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Mortgage Calculator

Enter 4 values below

<-- APR%
<-- Loan Amount
<-- Years of Loan
<-- Time (t)
   
<-- Check for interest only loan

How does the Mortgage Calculator work?

Calculates the monthly payment, APY%, total value of payments, principal/interest/balance at a given time as well as an amortization table on a standard or interest only home or car loan with fixed interest rate. Handles amortized loans.
This calculator has 4 inputs.

What 2 formulas are used for the Mortgage Calculator?

  1. Monthly Payment = Loan Amt * APR/(1 - (1/(1 + APR))n)

For more math formulas, check out our Formula Dossier

What 4 concepts are covered in the Mortgage Calculator?

interest
payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum, at a particular rate
loan
a thing that is borrowed, especially a sum of money that is expected to be paid back with interest.
mortgage
an agreement between you and a lender that allows you to borrow money to purchase or refinance a home and gives the lender the right to take your property if you fail to repay the money you have borrowed.
principal
The amount borrowed on a loan, before interest is charged

Example calculations for the Mortgage Calculator

  1. What is the monthly payment on a mortgage of $75,000 with an 8% interest rate that runs for 20 years
  2. 50000 loan at 9.5% for 30 years