Find out how much goes to
principal and interest each month or how much more you need to pay
to reduce your principal balance and payoff your home loan early.
This
is a simple calculator that can help you to find the monthly
payment, balloon payment, and the loan amount you can afford.
It is very simple to use. Some examples are listed
below:
Example 1 - Monthly
Payment:
Assuming that you borrow $100,000 for the
new home and the interest rate is 10%. The term is 30 years
(360 payments). Enter "100000" into "Loan Amount", "10" into
"Interest (APR)", and "360" into "Number of Payments". Click the
"Monthly Payment" button, and the monthly payment will be shown at
the monthly payment field. The monthly payment should be
$877.57.
Example 2 - Maximum Loan Amount You Can
Borrow:
Assuming that the interest rate is 10%,
360 payments, and maximum monthly payment you can afford is
$1,000. Enter these into appropriate fields, and click the 'Loan
Amount' button. The maximum loan amount you can borrow should be
shown in the 'Loan Amount' field and it is
$113,950.82.
Example 3 - Balloon
Payment:
Assuming that you borrow $100,000 for
your new home and you can afford only $850 monthly payment, the
interest rate is 10% APR for 30 years. Enter these information
into appropriate fields and click the 'Balloon Payment' button.The
balloon payment should be $62,325.21.
Early
Mortgage Payoff Calculator