Enter 4 values below
For a standard, 20 year $75000 loan
@ 8% 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 = | 8 |
| 12 |
APR = 0.0066666666666667
This is the effective interest each month.
Calculate APY:
APY = ((1+APR)12 - 1) * 100%APY = ((1 + 0.0066666666666667)12 - 1) * 100%
APY = ((1.0066666666667)12 - 1) * 100%
APY = (1.0829995068075 - 1) * 100%
APY = 0.08299950680751 * 100%
APY = 8.3%
Calculate Monthly Payment:
| Monthly Payment = | Loan Amt * APR |
| 1 - (1/(1 + APR))n |
| Monthly Payment = | 75000 * 0.0066666666666667 |
| (1 - (1 /(1 + 0.0066666666666667))240 |
| Monthly Payment = | 500 |
| (1 - (1 / 1.0066666666667)240 |
| Monthly Payment = | 500 |
| 1 - 0.99337748344371240 |
| Monthly Payment = | 500 |
| 1 - 0.20297138865083 |
| Monthly Payment = | 500 |
| 0.79702861134917 |
Monthly Payment = 627.33
You have 2 free calculationss remaining
Calculate Total Payments:
Total Payments = Monthly Payment * Months in the LoanTotal 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?
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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