A mortgage is a long-term commitment--a common loan will last anywhere between 15 to 30 years. When shopping around for mortgage lenders, it's important to determine first and foremost what loan terms you can afford. Plug figures into an online financial calculator to see what interest rate, loan amount and term works for you.
Use the All Banks online calculator to calculate the mortgage on a house you want to purchase. It requests the basics of the loan, including the interest rate, term, principal and mortgage start date, as well as addition payments you want to make to pay down the debt. The results show the monthly payment, amortization table and a visual chart showing how your payments will reduce the loan debt over time.
Calculate mortgage payments using the Move Mortgage Payment Calculator. After entering the details of your hypothetical loan, the calculator provides you with the payment amount in bold at top, then a colorful chart showing how the loan is amortized (meaning the amount that goes toward interest and principal) every six years, monthly, and yearly. This is a smart choice of calculators if you're trying to learn more about the effects of making those mortgage payments every month.
Visit the Mortgage Abacus Mortgage Payment Calculator to calculate and analyze your monthly payments for your hypothetical mortgage loan. As the name suggests, it helps you get a thorough reading of your costs if you go with the loan terms you're considering. In addition to displaying the monthly payment and total interest paid for the duration of the mortgage, it also provides you with a graph chart showing "Payment Composition Over Loan Lifetime" (split between principal and interest) and the "Total Loan Cost."