Enter 4 values below
For a standard, 20 year $200000 loan
@ 6% APR
with payments at end of month
calculate the monthly payment:
Calculate Months:
Your loan term is for 20 years.Months = 12 * Years
Months = 12 * 20
Months = 240
Calculate APR:
| APR = | Annual APR |
| 12 |
| APR = | 6 |
| 12 |
APR = 0.005
This is the effective interest each month.
Calculate APY:
APY = ((1+APR)12 - 1) * 100%APY = ((1 + 0.005)12 - 1) * 100%
APY = ((1.005)12 - 1) * 100%
APY = (1.0616778118645 - 1) * 100%
APY = 0.061677811864498 * 100%
APY = 6.17%
Calculate Monthly Payment:
| Monthly Payment = | Loan Amt * APR |
| 1 - (1/(1 + APR))n |
| Monthly Payment = | 200000 * 0.005 |
| (1 - (1 /(1 + 0.005))240 |
| Monthly Payment = | 1000 |
| (1 - (1 / 1.005)240 |
| Monthly Payment = | 1000 |
| 1 - 0.99502487562189240 |
| Monthly Payment = | 1000 |
| 1 - 0.30209614158536 |
| Monthly Payment = | 1000 |
| 0.69790385841464 |
Monthly Payment = 1432.86
You have 2 free calculationss remaining
Calculate Total Payments:
Total Payments = Monthly Payment * Months in the LoanTotal Payments = 1432.86 * 240
Total Payments = $343,886.40
You will end up paying $343,886.40 - $200,000.00 = $143,886.40 above the principal on this loan.
What is the Answer?
Monthly Payment = 1432.86
How does the Mortgage Calculator work?
Free Mortgage Calculator - 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.
This calculator has 4 inputs.
What 2 formulas are used for the Mortgage Calculator?
Monthly Payment = Loan Amt * APR/(1 - (1/(1 + APR))n)
For more math formulas, check out our Formula Dossier
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
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