This is just your standard, easy to use mortgage calculator. Keep in mind that this payment does not include your escrow or any required mortgage insurance and does not tell you which interest rate you actually qualify for. If you would like to find out which rates you qualify for get my mortgage rates.
Using the calculator is straight forward. User enters a "loan amount", "number of months", "annual interest rate". The calculator calculates the number of monthly payments.
The "Payment Method" determines when the first payment is due. With the default selection, "End-of-Period", the first payment will be due one month after the loan is made. If "Start-of-Period" is selected, then the first payment will be due on the loan date.
The term (duration) of the loan is expressed as a number of months.
- 60 months = 5 years
- 120 months = 10 years
- 180 months = 15 years
- 240 months = 20 years
- 360 months = 30 years