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. Important Fields: 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.
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