This calculation tool calculates monthly mortgage payments for 5, 10, 15, 20, 25, 30 year & interest-only home loans. Whenever the principal amount or interest rates are changed, these values automatically update.
Home buyers can then enter a minimum & maximum affordable monthly payment amount & click on the [Calculate Range] button to quickly compute how many months & years it would take to pay off a loan given those monthly payment amounts, along with the total cost of interest over the life of the loan. These fields are yellow to make them visually stand out & by default the minimum is set to a 30-year amortizing loan & the max is set to a 10-year amortizing loan. When you adjust these it will recompute the repayment periods below based on your inputs.
Here is a table which shows current mortgage rates available in your local area.
The minimum monthly payment entered should be more than the interest only amount, such that the loan is paid down over time.
This calculator only accounts for the basic loan costs of principal & interest.
US 10-year Treasury rates have recently fallen to all-time record lows due to the spread of coronavirus driving a risk off sentiment, with other financial rates falling in tandem. Homeowners who buy or refinance at today's low rates may benefit from recent rate volatility.
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