This calculator helps you estimate your monthly mortgage payments for different loan terms.
- Loan Amount ($): Enter the total amount of money you want to borrow (the principal). Do not include commas or currency symbols.
- Annual Interest Rate (%): Enter the yearly interest rate for the loan. For example, enter 5.5 for 5.5%.
- Calculate Payments Button: Click this after entering the loan amount and interest rate. It will show you the estimated monthly payment, total paid, and total interest for 15, 20, and 30-year loan terms.
- View Amortization Button: After calculating, buttons will appear for each loan term (15, 20, 30 years). Click one to see a detailed month-by-month breakdown showing how much of each payment goes towards principal and interest, and the remaining loan balance over time.
- How to Use Button: Click this button to see these instructions again.
- Close (X): Click the 'X' in the top-right corner of this pop-up window to close it.
Note: This calculator provides estimates only. Actual payments may vary based on taxes, insurance (PMI), and other fees. Consult a financial professional for exact figures.
