Mortgage Loan Payment Calculator
To use this mortgage calculator, simply enter your loan information to get the calculated monthly mortgage payment, your overall payments with interest, and the total amount of money you will be paying towards interest over time.
If you wish to include this mortgage calculator your website, feel free to copy the above widget code and paste it into your article, web page or blog post or sidebar. It will usually adjust to fit within your content perfectly.
Using this Mortgage Calculator
Here are some tips for using this calculator to help you get the best results and completely understand the calculations.
Entering Loan Information:
1. Enter Loan Amount – This is the total amount of money you will be borrowing from your bank or other financial institution; also known as the principal balance.
2. Interest Rate – Enter your quoted interest rate as a percentage. If you know your Annual Percentage Rate (APR), you can enter it instead. That will give you a closer estimate of your actual payments and interest.
3. Repayment Period – Home loans are typically 15 or 30 years.
4. Date of Loan – This is usually your property’s closing date. If you don’t know when that is, or you haven’t secured a property yet, then just enter today or any time in the future. Most residential real estate transactions close about 45 days after you reach an agreement with the seller.
5. Monthly Payment – This provides you with your monthly mortgage payment. Keep in mind it should only be considered an estimate, because there will likely be government (taxes) and lender fees that are included in your final payment amount.
6. Total Paid: – Provides you with the amount of money you will pay altogether if you make all of your payments on time and complete paying on the payoff due date.
7. Total Interest Paid – Shows you the total amount money you will be paying towards interest only.
8. Total Payments – The total number of payments you will have to make, if you only pay the minimum payment, to pay off the loan.
9. Last Payment – The date your last mortgage payment will be due.
About this CALC
This is a fixed-rate mortgage payment calculator designed to help you determine the monthly payment amount and total cost of a home mortgage loan over its entire repayment period. It doesn’t matter which type of property you are using it for, it will help you calculate the payments on a condo, house, vacant land, and commercial real estate. However, please keep in mind there will usually be other variables taken into account: property taxes, adjustable APR, home owners insurance, loan fees, private mortgage insurance and condominium dues. Some of them will be included in your loan payment, while others will be paid separately.
Because there is such wide-range of variables, which are mostly unknown to home buyers who haven’t decided on a particular home yet, we decided not to include them in this calculator. You should expect your total payments, interest paid and monthly mortgage payment to be slightly higher than these results.
If you are already working with a mortgage lender, be sure to have them provide you with a good faith estimate. It will clearly outline your payments and each of your fees based on the exact loan you will be receiving from them. Lenders charge different amounts to process the loan for you, so be sure to also pay attention to your loan origination fee to make sure you are getting a fair deal.