Mortgage Loan Calculator

A B O U T

This tool allows you to calculate your monthly home loan payments, using various loan terms, interest rates, and loan amounts. It includes advanced feature like calculating amortization schedule.

T E R M I N A L O G Y

• What is a Mortgage Loan Calculator

  The mortgage calculator is used to estimate your monthly mortgage payment. You can input a different home price, down payment, loan term and interest rate to see how your monthly payment changes!

• What is an Amortization Schedule

  An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term.

• What is a Loan Term

  Period over which a loan agreement is in force, and before or at the end of which the loan should either be repaid or renegotiated for another term.

• Down Payment

  Down Payment- is the amount of the purchase price that the buyer is paying. Generally, lenders require a specific down payment in order to qualify for the mortgage.

• Annual Percentage Rate (Interest Rate)

  The Annual Percentage Rate is the rate of interest that will be paid back to the mortgage lender. How much interest is charged on your loan balance every period. The rate can either be a fixed rate or adjustable rate.

• Fixed-rate mortgage

  A Fixed-rate mortgage is a home loan with a fixed interest rate for the entire term of the loan. The Loan term is the period of time during which a loan must be repaid. For example, a 30-year fixed-rate loan has a term of 30 years.

• Adjustable-rate mortgage (ARM)

  An Adjustable-rate mortgage (ARM) is a mortgage in which your interest rate and monthly payments may change periodically during the life of the loan, based on the fluctuation of an index. Lenders may charge a lower interest rate for the initial period of the loan. Also called a variable-rate mortgage.

• What is a loan Principal Balance

  - The amount you originally borrowed.
  - The balance on the loan account at any one time after the last payment has been made.

• What is a Home Equity

  The Home Equity - the difference between the value of the home and the mortgage loan is called equity. Over time, as the value of the home increases and the amount of the loan decreases, the equity of the home generally increases.