Early Mortgage Calculator

Early Mortgage Calculator Tool Overview

The Early Mortgage Calculator Tool consists of three sections:

1. Form
2. Results
3. Add To Budget

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Form

The calculator is designed to handle two types of calculations: Duration and Payment.

• Duration Calculation: Focuses on providing a timeline based on an additional payment you want to make.
  • Required Fields: All fields are required.
• Payment Calculation: Focuses on showing you what a new payment will look like based on your desired timeline.
  • Required Fields: All fields are required.

Calculate:

• Once the form is completed, click “Calculate” to process the data.
• Error Handling: Any errors in the form will be displayed and block the calculation.

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Results

The results provided will vary based on the type of calculation performed.

• Duration Calculation:
  • Result: The duration in years and months to pay off the mortgage with the additional payment.
• Payment Calculation:
  • Results:
    • Original Mortgage Payment: The original payment amount.
    • Total Cost Over Time: The total cost over the mortgage term.
    • New Payment: The new payment amount.
    • New Total Cost Over Time: The new total cost over the mortgage term with the adjusted payment.

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Add To Budget

• Add To Budget Button: After generating a calculation, an “Add To Budget” button will appear next to the “Calculate” button.
• Functionality: Tapping this button updates the “Rent or Mortgage” field in the Housing Information section of BudgetBuilder.
  • For Duration Calculation:
    • Selection: “Mortgage”
    • Amount: The sum of Monthly Payment and Additional Payment
  • For Payment Calculation:
    • Selection: “Mortgage”
    • Amount: The New Payment result

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