Simple Mortgage Payment Calculator
This calculator allows you to calculate monthly payment, average monthly interest, total interest, and total payment of your mortgage.
Instructions
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Explanations
This calculator estimates the principal-and-interest payment for a fixed-rate mortgage. Enter the mortgage amount, annual interest rate, and repayment term in years.
The results include the estimated monthly payment, average monthly interest, total interest, and total amount paid over the selected term. The underlying calculation also contains legacy support for certain prepayment and bi-weekly scenarios, although those options are not exposed by the current simple form.
This is an estimate only. It does not include property taxes, homeowners insurance, mortgage insurance, closing costs, escrow adjustments, lender fees, or changes to the interest rate.
Examples
Example: 30-year mortgage
For a $100,000 mortgage at 8.25% annual interest over 30 years, the estimated principal-and-interest payment is about $751.27 per month.
Example: shorter repayment term
A shorter term normally produces a higher monthly payment but less total interest. For example, a $100,000 mortgage at 6% over 15 years has an estimated principal-and-interest payment of about $843.86 per month.
These examples are estimates and exclude taxes, insurance, mortgage insurance, fees, and escrow costs.
Frequently Asked Questions
Does this payment include taxes and insurance?
No. The result estimates principal and interest only. Property taxes, homeowners insurance, mortgage insurance, escrow, fees, and other costs are not included.
What are principal and interest?
Principal is the amount borrowed. Interest is the cost charged by the lender for borrowing that money.
What happens if I make extra payments?
Extra payments applied to principal can reduce the balance faster and may lower total interest. The current simple form does not provide controls for modeling extra payments.
Is this the same as lender approval?
No. This calculator provides an estimate and does not evaluate income, credit, debt, down payment, or a lender’s qualification rules.
Why might my actual payment be different?
Your lender may use different rounding or payment conventions, and your full payment may also include taxes, insurance, mortgage insurance, fees, or escrow adjustments.
About
Simple Mortgage Payment Calculator
Version: 0.1
Author: Nicholas Alston