How to Calculate Your Mortgage Payment, how to calculate monthly mortgage payment.#How #to #calculate #monthly


How to Calculate Your Mortgage Payment

How to calculate monthly mortgage payment

How to calculate monthly mortgage payment

Understanding your mortgage helps you make better decisions. Instead of just taking whatever you get, it pays to look at the numbers behind any loan – especially a big loan like a home loan.

To calculate a mortgage, you’ll need a few details about the loan. Then, you can do it all by hand or use free online calculators (or a spreadsheet) to crunch the numbers.

Most people only focus on the monthly payment, but there are other important details that you need to pay attention to.

We’ll start with calculating the payment, and we’ll also look at how much you pay in interest ​and how much you actually pay off – in other words, how much of your house you’ll actually own.

The Inputs

To calculate (and understand) the payments, gather the following information about a potential mortgage loan:

  • The loan amount (or principal)
  • The interest rate on the loan (not necessarily the APR, which also includes closing costs)
  • The number of years you have to repay (also known as the term)
  • The type of loan: fixed rate, interest only, etc.
  • The market value of the home
  • Your monthly income

Calculations for Different Loans

The calculation you use will depend on the type of loan you have. Most home loans are fixed-rate loans (for example, standard 30-year or 15-year mortgages).

For those loans, the formula is:

Loan Payment Amount / Discount Factor

You’ll use the following values:

  • Number of Periodic Payments (n) Payments per year times number of years
  • Periodic Interest Rate (i) Annual rate divided by number of payments per
  • Discount Factor (D) <[(1 i) ^n] - 1>/ [i(1 i)^n]

Example: assume you borrow $100,000 at 6% for 30 years to be repaid monthly. What is the monthly payment (P)?

  • D 166.7916 ( <[(1 .005)^360] - 1>/ [.005(1 .005)^360])
  • P A / D 100,000 / 166.7916 599.55

How Much Goes Towards Interest?

Your mortgage payment is important, but you’ll also want to know how much you lose to interest each month. A portion of each monthly payment is your interest cost, and the remainder goes towards paying down your loan (you might also have taxes and insurance included in your monthly payment).

An amortization table can show you – month-by-month – exactly what happens with each payment. You can create an amortization table by hand, or use a free calculator or spreadsheet to do the job for you. Take a look at how much total interest you pay over the life of your loan. With that information, you can decide if you want to save money by:

  • Borrowing less
  • Paying extra each month
  • Finding a lower interest rate
  • Choosing a shorter term loan (15 years instead of 30 years, for example)

Interest Only Loan Payment Calculation Formula

Interest-only loans are much simpler to calculate. For better or worse, you don’t actually pay down the loan with each required payment (although you can usually pay extra each month if you want).

Example: assume you borrow $100,000 at 6% interest-only with monthly payments.

What is the payment (P)?

Loan Payment Amount x (Interest Rate / 12)

Check your math with the Interest Only Calculator.

Your interest only payment is $500, and it will remain the same until:

  1. You make additional payments (which will reduce your loan balance – but your required payment might not change right away), or
  2. After a certain number of years you’re required to start making amortizing payments, or
  3. You make a balloon payment to pay off the loan entirely

Figure Out How Much you Own (Equity)

You might also want to know how much of your home you actually own. Of course, you own the home but until it’s paid off, your lender has a lien on the property so it’s not free-and-clear. The amount that’s yours – your home equity – is the home’s market value minus any outstanding loan balance.

There are several reasons you might want to calculate your equity.

Your loan to value (LTV) ratio is important because lenders look for a minimum ratio before approving loans. If you want to refinance or figure out how big your down payment needs to be, you need to know the LTV ratio.

Your net worth is based on how much of your home you actually own. Having a million dollar home doesn’t do you much good if you owe $999,999 on the property.

You can borrow against your home using second mortgages and home equity lines of credit (HELOCs). But most lenders need to see an LTV below 80% to approve a loan.

