Take the first step towards a lower mortgage rate, a simple mortgage calculator.
This Mortgage Calculator let’s you estimate what your monthly mortgage costs is for a given purchase price, interest rate, and amortization period.
- Estimated Monthly Mortgage Payment
- Estimated Yearly Mortgage Payment
- Total amount paid throughout the life of the loan (from start to finish)
- Total interest paid.
It is important to pay close attention to the total loan amount paid over the life of a loan. Why? Because the total amount paid is usually much greater than expected. Also, the total interest paid over the life a loan is eye opening when analyzing a mortgage. What you will often find with a 30 year fixed mortgage is that you will pay more than 50% of your purchase price in interest. You can really learn how a little difference in an interest rate, can make a HUGE difference in the total interest you pay.
Play around with the mortgage calculator below to learn what factors make a big difference in the total amount paid over the life of a loan.