You can use the simple monthly mortgage calculator to figure out your monthly mortgage payment. The results of the calculator also include the total of all payments and the interest paid over the life of the mortgage. This mortgage calculator only requires three inputs: total home loan amount, annual interest rate, and the term of the loan.
The variables used in our online calculator are defined in detail below, including how to interpret the results.
The total amount of money borrowed for this mortgage, also referred to as the principal on the loan.
This is the annual interest rate charged on the mortgage. This is not the APR, which takes into account other costs associated with the mortgage.
The term of the loan is the number of years over which the mortgage will be paid. The most common mortgage terms are 15, 20, and 30 years.
This is the monthly mortgage payment for the loan itself. This value does not include mortgage insurance or property taxes, which are sometimes included with your mortgage payment.
The total amount paid to the bank or lending institution over the life of the mortgage.
The total amount of interest charges over the term of the mortgage. This is the cost of borrowing money from the lending institution.
Simple Monthly Mortgage Calculator - Copyright © 2005 - 2015 Money-Zine.com (Last Reviewed on January 31, 2015)