Can you Afford the Loan?

Lenders often offer you the largest loan that they’ll approve you for. This is typically based on their standards for an acceptable debt to income ratio. However, you don’t need to take the full amount – and it’s often a good idea to borrow less.

Before you apply for loans, look at your monthly budget and decide how much you’re comfortable spending on a mortgage payment. After you’ve made a decision, start talking to lenders and looking at debt to income ratios. If you do it the other way around, you might start shopping for more expensive homes (and you might even buy one – which will affect your budget and leave you vulnerable to surprises). It’s better to buy less and have some wiggle room than to suffer just to keep up with payments.


Mortgage Payment Calculator –, how to calculate monthly mortgage payment.#How #to #calculate #monthly #mortgage #payment


Mortgage Payment Calculator

Use our mortgage loan calculator to determine the monthly payments for any fixed-rate loan. Just enter the amount and terms, and our mortgage calculator does the rest. Click on “Show Amortization” Table to see how much interest you’ll pay each month and over the lifetime of the loan. The mortgage loan calculator will also show how extra payments can accelerate your payoff and save thousands in interest charges.

Amortization Table

How to calculate monthly mortgage payment

How to calculate monthly mortgage payment

How to calculate monthly mortgage payment

How to calculate monthly mortgage payment

Whether you’re buying a new home or refinancing, our mortgage calculator can do the math for you. Simply enter the amount, term and interest rate to get your monthly payment amount. If you’re refinancing, enter the current balance on your mortgage into the loan amount section and input the new term and new rate that you’ll receive. Then click on the amortization table to see how much interest you’ll pay over the life of the loan. Add extra payments to find out how they can put your payoff schedule on the fast-track and save you thousands.

Keep in mind that this calculator only calculates the mortgage payment. It does not include taxes, insurance or other fees included in the purchase of your home.

Loan amount: The amount of money you’re borrowing. It’s the cost of your new home minus the down payment if you’re buying or the balance on your existing mortgage if refinancing.

Interest rate: The exact rate you will receive on your loan, not the APR.

Loan term: The length of time you have to pay off your loan (30- and 15-year fixed-rate loans are common terms).

Amortization table: Timetable detailing each monthly payment of a mortgage. Details include the payment, principal paid, interest paid, total interest paid and current balance for each payment period.

Monthly extra payment: Extra amount added to each monthly payment to reduce loan length and interest paid.

Yearly extra payment: Extra amount paid each year to reduce loan length and interest paid.

One-time extra payment: Extra amount added once to reduce loan length and interest paid.

How to calculate monthly mortgage payment


Mortgage Calculator: Calculate Your Monthly Mortgage Payment, how to calculate mortgage payment.#How #to #calculate #mortgage


Mortgage Calculator

This mortgage calculator will show how much your monthly mortgage payment would be, including your amortization schedule. See how much you could save by prepaying some of the principal. Find out your home loan breakdown now by using this simple and free mortgage calculator.

NOTE: This calculator updates automatically as you move from field to field using the “tab” key. If you’re entering prepayment information, click the “calculate” button to see the final results.

A mortgage amortization calculator shows how much of your monthly mortgage payment will go toward principal and interest over the life of your loan. The loan calculator also lets you see how much you can save by prepaying some of the principal.

How to use the loan amortization calculator

With HSH.com’s home loan calculator, you enter the features of your mortgage: amount of the principal loan balance, the interest rate, the home loan term, and the month and year the loan begins.

Your initial display will show you the monthly mortgage payment, total interest paid, breakout of principal and interest, and your mortgage payoff date.

Most of your mortgage loan payment will go toward interest in the early years of the loan, with a growing amount going toward the loan principal as the years go by – until finally almost all of your payment goes toward principal at the end. For instance, in the first year of a 30-year, $250,000 mortgage with a fixed 5% interest rate, $12,416.24 of your payments goes toward interest, and only $3,688.41 goes towards your principal. To see this, click on “Payment chart” and mouse over any year.

