“How Much Will I Pay For My Mortgage Each Month?”
“How much will I pay for my mortgage each month?”
It’s a basic question that every homebuyer wants answered and with over 6 million Google results for “mortgage calculator”, finding an easy-to-use mortgage payment calculator can be a challenge.
Many calculators have an abundance of features and/or ask large amounts of non-essential questions. It can leave a person feeling outright confused.
All that is needed to calculate an amortizing mortgage payment is three pieces of information:
- Loan size
- Interest rate
- Length of loan in years
So, if your home loan is an amortizing loan (i.e. not interest only), keep it simple — use Bankrate.com’s mortgage calculator.
Bankrate.com’s calculator asks for the three inputs above, asks you to click “Calculate”, and then spits back your expected payment.
Remember that your taxes and other monthly payments will not be included in this figure.
If your loan is non-amortizing (i.e. interest only), the math is simple enough that you can do it yourself.
(Loan size) * (Annual Interest Rate) / (12 months) = (Monthly Payment)
You don’t need fancy features for a basic mortgage calculation. But, if you’re having trouble or want to know more, call or email me and I’ll be happy to walk you through it.
