Mortgage Calculator

Purpose: This mortgage calculator helps you calculate monthly payments and generate an amortization schedule based on your loan amount, loan duration, interest rate, and down payment.

How to Use: Enter the loan amount, loan duration, interest rate, and down payment in the form. You can also add multiple recast payments, which are additional principal payments made at specified months. Click on "Calculate" to generate the amortization schedule.

What is Recasting: Recasting is the process of making additional principal payments to reduce the remaining balance of the loan. This can result in lower monthly payments and a shorter loan term.

Recast Logic: When a recast payment is made, the remaining principal is reduced by the recast amount. The monthly payment is then recalculated based on the new principal and the remaining number of payments. This updated monthly payment is used for the rest of the loan term unless another recast payment is made.

Note: This tool is a personal project and cannot be relied on for accuracy. It is open source under the Unlicense, and the source code is available on GitHub. No personal information is collected, and the tool runs entirely in your browser on your computer. No warranty is provided, and use of this tool is at your own risk.