Total Payments = Monthly Payment * Months in the Loan Total Payments = 627.33 * 240 Total Payments = $150,559.20 You will end up paying $150,559.20 - $75,000.00 = $75,559.20 above the principal on this loan.

What is the Answer?

Monthly Payment = 627.33

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?

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