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Mortgage Payment Calculator
Compound Period 12
Enter 12 for US mortgages and 2 for Canadian mortgages.
Mortgage Information
Loan Amount Annual Interest Rate Term of Loan (in Years) $
Option #1
150,000 6.500% 30
Option #2
Option #3
Option #4
Option #5
PAYMENT
Monthly Interest Rate Monthly Payment (PI) Extra Monthly Payment Total MONTHLY PAYMENT $ $ 0.542% 948.10 948.10 -------------------------
TOTALS
Number of Payments Number of Years to Payoff Total Payments Total INTEREST $ $ 360.0 30.0 341,317 191,317 ---------------------------------
BALANCE at Year …
Outstanding Balance Interest Paid Original Down Payment EQUITY $ $ $ $
1
148,323 9,701 10,000 11,677
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Caution: Results are only estimates. Interest rates may vary, values may be off due to rounding, and the calculator does not take into account fees, closing costs, property tax, mortgage insurance, tax deductions, etc.
Help
Use this mortgage calculator to determine the monthly payment for different mortgages. See how soon you could pay off your home by making extra payments. Calculate the equity in your home after a specified number of years.
Loan Amount
This is the amount that you have borrowed. You can also enter your current balance, if you also adjust the Term of Loan to be the number of years left to pay off the mortgage.
Annual Interest Rate
This is the rate that is usually quoted by the lender. This calculator assumes a fixed annual interest rate. See the note under "Compound Period".
Term of Loan (in Years)
The total number of years it will take to pay off the mortgage. Mortgages usually have 15 or 30-year terms. If you enter your current mortgage balance in the Loan Amount, then enter the number of years you have left on your mortgage. You can enter a formula to a specify the number of months. For example, to enter "10 years + 3 months", enter the following formula: =10+3/12
Monthly Mortgage Payment (PI)
Consists of both principal (P) and interest (I). Derived from the amount borrowed, the term of the loan, and the mortgage interest rate.
Extra Monthly Payment
The extra amount you want to pay towards the principal each month (a regularly scheduled prepayment). This assumes no penalties for making prepayments.