Mortgage Calculators | Joseph Ulitto NJ Real Estate

Mortgage Calculator

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$2,938

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Understanding Your Mortgage

How Amortization Works

In the early years of your mortgage, most of your payment goes toward interest — not principal. Here's what that looks like over time.

Year 1 — Where your payment goes

Principal 15% Interest 85%

Smart Mortgage Tips

Make Your Mortgage Work Harder

💡

Make One Extra Payment Per Year

Just one extra mortgage payment per year can shave 4-6 years off a 30-year mortgage and save you tens of thousands in interest.

📅

Pay Bi-Weekly Instead of Monthly

Splitting your monthly payment in half and paying every two weeks results in 26 half-payments — the equivalent of 13 full payments per year.

📉

Refinance When Rates Drop

A 1% drop in your interest rate on a $400,000 mortgage saves roughly $240/month. Keep an eye on rates and refinance when it makes sense.

🏦

Put Extra Cash Toward Principal

Any extra money you put toward your mortgage reduces the principal balance and the interest charged going forward. Even $100/month extra makes a big difference.

🔒

Lock Your Rate at the Right Time

Mortgage rates change daily. Once you're under contract, locking your rate protects you from increases before closing.

📊

Understand Your Full Payment

Your mortgage payment is more than principal and interest — it also includes property taxes, homeowner's insurance, and possibly PMI.

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