Mortgage Payment Calculator

http://www.vertex42.com/Calculators/mortgage-payment-calculator.html 2008 Vertex42 LLC

Compound Period

12

Enter 12 for US mortgages and 2 for Canadian mortgages.

Mortgage Information
Loan Amount Annual Interest Rate Term of Loan (in Years)

Option #1
$ 150,000 6.000% 30

Option #2

Option #3

Option #4

Option #5

PAYMENT
Monthly Interest Rate Monthly Payment (PI) Extra Monthly Payment Total MONTHLY PAYMENT $ $ 0.500% 899.33 899.33 -------------------------

TOTALS
Number of Payments Number of Years to Payoff Total Payments Total INTEREST $ $ 360.0 30.0 323,757 173,757 ---------------------------------

BALANCE at Year
Outstanding Balance Interest Paid Original Down Payment EQUITY $ $ $ $

1
148,158 8,950 10,000 11,842

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Caution: Results are only estimates. Interest rates may vary, values may be off due to rounding, and the calculator does not take into account fees, closing costs, property tax, mortgage insurance, tax deductions, etc.

http://www.vertex42.com/Calculators/mortgage-calculators.html

2008 Vertex42 LLC

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http://www.vertex42.com/Calculators/mortgage-payment-calculator.html

Use this mortgage calculator to determine the monthly payment for different mortgages. See how soon you could pay off your home by making extra payments. Calculate the equity in your home after a specified number of years. Caution: This calculator is only for educational purposes. The results are only estimates. The calculator does not include rounding, fees, missed payments, property tax, mortgage insurance, and other factors that may be important when making loan or home buying/selling decisions. Please consult a qualified professional regarding financial decisions.

Compound Period
The number of times per year that the quoted annual interest rate is compounded. US mortgage rates are quoted based on a monthly compound period (enter 12 for US mortgages). Canadian mortgage rates are quoted based on a semi-annual compound period (enter 2 for Canadian mortgages).

Loan Amount
This is the amount that you have borrowed. You can also enter your current balance, if you also adjust the Term of Loan to be the number of years left to pay off the mortgage.

Annual Interest Rate

This is the rate that is usually quoted by the lender. This calculator assumes a fixed annual interest rate. See the note under "Compound Period".

Term of Loan (in Years)

The total number of years it will take to pay off the mortgage. Mortgages usually have 15 or 30-year terms. If you enter your current mortgage balance in the Loan Amount, then enter the number of years you have left on your mortgage. You can enter a formula to a specify the number of months. For example, to enter "10 years + 3 months", enter the following formula: =10+3/12 For Canadian mortgages, the definition of "Term" is different, so for Canadian mortgages you may want to change this label to "Amortization Period".

Monthly Interest Rate

The monthly interest rate is calculated from the annual interest rate and the compound period.

Monthly Mortgage Payment (PI)

Consists of both principal (P) and interest (I). Derived from the amount borrowed, the term of the loan, and the mortgage interest rate.

Extra Monthly Payment

The extra amount you want to pay towards the principal each month (a regularly scheduled prepayment). This assumes no penalties for making prepayments.