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FutureStarrA Simple Mortgage Payment Calculator
Our easy-to-use mortgage payment calculator is straightforward, freeing you from the mental math required to figure out how long it will take you to pay off your mortgage. Simply enter your mortgage type to see how long it would take you to pay it off.
Before you get a loan, it’s important to know just how much debt you can afford. Our simplified loan payment calculator does all the heavy lifting to help you discover what your monthly payment could be. Just input the principal balance of your loan, the interest rate, and the number of years. Having an idea of your monthly payment can help when you’re putting together a budget. You might find that you have enough money left over to make extra payments. In the end, you might even be able to develop a plan to get ahead of your debt.
As you enter these figures, a new amount for principal and interest will appear to the right. Bankrate’s calculator also estimates property taxes, homeowners insurance and homeowners association fees. You can edit these amounts or even ignore them as you’re shopping for a loan — those costs might be rolled into your escrow payment, but they don’t affect your principal and interest as you explore your options.
As you set your housing budget, determining your monthly house payment is crucial — it will probably be your largest recurring expense. As you shop for a purchase loan or a refinance, Bankrate’s Mortgage Calculator allows you to estimate your mortgage payment. To study various scenarios, just change the details you enter into the calculator. The calculator can help you decide: (Source: www.bankrate.com)