Mortgage Savings Calculator
Compare different mortgage options, calculate potential savings, and find the best mortgage plan for your financial situation.
Step 1: Mortgage Details
Understanding Mortgage Costs
Your mortgage costs depend on the loan amount, interest rate, and loan term. Lower interest rates and shorter terms typically result in lower total interest paid.
Step 2: Additional Details
About Mortgage Savings
Making extra payments, choosing a shorter term, or refinancing to a lower rate can significantly reduce your total interest paid and help you build equity faster.
Mortgage Savings Results
Estimated Monthly Mortgage Payment
Mortgage Options Comparison
| Loan Term | Interest Rate | Monthly Payment | Total Interest | Total Cost |
|---|
Mortgage Payment Breakdown
Mortgage Calculation Formula
M = P × [r(1+r)^n] / [(1+r)^n – 1]
Where M is the monthly payment, P is the principal loan amount, r is the monthly interest rate, and n is the number of payments (loan term in months).
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