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Mortgage Loan Calculator

The house is nice. What about the price?

Congrats! You've finally found the perfect place for you and your family. But before you go out and celebrate, let's figure out how it might fit into your budget. This calculator allows you to factor in the sale price, interest rate, mortgage terms and down payment to compute exactly how much you'll owe on a monthly basis and how much interest you'll pay over the long haul.
By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.



Financial Calculators from
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Monthly payment:
$2,447.25
Report amortization:
Report amortization
Total Payments $881,011.01 Stacked Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.
Mortgage Term 30 years Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.

Definitions

Mortgage amount

Original or expected balance for your mortgage.

Term in years

The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.

Interest rate

Annual fixed interest rate for this mortgage. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.

Monthly payment

Monthly principal and interest payment (PI).

Total payments

Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.

Total interest

Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.

Prepayment type

The frequency of prepayment. The options are none, monthly, yearly and one-time payment.

Prepayment amount

Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.

Start with payment

This is the payment number that your prepayments will begin with. For a one-time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation. If you choose to prepay with a one-time payment for payment number zero, the prepayment is assumed to happen before the first payment of the loan.

Savings

Total amount of interest you will save by prepaying your mortgage.

Report amortization

Choose how the report will display your payment schedule. Annually will summarize payments and balances by year. Monthly will show every payment for the entire term.

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