Clicking on “Amortization schedule” reveals a display table of the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year. Clicking the “+” sign next to a year reveals a month-by-month breakdown of your costs.

Click “calculate” to get your monthly payment amount and an amortization schedule.

The effect of prepayments

Now use the mortgage loan calculator to see how prepaying some of the principal saves money over time. The calculator allows you to enter a monthly, annual, bi-weekly or one-time amount for additional principal prepayment.To do so, click “+ Prepayment options.”

Let’s say, for example, you want to pay an extra $50 a month. Using the $250,000 example above, enter “50” in the monthly principal prepayment field, then either hit “tab” or scroll down to click “calculate.” Initial results will be displayed under “Payment details,” and you can see further details in either the “Payment chart” or “Amortization schedule” tabs.

You may also target a certain loan term or monthly payment by using our mortgage prepayment calculator. Of course you’ll want to consult with your financial advisor about whether it’s best to prepay your mortgage or put that money toward something else, such as retirement.

HSH.com has developed a host of other free mortgage calculators to help answer your other questions, such as, “Can I qualify for a mortgage,” “Will prepaying my mortgage help me save money,” “How large of a down payment do I really need,” “What s the best way to pay for my refinance,” and “When will my home no longer be underwater?” See all of HSH.com’s mortgage calculators.

This is the dollar amount of the mortgage you are borrowing. (Hitting “tab” after entering information in any field will automatically update the calculations.)

The loan’s interest rate. Along with the term, this is the key factor used by the mortgage payment calculator to determine what your monthly payment will be. To see where rates are right now, click on the “See today’s average rates” link to the right of the field, where you can also find offers from our advertising partners.

Mortgage loans come in a range of terms. Fixed rate mortgages are most often found in 30, 20, 15 and 10-year terms; Adjustable Rate Mortgages usually have total terms of 30 years, but the fixed interest rate period is much shorter than that, lasting from 1 to 10 years.

To get the most accurate calculations, use the month and year in which your very first mortgage payment was due (or will be due). If you don’t yet have a mortgage, the current month and year will work just fine.

This display shows the monthly mortgage payment, total interest paid, breakout of principal and interest, and your mortgage payoff date.

This display shows you the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year.

While this display table also shows you the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year, clicking the “+” sign next to a year reveals a month-by-month breakdown of your costs.

In this optional section, you can add in a regular monthly prepayment amount, re-set the calculator to show bi-weekly payments and savings, or even do a one-time prepayment to see how it affects the cost of your home loan.


Mortgage Payment Calculator –, how to calculate a mortgage payment.#How #to #calculate #a #mortgage #payment


Mortgage Payment Calculator

Use our mortgage loan calculator to determine the monthly payments for any fixed-rate loan. Just enter the amount and terms, and our mortgage calculator does the rest. Click on “Show Amortization” Table to see how much interest you’ll pay each month and over the lifetime of the loan. The mortgage loan calculator will also show how extra payments can accelerate your payoff and save thousands in interest charges.

Amortization Table

How to calculate a mortgage payment

How to calculate a mortgage payment

How to calculate a mortgage payment

How to calculate a mortgage payment

Whether you’re buying a new home or refinancing, our mortgage calculator can do the math for you. Simply enter the amount, term and interest rate to get your monthly payment amount. If you’re refinancing, enter the current balance on your mortgage into the loan amount section and input the new term and new rate that you’ll receive. Then click on the amortization table to see how much interest you’ll pay over the life of the loan. Add extra payments to find out how they can put your payoff schedule on the fast-track and save you thousands.

Keep in mind that this calculator only calculates the mortgage payment. It does not include taxes, insurance or other fees included in the purchase of your home.

Loan amount: The amount of money you’re borrowing. It’s the cost of your new home minus the down payment if you’re buying or the balance on your existing mortgage if refinancing.

Interest rate: The exact rate you will receive on your loan, not the APR.

