Mortgage Payment Calculator

? This is the total amount you wish to take out on the loan itself. This amount is not necessarily the price of the home you wish to purchase, as you may need to deduct your down payment.

? The term of your mortgage is the length of time it takes to pay off your mortgage completely. You may choose to define the terms by years or by months. Choose one field only.

years or payments

? This is the yearly interest rate you will pay on your mortgage. This is usually defined on your loan agreement.

? This defines the start date of your mortgage. The first payment would generally be made in the month following your mortgage start date.

Your monthly payment would be:


Want to know how paying extra money would change the repayment of your mortgage?

Use the lines below to determine a strategy for paying your mortgage back faster. See how making extra payments would impact the amortization table, so you can pay off your home faster and with less interest.

Note: Choose one option below or any combination of options to calculate the impact of extra mortgage loan payments. If you fill in all of the options, the amounts shown will be recalculated with the assumption you are choosing to use all three repayment options together.

? This option allows you to add a set amount of extra money you can pay on your mortgage loan payments each month. You would commit to paying a specific amount extra every month.

Pay extra with your monthly mortgage loan payment

? This option allows you to make one extra payment on your mortgage each year. You would pay your monthly payments as schedule, but pay this extra amount in one month every year.

Make an extra mortgage loan payment every year in

? This option allows you to make a one-time lump-sum extra payment on your mortgage on a date you define.

Make a one-time lump-sum payment of on

,

Keep in mind, changing the amortization table will change how fast you pay off your loan and how much you pay in interest, but will not affect your monthly loan payments. If you wish to make a more immediate impact on your finances, consider focusing first on unsecured debts, like your credit cards, to reduce your debt and improve your financial outlook.

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