Mortgage Calculator Basics

The mortgage payment and amortizations calculator calculates the amount that you would have to pay during each payment period.

To help you get started, the calculator comes with pre-set input values. If you go ahead and hit submit, you will see two numbers calculated in the Results section. This example assumes that you want to borrow $200,000 dollars at 7.5% annual inerest rate for 30 years in monthly instalments in 2001.

Once you click Calculate, you will see two numbers in the Results section:

• The Payment Amount: this is the amount you would be required to pay each payment period. For example, if you have selected your Payment Frequency to be Monthly, The Payment Amount specifies how much you would have to pay out on a monthly basis.
• Total Interest: shows the total interest that you would have to pay out during the lifetime of this mortgage loan

The payment amount is the amount that you would have to pay each month for the next 30 years. In our example, this number comes out to $1,405.28.

The Total interest is the total interest amount payed to your lender over the life of the loan. In our example, $305,901.85. A large number compared to the loan!

Now you are ready to get started! Click Reset to reset the calculator. Then go ahead and punch in your own numers and hit Calculate to see what you would be paying each payment period.

Next Steps:

• How to use the Amortize button.
• Terms to Know

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