Loan term: The length of time you have to pay off your loan (30- and 15-year fixed-rate loans are common terms).

Amortization table: Timetable detailing each monthly payment of a mortgage. Details include the payment, principal paid, interest paid, total interest paid and current balance for each payment period.

Monthly extra payment: Extra amount added to each monthly payment to reduce loan length and interest paid.

Yearly extra payment: Extra amount paid each year to reduce loan length and interest paid.

One-time extra payment: Extra amount added once to reduce loan length and interest paid.

How to calculate a mortgage payment


Mortgage Amortization, How Your Mortgage Is Paid Off, The Truth About, how much mortgage.#How #much


Mortgage Amortization

How much mortgage

Ever wonder how your mortgage goes from a pain in your neck to free and clear?

Well, it all has to do with a little thing called amortization, which is defined as the reduction of debt by regular payments of interest and principal sufficient to pay off a loan by maturity.

In simple terms, it’s the way your mortgage payments are distributed on a monthly basis, detailing how much interest and principal will be paid off each month for the duration of the loan term.

Understanding the way your mortgage amortizes is a great way to understand how different loan programs work. And an amortization calculator will show you how your balance is paid off on a monthly or yearly basis. It will also detail how much interest you ll pay over the life of your loan, assuming you hold it to maturity.

Early Payments Go Toward Interest

How much mortgage

(pictured above is an actual amortization schedule from an active mortgage about five months into a 30-year mortgage)

During the first half of a 30-year fixed-rate loan, most of the monthly payment goes to paying down interest, with very little principal actually paid off. Towards the last 15 years of the loan you will begin to pay off a greater amount of principal, until the monthly payment is largely principal, and very little interest.

This is important to note because homeowners that continuously refinance will find themselves back in the interest-paying portion of the loan every time they start anew, meaning they ll pay a lot more interest over the years. Each time you refinance, assuming you refinance into the same type of loan, you re essentially extending the amortization period of the mortgage. And the longer the term, the more you ll pay in interest.

Tip: If you have already paid down your mortgage for several years, but want to refinance to take advantage of low mortgage rates, consider refinancing to a shorter-term mortgage. This is one simple way to avoid resetting the clock.

Let’s look at a mortgage amortization example:

Loan amount: $100,000

Interest rate: 6.5%

Monthly mortgage payment: $632.07

Say you’ve got a $100,000 loan at 6.5% on a 30-year fixed payment. The monthly principal and interest payment is $632.07. If you break down the very first monthly mortgage payment, $541.67 goes toward interest and $90.40 goes toward principal. The total debt is reduced by $90.40, so next month you’ll only owe interest on $99,909.60.

So when it comes time to make your second monthly mortgage payment, interest is calculated on the new, lower balance. The payment would be the same, but $541.18 would go toward interest and $90.89 would go to principal. This interest reduction would continue until your monthly mortgage payments were going primarily to principal.

In fact, the 360th payment in our example contributes just $3.41 to interest and a whopping $628.66 to principal.

Consider Larger Mortgage Payments to Shorten Amortization Period

Okay, so now you have a better idea of how your mortgage amortizes. Your next move will be to determine if paying your mortgage down faster is a good idea.

In the example above, you ll pay a total of $227,545.20 over the 30-year term, with $127,545.20 going toward interest.

If you make slightly larger payments, say $700 each month instead (consistently), your mortgage term will be cut by roughly seven years (23 years total) and you ll only pay $76,448.10 in interest. That will save you about $50,000 over the life of the loan not bad.

How to pay off a 30-year mortgage in 15 years:

If you want to cut your mortgage term in half, simply figure out what the 15-year payment would be, then make that payment each month until the mortgage is paid in full. In general, this is about 1.5X the 30-year payment.

For example, a $350,000 mortgage set at 5% would require a monthly payment of $1878.88 in order to be paid off in 30 years. If you made the 15-year payment of $2767.78 instead, the mortgage would be paid off in 180 months, or 15 years.

