Estimate
Monthly Payments
You
can easily calculate your approximate your monthly mortgage payments using
a simple amortization of the loan amount over a specific term and
interest rate. Your actual monthly payment could be much higher or much lower
than the amount that you calculate. Why? Simple, because Mortgage professionals
and lenders can offer you a variety of programs with different loan amounts,
interest rates and loan terms. The calculator is only for informational and
entertainment purposes but can give you a fair approximation.
Here's How:
First, enter the number of payments you expect
to make. A 15 year mortgage is (15 x 12) or 180 payments, conversely a 30 year
mortgage is (30 x12) or 360 payments. Next, enter an interest rate. You can
enter the interest rate as a percentage or as a decimal. Finally enter the
amount you plan to borrow, also called the principal and click compute. Your
monthly payment will be displayed in the box. This is a JavaScript based
calculator which can be easily enabled in your web browser under
tools.
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