Free Michigan Mortgage Tools

Know your numbers
before you fall in love with a house.

Run the real numbers on any home. See your exact payment, how much goes to interest, and what you're actually paying over time.

Your Loan Details

$100K$1M
3%40%
3%12%
$0$15K/yr
$500/yr$5K/yr
Estimated Monthly Payment
$2,418
Principal & Interest + Taxes + Insurance
● Principal 37% ● Interest 63%
Payment 1 breakdown — interest heavy at first, this shifts over time
P&I Only
$1,997
Loan Amount
$280,000
Taxes + Ins
$446
PMI (if any)
$0
Total Interest Over Life of Loan
$438,965
On a 30-year loan at 6.75%, you're paying 63% interest on your first payment. You won't hit 50/50 until around year 19. Over the life of the loan, you'll pay $718,965 for a $280,000 home.

Ready to lock in your real numbers?

These are estimates. I'll show you exactly what you qualify for.

Call Tommy
Payment Amount
$1,816
Monthly
Total Interest Paid
$373,787
Total Cost of Loan
$653,787
Payoff Date
Mar 2056
⚖️
The Tipping Point

On a 30-year loan, most of your payment goes to interest for the first 18–19 years. The highlighted row shows when your principal payment finally overtakes interest — the moment you start building equity faster.

Lump Sum / Mortgage Recast Calculator

Got a bonus, inheritance, or proceeds from a home sale? See exactly what a one-time lump sum payment does — two ways: apply it to principal (pay off faster, same payment) or recast (lower your monthly payment, same payoff date).

Option A

Apply to Principal Only

Your monthly payment stays the same. You just pay it off sooner and save on interest.

Monthly Payment —
New Payoff —
Months Saved —
Total Interest Saved —
✓ Best if you want to be debt-free sooner
VS
Option B — Recast

Recast (Re-Amortize)

Lender recalculates your payment on the new lower balance. Same payoff date — lower monthly bill.

New Monthly Payment —
Monthly Savings —
Payoff Date —
Total Interest Saved —
✓ Best if you need lower monthly cash flow
⚠️ Recast eligibility: Conventional loans only (not FHA/VA/USDA). Lenders typically require a minimum $5,000–$10,000 lump sum and charge a fee of $150–$500. Call Tommy to discuss whether recasting makes sense for your situation.

Full Payment Schedule

Period Payment Principal Interest Balance

Want to talk through any of these scenarios?

Biweekly, extra payments, lump sums, recasting — I'll run the real numbers for your specific loan.

Call Tommy · (586) 415-4507

Tommy Lower | NMLS #31194 | Equal Housing Lender | Licensed to originate mortgage loans in Michigan.
Calculator results are estimates for educational purposes only and do not represent a loan commitment or offer to lend. Actual rates, payments, and terms depend on creditworthiness, property type, and program eligibility. All loans subject to credit approval.