How to pay off a 30-year mortgage in 10 years:

If you want to pay off the mortgage in just 10 years, the rule of thumb is to double your monthly mortgage payment. It s not exact, but it s very close.

Using our example from above, you d need a monthly payment of $3712.29 to extinguish the loan in 120 months.

How to pay off a 30-year mortgage in 5 years:

If you re really impatient and want to pay off the mortgage in five years, you basically have to make anywhere from 3.5-4X the monthly payment. That s $6,604.93 in our example to pay it all off in 60 months.

How to pay off a 15-year mortgage in 10 years:

If you have a 15-year fixed, but want to pay it down in 10 years, you can generally make a monthly payment about 1.5X and it ll be paid off in 120 months.

How to pay off a 15-year mortgage in 7 years:

To cut your 15-year mortgage term in half (or a bit more), doubling mortgage payments would pretty much lower the term to seven years or less, perhaps closer to 6.5 years.

How to pay off a 15-year mortgage in 5 years:

For those with a 15-year mortgage who want to triple the payoff speed, a monthly payment roughly 2.5X will get the job done.

You can do this same formula for basically any mortgage term and desired payoff duration. So if you have a certain payoff date in mind, figure out the number of months first, then plug in that monthly payment to get the length of the mortgage down.

Take the time to look into biweekly mortgage payments as well. These are mortgage payments made every two weeks, which equates to 26 total payments a year, or 13 monthly mortgage payments. That extra month payment per year goes toward principal, lowering the total amount of interest paid and decreasing the term of the loan.

Every potential homeowner should take a look at an amortization schedule or a mortgage calculator to determine exactly how mortgage payments apply in their particular situation. Simply knowing your interest rate is not enough to make an educated decision on a loan product.

And be sure you understand negative amortization as well, assuming if you got involved with a pesky option-arm loan.


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  • Mortgage Calculator: Calculate Your Monthly Mortgage Payment, how to calculate monthly mortgage payment.#How #to #calculate


    Mortgage Calculator

    • Monthly Payment (Principal and Interest)

    Mortgage calculator for your home loan

    This mortgage calculator will show how much your monthly mortgage payment would be, including your amortization schedule. See how much you could save by prepaying some of the principal. Find out your home loan breakdown now by using this simple and free mortgage calculator.

    NOTE: This calculator updates automatically as you move from field to field using the “tab” key. If you’re entering prepayment information, click the “calculate” button to see the final results.

    A mortgage amortization calculator shows how much of your monthly mortgage payment will go toward principal and interest over the life of your loan. The loan calculator also lets you see how much you can save by prepaying some of the principal.

    How to use the loan amortization calculator

    With HSH.com’s home loan calculator, you enter the features of your mortgage: amount of the principal loan balance, the interest rate, the home loan term, and the month and year the loan begins.

    Your initial display will show you the monthly mortgage payment, total interest paid, breakout of principal and interest, and your mortgage payoff date.

    Most of your mortgage loan payment will go toward interest in the early years of the loan, with a growing amount going toward the loan principal as the years go by – until finally almost all of your payment goes toward principal at the end. For instance, in the first year of a 30-year, $250,000 mortgage with a fixed 5% interest rate, $12,416.24 of your payments goes toward interest, and only $3,688.41 goes towards your principal. To see this, click on “Payment chart” and mouse over any year.

    Clicking on “Amortization schedule” reveals a display table of the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year. Clicking the “+” sign next to a year reveals a month-by-month breakdown of your costs.

    Click “calculate” to get your monthly payment amount and an amortization schedule.

    The effect of prepayments

    Now use the mortgage loan calculator to see how prepaying some of the principal saves money over time. The calculator allows you to enter a monthly, annual, bi-weekly or one-time amount for additional principal prepayment.To do so, click “+ Prepayment options.”

