You can use the simple monthly mortgage calculator to figure out your monthly mortgage payment. The results of the calculator also include the total of all payments and the interest paid over the life of the mortgage. This mortgage calculator only requires three inputs: total home loan amount, annual interest rate, and the term of the loan.
Calculator Definitions
The variables used in our online calculator are defined in detail below, including how to interpret the results.
Total Home Loan Amount ($)
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The total amount of money borrowed for this mortgage, also referred to as the principal on the loan.
Annual Interest Rate (%)
This is the annual interest rate charged on the mortgage. This is not the APR, which takes into account other costs associated with the mortgage.
Term of the Loan (Years)
The term of the loan is the number of years over which the mortgage will be paid. The most common mortgage terms are 15, 20, and 30 years.
Monthly Payment ($ / Month)
This is the monthly mortgage payment for the loan itself. This value does not include mortgage insurance or property taxes, which are sometimes included with your mortgage payment.
Total Payments ($)
The total amount paid to the bank or lending institution over the life of the mortgage.
Total Interest Paid ($)
The total amount of interest charges over the term of the mortgage. This is the cost of borrowing money from the lending institution.
Simple Monthly Mortgage Calculator
Disclaimer: These online calculators are made available and meant to be used as a screening tool for the investor. The accuracy of these calculations is not guaranteed nor is its applicability to your individual circumstances. You should always obtain personal advice from qualified professionals.
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