Mortgage Loan Calculator

Mortgage Loan Calculator

How to Calculate Mortgage?

The mortgage is defined by the formula:
$$M=Pfrac{r(1+r)^n}{(1+r)^n-1}$$
where $M$ is the monthly payment, $P$ is the principal, $r$ is the monthly interest rate, $n$ is the number of months that we will repay the loan.
To calculate monthly interest rate we will divide the annual interest rate by $12$.
For example, for property value of $$100,000$ and down payment of $$25,000$, interest rate of $4.2%$ (this divided by $12$ equals $r=0.0035$) and loan terms of $6$ years ($n=6times 12=72$ months), we get

$$M=75,000frac{0.0035(1+0.0035)^{72}}{(1+0.0035)^{72}-1}=$1180.24$$

So, the monthly payment is $$1180.24$. The total sum of all payments, total repayments, is
$$$1180.24times 72=$84977.3$$
Here we give some mortgage examples over $30,$ $20,$ $15$ and $10$ years.

  • Monthly repayment comparison for $$50,000$ mortgage over $30,$ $20,$ $15$ and $10$ years.
    Interest Rate 30 years 20 years 15 years 10 years
    3.25 % $ 218 $ 284 $ 351 $ 489
    3.50 % $ 225 $ 290 $ 357 $ 494
    3.75 % $ 232 $ 296 $ 364 $ 500
    4.00 % $ 239 $ 303 $ 370 $ 506
    4.25 % $ 246 $ 310 $ 376 $ 512
    4.50 % $ 253 $ 316 $ 383 $ 518
    4.75 % $ 261 $ 323 $ 389 $ 524
    5.00 % $ 268 $ 330 $ 395 $ 530
  • Monthly repayment comparison for $75, 000 mortgage over 30, 20, 15 and 10 years.
    Interest Rate 30 years 20 years 15 years 10 years
    3.25 % $ 326 $ 425 $ 527 $ 733
    3.50 % $ 337 $ 435 $ 536 $ 742
    3.75 % $ 347 $ 445 $ 545 $ 750
    4.00 % $ 358 $ 454 $ 555 $ 759
    4.25 % $ 369 $ 464 $ 564 $ 768
    4.50 % $ 380 $ 474 $ 574 $ 777
    4.75 % $ 391 $ 485 $ 583 $ 786
    5.00 % $ 403 $ 495 $ 593 $ 795
  • Monthly repayment comparison for $80, 000 mortgage over 30, 20, 15 and 10 years.
    Interest Rate 30 years 20 years 15 years 10 years
    3.25 % $ 348 $ 454 $ 562 $ 782
    3.50 % $ 359 $ 464 $ 572 $ 791
    3.75 % $ 370 $ 474 $ 582 $ 800
    4.00 % $ 382 $ 485 $ 592 $ 810
    4.25 % $ 394 $ 495 $ 602 $ 820
    4.50 % $ 405 $ 506 $ 612 $ 829
    4.75 % $ 417 $ 517 $ 622 $ 839
    5.00 % $ 423 $ 528 $ 633 $ 849
  • Monthly repayment comparison for $90, 000 mortgage over 30, 20, 15 and 10 years.
    Interest Rate 30 years 20 years 15 years 10 years
    3.25 % $ 392 $ 510 $ 632 $ 879
    3.50 % $ 404 $ 522 $ 643 $ 890
    3.75 % $ 417 $ 534 $ 655 $ 901
    4.00 % $ 430 $ 545 $ 666 $ 911
    4.25 % $ 443 $ 557 $ 677 $ 922
    4.50 % $ 456 $ 569 $ 688 $ 933
    4.75 % $ 469 $ 582 $ 700 $ 944
    5.00 % $ 483 $ 594 $ 712 $ 955
  • Monthly repayment comparison for $100, 000 mortgage over 30, 20, 15 and 10 years.
    Interest Rate 30 years 20 years 15 years 10 years
    3.25 % $ 435 $ 567 $ 703 $ 977
    3.50 % $ 449 $ 580 $ 715 $ 989
    3.75 % $ 463 $ 593 $ 727 $ 1001
    4.00 % $ 477 $ 606 $ 740 $ 1012
    4.25 % $ 492 $ 619 $ 752 $ 1024
    4.50 % $ 507 $ 633 $ 765 $ 1036
    4.75 % $ 522 $ 646 $ 778 $ 1048
    5.00 % $ 537 $ 660 $ 791 $ 1061
  • Monthly repayment comparison for $125, 000 mortgage over 30, 20, 15 and 10 years.
    Interest Rate 30 years 20 years 15 years 10 years
    3.25 % $ 544 $ 703 $ 878 $ 1221
    3.50 % $ 561 $ 725 $ 894 $ 1236
    3.75 % $ 579 $ 741 $ 909 $ 1251
    4.00 % $ 597 $ 757 $ 925 $ 1266
    4.25 % $ 615 $ 774 $ 940 $ 1280
    4.50 % $ 633 $ 791 $ 956 $ 1295
    4.75 % $ 652 $ 808 $ 972 $ 1311
    5.00 % $ 671 $ 825 $ 988 $ 1326

For any other property value, interest rate, loan terms and down payment just supply four positive real numbers and click on the CALCULATE button.

Read about:   How to Prepare An Acceptable Exit Strategy for Your Home Loan?

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