⚠️ THIS REPOSITORY IS UNMAINTAINED⚠️ I was the creator of the Mortgage package and I maintained it from 2018 until version 1.5. The new official source for the Mortgage package is jlumbroso/mortgage.
Mortgage is a simple calculator intended to aid comprehension of the true cost of a mortgage.
To install mortgage, simply:
pip install mortgage
Documentation is available at https://mortgage.readthedocs.io
This package is intended to help understand the true cost of a mortgage. It also can help you easily compare between different mortgages.
Begin by importing the loan class
from mortgage import LoanCreate a simple mortgage
from mortgage import Loan
loan = Loan(principal=200000, interest=.06, term=30)View a summary of pertinent mortgage information by calling the summarize property.
from mortgage import Loan
loan = Loan(principal=200000, interest=.06, term=30)
loan.summarize
>>> Original Balance: $ 200,000
>>> Interest Rate: 0.06 %
>>> APY: 6.17 %
>>> APR: 6.00 %
>>> Term: 30 years
>>> Monthly Payment: $ 1199.10
>>> Total principal payments: $ 200,000.00
>>> Total interest payments: $ 231,676.38
>>> Total payments: $ 431,676.38
>>> Interest to principal: 115.8 %
>>> Years to pay: 30.0Particularly telling is the Interest to Principal ratio. With the mortgage terms above, you will pay 115% of the original balance in interest! Compare that to the same loan with a 15 year term below
from mortgage import Loan
loan = Loan(principal=200000, interest=.06, term=15)
loan.summarize
>>> Original Balance: $ 200,000
>>> Interest Rate: 0.06 %
>>> APY: 6.17 %
>>> APR: 6.00 %
>>> Term: 15 years
>>> Monthly Payment: $ 1687.71
>>> Total principal payments: $ 200,000.00
>>> Total interest payments: $ 103,788.46
>>> Total payments: $ 303,788.46
>>> Interest to principal: 51.9 %
>>> Years to pay: 15.0In this case, you only pay 52% of the original loan balance in interest. Obviously, the shorter the term with all else equal, the less interest you'll pay. But it helps to know exactly how much more/less you'll pay.
From the top level directory, run the following command:
pytest
Thanks for checking out the package! I hope you find it useful.
Feel free to open an issue with suggestions, imporovements, ideas, etc.