George Koutsos | Mortgage Consultant

Mortgage Payment & Amortization Calculator

Instructions:

1. Complete all fields in the Mortgage tab (purchase loan) or in the Loan tab (refinance loan).

2. Click “Calculate.”

3. View payments & amortization schedule.

For help, see the section on the right. Otherwise, you can proceed to our easy mortgage application:

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Help

Purchase price. The total sales price of your new home in whole dollars. This amount, less any down payment, will be the amount you borrow from your bank.
Loan amount. The amount you need to borrow to refinance your existing home. Use the balance on your current mortgage statement as an estimated amount.
Down payment. Enter the percentage of the Purchase price that you plan to pay upfront. If, for example, you plan to make a $25,000 down payment on a $250,000 home, enter 10 here.
Mortgage/Loan term. Determine the number of years over which you’d like to pay your mortgage and enter it here. Common values are 10, 15, and 30.

Interest rate. Enter the actual interest percentage your bank will apply to the amount you borrow.
Property tax. Enter the yearly tax you’ll pay on the value of your property.
Property insurance. Determine the yearly amount to insure your property and enter it here.
First payment date. From these drop-down menus, select the month and year that your mortgage payments will begin.
Amortization. Choose whether you’d like to see your mortgage payment schedule, including principal, interest, tax, insurance, PMI, and balance, on a yearly or monthly basis.