Frequently asked questions
Everything people ask before they start
How the numbers are calculated, what we do with your data, and how realtor accounts work. If your question is not here, ask us directly.
Getting started
What is a Home Financial Snapshot?
It is a report that shows four things at once: what your home truly costs you each month, how much equity you hold today, how much the property has gained since you bought it, and what extra mortgage payments would save you in interest. It takes about three minutes to produce.
Is it free?
Yes. The calculator is free with no account at all, and every homeowner tool stays free on a free account. There is no trial period, no card on file and no upgrade tier for homeowners.
What information do I need?
Purchase price, purchase date, current loan balance, interest rate and loan term. All five appear on a standard mortgage statement. Property tax, insurance, PMI, HOA dues, utilities and a maintenance allowance are optional but make the picture much sharper.
Do I have to create an account?
Not to run the calculator. You need an account only to save results, track multiple properties, use the net worth tracker or document vault, or build a year-over-year history.
How the numbers work
How is my equity calculated?
Equity is your estimated current market value minus your outstanding loan balance. We amortise your loan from its origination date to today to work out that balance rather than relying on what you remember owing. You can override either figure if you have a better number, such as a recent appraisal.
Where does the home value estimate come from?
If you do not supply a current value, we apply a conservative appreciation rate to your purchase price from your purchase date forward. This is deliberately cautious. Any value you enter yourself always takes precedence.
I refinanced — are the figures still correct?
Yes. Enter the refinance date and new loan terms. The loan is amortised from the refinance date, but appreciation and capital gain are still measured from your original purchase date, which is the correct basis. Many calculators get this wrong and understate how well you have done.
What is included in "true cost of ownership"?
Principal and interest, property tax and insurance escrow, private mortgage insurance if you pay it, HOA dues, utilities, and a maintenance reserve. That last one is the figure most people forget, and it is usually the difference between a budget that works and one that does not.
How accurate is the payoff accelerator?
The arithmetic is exact for the terms you enter — it re-amortises the loan with your extra payment applied to principal. What it cannot know is whether your lender applies extra payments the way you expect, so confirm that with them before committing to a schedule.
Privacy & security
Will this affect my credit score?
No. We never pull your credit, so there is nothing to report to a credit bureau — no hard inquiry, no soft inquiry, no record of any kind.
Do you connect to my bank?
No. There is no bank linking and no open-banking connection anywhere in the product. You enter the figures you want to track, which means there are no banking credentials for anyone to lose.
Do you sell my data?
No. We do not sell, rent or share your information with lenders, brokers or advertisers. There is no data broker anywhere in how The Penny Planter operates.
How is my account protected?
Accounts support multi-factor authentication using a one-time passcode sent to your email address. The Document Vault adds a second, separate verification step once per day before it will open, so a logged-in session alone is not enough to reach your documents.
Can I delete my account and everything in it?
Yes. Your records live in this site’s own database, and deleting your account removes your properties, saved snapshots, net worth history and vault documents along with it.
Realtors & the mobile app
How do realtor accounts work?
A realtor gets access to a portal where they can create and manage homeowner accounts for their clients. The clients use every tool free. Homeowners can always sign up directly, without a realtor involved at all. If you are an agent and want portal access, get in touch through the contact page.
Is there a mobile app?
Yes, for iOS and Android. It carries the same calculator, dashboard, properties, net worth tracker, document vault and annual review as the website, signed in with the same account and synced automatically.
Can I use The Penny Planter outside the United States?
The calculations are generic amortisation mathematics and work anywhere, but the terminology, PMI handling and tax assumptions are written around United States mortgages. Homeowners elsewhere can still use it, with that caveat in mind.