Want to know how much your monthly payment will be for a particular mortgage? Simply fill in the boxes below to find out.
Mortgage Calculator-How much Will My Monthly Mortgage Payment Be?
How Mortgage Loans Work
Understanding how much your monthly mortgage payment will be up front can help you budget better. Monthly mortgage payments are based on a variety of factors, including:
The amount of money borrowed (principal)
Interest rate
Length of loan (term)
Understanding Amortization
In addition, it is important to understand that monthly mortgage payments are amortized. This means you cannot simply multiply the principle times the interest rate to determine the amount of your monthly mortgage payment. The process for determining that amount is actually much more complicated. The mortgage payment calculator at MortgageLenders.org can help you to easily calculate your monthly payment.
An amortization schedule shows you how your loan balance decreases with each payment you make. As the number of payments you make increases, so does the portion of each payment that is paid to the principle of your loan. The portion of your payment that is paid toward interest also decreases with each monthly payment.
Please remember these figures are only a guide. It is important to obtain exact figures from a specific lender before making a final decision on any mortgage.
Ready to shop for a mortgage? MortgageLenders.org can help you in locating lenders with offers you can compare to find the very best mortgage for your financial needs.
Mortgage Lender Network