    Let’s say, for example, you want to pay an extra $50 a month. Using the $250,000 example above, enter “50” in the monthly principal prepayment field, then either hit “tab” or scroll down to click “calculate.” Initial results will be displayed under “Payment details,” and you can see further details in either the “Payment chart” or “Amortization schedule” tabs.

    You may also target a certain loan term or monthly payment by using our mortgage prepayment calculator. Of course you’ll want to consult with your financial advisor about whether it’s best to prepay your mortgage or put that money toward something else, such as retirement.

    HSH.com has developed a host of other free mortgage calculators to help answer your other questions, such as, “Can I qualify for a mortgage,” “Will prepaying my mortgage help me save money,” “How large of a down payment do I really need,” “What s the best way to pay for my refinance,” and “When will my home no longer be underwater?” See all of HSH.com’s mortgage calculators.

    This is the dollar amount of the mortgage you are borrowing. (Hitting “tab” after entering information in any field will automatically update the calculations.)

    The loan’s interest rate. Along with the term, this is the key factor used by the mortgage payment calculator to determine what your monthly payment will be. To see where rates are right now, click on the “See today’s average rates” link to the right of the field, where you can also find offers from our advertising partners.

    Mortgage loans come in a range of terms. Fixed rate mortgages are most often found in 30, 20, 15 and 10-year terms; Adjustable Rate Mortgages usually have total terms of 30 years, but the fixed interest rate period is much shorter than that, lasting from 1 to 10 years.

    To get the most accurate calculations, use the month and year in which your very first mortgage payment was due (or will be due). If you don’t yet have a mortgage, the current month and year will work just fine.

    This display shows the monthly mortgage payment, total interest paid, breakout of principal and interest, and your mortgage payoff date.

    This display shows you the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year.

    While this display table also shows you the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year, clicking the “+” sign next to a year reveals a month-by-month breakdown of your costs.

    In this optional section, you can add in a regular monthly prepayment amount, re-set the calculator to show bi-weekly payments and savings, or even do a one-time prepayment to see how it affects the cost of your home loan.

    How to calculate monthly mortgage payment


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    Mortgage Payment Calculator –, how to calculate mortgage payment.#How #to #calculate #mortgage #payment


    Mortgage Payment Calculator

    Use our mortgage loan calculator to determine the monthly payments for any fixed-rate loan. Just enter the amount and terms, and our mortgage calculator does the rest. Click on “Show Amortization” Table to see how much interest you’ll pay each month and over the lifetime of the loan. The mortgage loan calculator will also show how extra payments can accelerate your payoff and save thousands in interest charges.

    Amortization Table

    How to calculate mortgage payment

    How to calculate mortgage payment

    How to calculate mortgage payment

    How to calculate mortgage payment

    Whether you’re buying a new home or refinancing, our mortgage calculator can do the math for you. Simply enter the amount, term and interest rate to get your monthly payment amount. If you’re refinancing, enter the current balance on your mortgage into the loan amount section and input the new term and new rate that you’ll receive. Then click on the amortization table to see how much interest you’ll pay over the life of the loan. Add extra payments to find out how they can put your payoff schedule on the fast-track and save you thousands.

    Keep in mind that this calculator only calculates the mortgage payment. It does not include taxes, insurance or other fees included in the purchase of your home.

    Loan amount: The amount of money you’re borrowing. It’s the cost of your new home minus the down payment if you’re buying or the balance on your existing mortgage if refinancing.

    Interest rate: The exact rate you will receive on your loan, not the APR.

    Loan term: The length of time you have to pay off your loan (30- and 15-year fixed-rate loans are common terms).

    Amortization table: Timetable detailing each monthly payment of a mortgage. Details include the payment, principal paid, interest paid, total interest paid and current balance for each payment period.

    Monthly extra payment: Extra amount added to each monthly payment to reduce loan length and interest paid.

    Yearly extra payment: Extra amount paid each year to reduce loan length and interest paid.

    One-time extra payment: Extra amount added once to reduce loan length and interest paid.

    How to calculate mortgage payment