The Real Number

Sell, pay off debt, and move. See what changes.

I filled in a like-for-like move: sell, pay off the other debts, and buy the next home at the same price. Replace it with yours. Nothing you type is saved.

JavaScript is required to change these estimates. The figures below use the example I filled in: a $400,000 mortgage, a $30,000 car loan, a $15,000 credit card, a $1,100,000 sale, and a next home at that same price.

What you owe now

The first line is the mortgage. Add anything else you would pay off. If taxes and insurance are inside that payment, leave them in.

Know your payment? Type it in. Otherwise add years left and I’ll figure it. Credit cards: use your minimum payment.

Current mortgage

Creditor or account

Unpaid balance ($)

Interest rate (%)

Years left

Monthly payment ($)

Other debt

Creditor or account

Unpaid balance ($)

Interest rate (%)

Years left

Monthly payment ($)calculated

Other debt

Creditor or account

Unpaid balance ($)

Interest rate (%)

Years left

Monthly payment ($)

Combined balance: $445,000
Weighted average rate: 4.04%
Total monthly payment: $2,958.29

The rate is weighted by unpaid balance.

If you sell

Closing costs start at 2.5%. That covers title, escrow, and transfer taxes on a typical Orange County sale. Commissions vary, so raise the percent if you want them included.

Expected sale price ($)

The price you expect to accept, before costs.

Closing costs (% of sale price)

Title, escrow, and transfer taxes. Commissions are not in the 2.5% unless you add them.

Mortgage payoff: $400,000
Closing costs: $27,500
Other debt payoff: $45,000
Funds for a down payment: $627,500

The next house

I start the next home at the same price as the one you’re selling. That’s a like-for-like move. Type over it if you already have a house in mind.

Purchase price ($)

Starts equal to the expected sale price. Change it whenever you want.

Interest rate, example only (%)

6.5 is an example so you can see the comparison. It is not a rate I am quoting. Type the rate your lender gave you.

Loan term

30 years 15 years

Property tax ($ / month)

Starts at 1.1% of the price per year, divided by 12. That is an Orange County estimate, not your tax bill.

Home insurance ($ / month)

Your number. I don’t guess a premium.

Insurance is $0 until you type a premium, so the total payment does not include a guess.

Loan amount: $472,500
Monthly principal and interest: $2,986.52
Total monthly housing payment: $3,994.85

If the home changes in value

Appreciation is an assumption, not a promise. I start at 3% a year so you can see the dollar equivalent. Values can go down. Try another number, including a negative one.

Appreciation assumption (% / year)

Applied once to the purchase price for the first year. Not a forecast.

First-year appreciation: $33,000
Monthly equivalent: $2,750

The comparison

What changes

Yearly benefit$20,561.29

The yearly figure is 12 times the monthly difference, plus the first year of appreciation you entered. A higher payment can still come out ahead if that appreciation covers it. This is not a promise that the home will gain value.

Higher monthly payment: -$1,036.56
Today’s debt payments: $2,958.29
New housing payment: $3,994.85

From the sale

Mortgage payoff: $400,000
Closing costs: $27,500
Other debt payoff: $45,000
Funds for a down payment: $627,500

The next house

Loan amount: $472,500
Principal and interest: $2,986.52
Property tax, this estimate: $1,008.33
Home insurance: $0
Total monthly payment: $3,994.85

First year of the assumption

Yearly appreciation: $33,000
Monthly equivalent: $2,750

Estimates only. This is not a loan offer. Your interest rate and your approval come from a licensed lender. Talk with a CPA about taxes. Home values can go down.

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