This mortgage payment calculator will help you calculate how much you will be paying monthly for your mortgage. You will be able to adjust amortization and interest rates. Find out how much principal and interest has been paid and how much of your mortgage balance is left at the end of each year and mortgage term.
How to use the mortgage payment calculator
Enter the purchase price amount and how much down payment you will have towards your home purchase. Adjust the mortgage term, amortization period and interest rate. The mortgage calculator will show you how much principal and interest you will be paying for each year, term and period. You can find out the balance of your mortgage left at the end of each term.
This mortgage payment calculator is a handy tool to help you budget for mortgage payments. It can also help you be prepared for adjustments in interest rates and how it will affect the amount of principal and interest you will be paying at the time of your renewal.
Down payment and amortization figures
When you change your down payment, you’ll see the effect on how much principal and interest you will be paying each year and each term. The higher your down payment, the lower your mortgage is and depending on how you alter the amortization period, you may be paying less interest over time. The lower your down payment, the higher your mortgage is and depending on the amortization period, you may end up paying more interest over time. Work with these figures and your budget to see what is right for your financial situation.
Change the amortization period to see how it affects your payments, principal contribution and interest amounts. A shorter period results in higher payments but you pay off your mortgage faster. A longer amortization period results in lower payments but you’ll end up paying more interest in the long run.