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 monthly payment & 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.
Please note this calculator deals with principal and interest only. For sake of simplicity it does not calculate HOA, PMI, homeowner's insurance or property taxes. Once you have the general payment ranges in mind you can use the calculator on our homepage to calculate the associated payments with all those other 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.