How to Calculate Mortgage Payments
It is important to calculate your mortgage payments to understand exactly what you owe and how your loan is being paid down. The easiest and least time consuming is to use a Mortgage Calculator. Ask your Realtor if they have one available or check out the option below.
You can use the mortgage calculator to help determine how much you can afford and to even see the the effects of adding extra payments and how it will effect the payoff date! This is a convenient tool to help you pay off your loans.
Just click on the link here and enter in your mortgage amount, the term or length of your loan, the interest rate, and the date your mortgage starts.
The calculator then shows you what your monthly payments would be.
To determine what it would look like to add extra payments a month, a year, or even as a one time extra payment you can add them in the next section.
By calculating the one time payments on top of your regular calculated monthly payment you will be able to see how your pay-off date can change.
Check out the mortgage calculator to find out what you can afford and to help you determine if making extra payments can change your payoff date!