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Where am I: Home>Calculator>Mortgage Calculator

Calculate your mortgage!

Enter loan amount

Annual interest rate

Repayment period in years

Payments per year

Your monthly payment

Total you pay

Total interest you pay

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Calculating and what it means to you:

Projecting your future and knowing where you stand

Purchasing your new home whether you're a first time home buyer or you own several homes already is the single largest investment that an individual or family is likely to make in their lifetime. We've all gone through the process of learning how to manage savings and checking accounts and we've all felt the sting of a bounced check or overdrawls. Knowing how much a home costs is simply not enough to navigate you through the rough waters of the home buying process. For most of us, we will commit ourselves and our paychecks for the next 30 years and it is critical to know what your monthly payments are going to be during that time. Also, a little known secret of putting an extra $100.00 a month into your base mortgage payment can reduce the interest you pay and also reduce the number of years you will pay from 30 down to as low as 23 years or less! Performing these calculations and seeking advise from a trusted source can help you plan your way into successful and enjoyable home ownership.

Amortizing and Amortization Schedules:

The definition

am·or·ti·za·tion ( P ) Pronunciation Key (mr-t-zshn, -môr-)
n.

The act or process of amortizing.
The money set aside for this purpose.
In reckoning the yield of a bond bought at a premium, the periodic subtraction from its current yield of a proportionate share of the premium between the purchase date and the maturity date.

Source: The American Heritage® Dictionary of the English Language, Fourth Edition

Amortizing or amortization is the act of calculating out and setting aside or planning for the monthly payments you will make on your new home. Using the calculator above, you can project out you payments and payoff date by entering in the values such as closing price, number of payments in a year (*), and payment period to produce your monthly payment schedule, interest amount that you will pay and you can increase the values of your payment amount or payment frequency to see just how big a difference an extra $100.00 will make for you.

If you're still unsure what this means, try the calculator by entering some values and viewing the results. You can look at the newspaper or go online to see what the current prices for housing are in your community. You can speak with a lender (Bank or Mortgage Broker) to get a general idea of what a monthly payment might be for the typical family. Whatever you do, start asking these questions now! Learn everything you can and don't be affraid to tell your broker or advisor when you don't understand something. They are here to work for you! Good luck and best wishes in your home buying efforts.