Mortgage Term Calculator
Calculate your mortgage payments, interest costs, and amortization schedule. Understand how loan amount, interest rate, and term affect your mortgage expenses.
Step 1: Mortgage Details
Understanding Loan Terms
A longer loan term reduces monthly payments but increases total interest paid. A shorter term means higher monthly payments but less interest over the life of the loan.
Step 2: Additional Details
About Mortgage Types
Fixed-rate mortgages have constant interest rates. Variable rates can change with market conditions. Interest-only payments cover only interest initially, with principal paid later.
Mortgage Payment Results
Estimated Monthly Payment
Term Length Comparison
| Term Length | Monthly Payment | Total Interest | Total Payment | Interest Saved |
|---|
Amortization Schedule
Mortgage Payment Formula
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
Where M is the monthly payment, P is the principal loan amount, i is the monthly interest rate, and n is the number of payments (loan term in months).
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