Monthly Payment Loan Calculator
- Most loans (mortgage and other) in the United States compound interest monthly.
- Mortgage loans in Canada compound interest semi-annually.
FYI- 30 years=360 months
- 25 years=300 months
- 20 years=240 months
- 15 years=180 months
- 10 years=120 months
- 5 years= 60 months
- 3 years= 36 months
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EXAMPLES: - You want to calculate how much a mortgage payment would be on a $200,000 mortgage at 2.5% interest for 360 months (30 years), you would enter:
- 200000 (or 200,000) = Loan Amount
- 360 = Months
- 2.5 = Interest Rate (Compounded Monthly)
- Press the Payment button, and you'll see that your monthly payment would be $790.24.
- Note: If you look down the amortization schedule, you'll see the final payment is $791.19. Some lenders don't like the final payment to be greater than the regular payment so they'll add a penny to the regular payment. You can do that on this calculator simply by adding a penny to the payment and solving for "Months". The # of months won't change much, if at all. Now you can view the schedule again to see the difference it makes. In this case, you'll make 359 full payments of $790.25 and a final payment of $785.98.
- Using the example above, let's say you can make a higher monthly payment. You would like to round your payment up to $900/month. How long will it take to pay off your mortgage?
- Leave everything the same, just enter 900 for Payment and press Months.
- It will take only 299 months to pay off your mortgage! (298 full payments of $900 and a final partial payment of $649.07)
- So paying that extra $109.76/month will save you a little more than 5 years of payments and about $19,718 interest!
- Suppose you want to buy a car, but you don't want to spend more than $250/month for payments. You can get a 4 year car loan at 2.4%. How much of a car can you buy? You would enter:
- 48 = Months
- 2.4 = Interest Rate (compounded Monthly)
- 250 = Monthly Payment
- Press the Principal button, and you will see that you could buy a $11,431.11 car with no down payment -or put more money down on a more expensive car.
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