This calculator will provide good results but you may want to also talk to your loan provider to get a calculation from them. (payment = principal + interest) Monthly Extra the extra amount you plan to add to your monthly payments on this mortgage. This value is not always easy to find but usually you can look at your last statement to find the amounts applied to principal and interest and add these 2 numbers together. DO NOT include insurance or taxes or escrow payments these are not applied to your loan. Current Monthly Mortgage Payment the amount currently to be paid on this mortgage on a monthly basis toward principal and interest only. Note that this is the interest rate you are being charged which is different and normally lower than the Annual Percentage Rate (APR). This free mortgage tool includes principal and interest, plus estimated taxes, insurance, PMI and current mortgage rates.

To also run scenarios for new payments by changing the loan term tryĬurrent Mortgage Balance the outstanding principal when calculating a current mortgage or the original amount on a new loan Interest Rate the annual nominal interest rate or stated rate on the loan. Use our simple mortgage calculator to quickly estimate monthly payments for your new home. (negative extra payments to pay less) Create an amortization schedule. Use this calculator to calculate repayment of your mortgage and add extra payments to find how much it reduces the length of your loan term and the amount of interest you can save over the life of the mortgage.

Interest rate calculator mortgage