Loan Repayment Calculator
How to Use the Loan Repayment Calculator:
Enter the Loan Amount:
Input the total mortgage amount you plan to borrow. This is typically the home price minus any down payment you intend to make.
Enter the Interest Rate:
Type in the annual interest rate your lender offers. This rate determines the interest portion of your monthly payments.
Enter the Amortization:
Specify the length of time (in years) over which you plan to repay the mortgage. Common terms include 15 or 30 years.
Click “Calculate”:
After filling in all the fields, click the Calculate button. The calculator will show your estimated monthly mortgage payment, including principal and interest.
Results Explained:
Monthly Mortgage Payment:
This is an approximate amount you’ll need to pay every month for your mortgage, based on the loan amount, interest rate, and amortization you entered. It includes both the principal (loan repayment) and interest portions.
Total Repayment:
This is an approximate amount you’ll need to pay for your mortgage, it’s the sum, of all monthly payments made over the mortgage term, based on the loan amount, interest rate, and amortization you entered. It includes both the principal (loan repayment) and interest portions.
Total Interest Paid:
This represents the total interest you will pay over the entire amortization. It can give you a clear picture of the cost of borrowing the loan over time.
Additional Tips:
Adjust and Experiment:
Feel free to adjust the loan amount, interest rate, or amortization to see how each factor affects your monthly payment. This is a great way to plan your budget and understand the financial commitment of different mortgage options.
Understand Your Results:
The calculator helps you estimate your monthly mortgage payments, giving you an idea of how much home you can afford based on your budget.