Loan Payment Calculator
Enter loan information in the calculator above.
Things to keep in mind:
- Loan Amount - Enter the beginning balance of the loan. For mortgage loans, this is usually determined by adding the home purchase price and closing costs, then deducting the down payment.
- Interest Rate - This calculator requires an interest rate between 1.0% and 50%. You may enter any increments above 1.0% -- for instance, 6.125% would be a valid rate to enter.
- Term of Loan - This calculator requires the term to be at least 1 year. Enter increments of whole years using a decimal point -- for instance, you would enter 1 ½ years as 1.5 years.
- Monthly Loan Payment will be calculated after you enter information and click on the "Calculate" button. The payment is displayed on the button.
- Monthly Loan Payment does NOT include an escrow amount for property taxes and/or insurance that may need to be included in your payment.
- This calculator will not automatically calculate interest-only or pay-option mortgage payments. To calculate an interest-only payment, multiply the loan amount by the interest rate ( 7% = .07 ), and divide the answer by 12 (months). To calculate the minimum payment on a pay-option mortgage, use the initial start rate of the loan in the calculator.
If you are looking for the absolute lowest mortgage payment available anywhere, check out our 40 Year Pay-Option Loan.