now to view your results.

Missing Term Calculator

The missing term calculator helps calculate the missing variable for you loan. If you know the payment amount, loan term and principal amount, it can calculate the interest rate. If you need to calculate the loan term, you simply need to enter the payment amount, principal loan amount and interest rate. When filling out the form, be sure to leave only one empty field, then click Calculate Now, to view your results.

 Mortgage Payment

Prepay or Invest Calculator

The Prepay or Invest Calculator helps you compare the benefits of putting your extra money towards prepayment on your mortgage, or putting the money into an investment for an added return. You will need to enter your current mortgage information, potential investment information, and the amount of extra money you end up with each month. Once you fill out all the fields, click Calculate Comparison, and you will have your results within seconds.

Payoff or Keep Calculator

When people come into an influx of money, sometimes they get the urge to pay off their mortgage right away, but that isn’t always the best option. By entering your current mortgage information, and potential investment returns, this Payoff or Keep Calculator can help you estimate whether you should keep your money invested longer, or pay off your mortgage now.

Borrow Smart Calculator

Extra Payment Calculator

You can use this Extra Payment Calculator to determine the benefits of making extra payments on your mortgage. After entering your interest rate, the amount of the extra payments you want to make, and the calculator will let you know the amount that your mortgage will be reduced by. This calculation will help you see the impact that those payments would make on the reduction of your mortgage.

Prepayment Calculator

The Prepayment Calculator can calculate how much sooner your mortgage could be paid off, based on the amount of the monthly payments you make, or it can determine what your monthly payments would need to be, in order to pay off your mortgage within a certain period of time. Enter a principal amount, interest rate, and the original length of the loan. Then determine if you’d like to solve for a certain number of years, or pay a fixed amount. Select Calculate Now to solve for savings.

Effective Interest Calculator

Qualifying Income Calculator

The Qualifying Income Calculator takes the monthly mortgage payment, applicable taxes, insurances, home sale price, any amounts being paid toward other debts, and the expected down payment, in order to calculate how much income you would need to have, in order to qualify for a specific loan.

Borrow Smart Calculator

This is the best calculator to use, if you aren’t sure where to start. The Borrow Smart Calculator takes all of the provided calculators, and combines them into one presentation. If you are considering buying or refinancing a house, complete a very short interview and we’ll build you a client presentation that compares options and provides a detailed interactive borrowing plan in less than 60 seconds.

Borrow Smart Calculator

Effective Interest Calculator

The Effective Interest Calculator compares the real after-tax interest rate of borrowing, with the after-tax yields on investments. You can choose ordinary income, and we’ll tax your investments like regular income off your highest bracket. Choose Long Term Capital Gains if you plan to hold investments for more than 12 months. Select Calculate Now to see the difference.

Simple Savings Calculator

The Simple Savings Calculator calculates the growth on your savings account, to determine the return on your investment.Enter an initial amount, or a monthly amount, or both. Select how the interest will compound, the rate and term, and Calculate Savings will show you how the savings grows.

Qualifying Income Calculator

Purchase Calculator

The Purchase Calculator can estimate what your ideal home purchase price should be, based on the ideal monthly payments and down payment that you enter. This can be a useful tool if you need to create a realistic price range while doing your house hunting. Enter your ideal monthly payment, and your ideal down payment, and Calculate Now to get a target purchase price.

Income Calculator

The Income Calculator helps to forecast your future income, based on current wage information. You will need to enter the hours worked per day, days worked, weeks worked, annual salary increases, how far in the future you’d like to compare, and what % of income to use. Then enter in any one of the numbers you know, such as Annual Wage, and select Calculate Now to see how your time is valued.

Payoff or Keep Calculator

Full Amortization Calculator

The Amortization Calculator will calculate the full loan payment schedule, which includes monthly payment amounts and the length of repayment. This is based on variable options such as Interest Rate, Loan Term, and more. It also allows you to model a variety of prepayment options, such as monthly or lump sum and summarizes the savings.

Blended Rate Calculator

The Blended Rate Calculator takes multiple debts and calculates an average rate of borrowing. Enter current balances and the current rate for each, then Calculate Now to find your average cost of borrowing.

Why Refinance

HELOC Analyzer

The HELOC Analyzer will calculate your interest costs over time versus your interest savings over time on a HELOC (Home Equity Line of Credit), based on a variety of factors such as, Monthly Payment Amount, Tax Bracket, Withdrawals, and more. Enter balance, interest rate, and the monthly payment (or Select a payment type to figure out what the payment would be for Interest Only 10 year, or 30 year term). If you take money out each month enter that amount. Enter your tax bracket and time frame and Calculate Now to see results.

HELOC Analyzer

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