This is a free tool, your e-mail or information is not required. This tool is intended to help you make the decision but other factors should be consider.
Making the decision to move or stay can be complex and fraught with financial uncertainties. Our Home Calculator tool is designed to help you make a decision in this process. By inputting details about your current home and potential new home, you'll receive a detailed analysis that breaks down the financial implications of each option. Explore the cost of staying put versus moving on - all calculated in real-time to help guide one of life's biggest decisions.
This formula determines your monthly mortgage payment based on the loan amount, interest rate, and loan term:
Payment = P × [r(1+r)n] / [(1+r)n - 1]
The total interest paid over the life of the loan is the difference between the total payments made and the principal loan amount:
Total Interest = (Monthly Payment × n) - P
To find out how much you need to sell your current home for, to either break even or roll over equity into a new property, the formula considers the outstanding loan balance, home improvements, and selling costs:
Break-even Price = (Loan Balance + Home Improvements) / (1 - Realtor Fees % - Selling Costs %)
To maintain your current mortgage payment level when buying a new home at a higher interest rate, this formula calculates the sale price needed after accounting for the mortgage balance, improvements, and costs:
Required Sale Price = Current Mortgage + Home Improvements + Selling Costs + (New Home Price - Affordable Principal)
Affordable Principal is determined by the amount you can borrow at the new rate while keeping the same monthly payment.