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Monthly Payment Calculator &
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list of the monthly payments and interest charges required to pay off your mortgage. Below is a monthly payment calculator that will generate an amortization schedule based upon your loan's principal amount, interest rate, and the term of the mortgage (in years). Monthly Payment Calculator & |
Notes:
- The principal amount of the loan is the amount of money that you are actually borrowing. Do not include your down payment.
- If the interest rate is 8.25%, enter it as simply 8.25.
- The term of loan is the number of years that it will take to pay it off. For example, for a 30 year loan, enter 30.
- The additional monthly payment is an optional extra amount that you plan to pay toward the principal of the loan each month.
Making extra payments toward the principal will lower your total interest costs and reduce the length of the repayment term.
- If you check the box to display an amortization schedule, you will be provided with a detailed list of payments along with the interest part of each mortgage payment.
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