Planning Your Mortgage Payments
The most commonly asked questions related to mortgages are associated with the amount of each payment and the amount of time it will take to pay off the mortgage completely a loan amortization calculator can help you with both. It is very difficult for individuals and families to determine how much they can afford to pay each week, month or year and if they can afford the payments for a house that costs a certain amount especially after you incorporate interest and taxes. The longer your mortgage lasts, the more interest you will have to pay. It is wise to budget your mortgage payments so you can pay it off as soon as possible, but it is important to not over-extend yourself.
In order to help you budget your mortgage payments, we have designed a loan amortization calculator to help determine how long it will take to pay off a mortgage. Below you will find easy-to-follow instructions on how to use the calculator:
- From the drop-down list, choose the year of your first mortgage payment.
- Enter the mortgage amount or sale price of the home.
- Enter the expected interest rate on your mortgage.
- From the drop-down list, choose how many years you want to hold your mortgage.
- From the drop-down list, choose how often you would like to make your mortgage payments.
- Click the Calculate button. The calculator will then provide you with the amount you must pay every month or bi-weekly, as you selected. It will also provide you with the total amount of interest you will be paying over the number of years you chose to hold your mortgage.
Should you decide to pay the amount provided, you will have your mortgage paid off in the number of years you specified. If you think the payment amount is too high, simply increase the number of years or change the payment frequency until you find an amount which suits your budget.
This calculator was created to eliminate the stress associated with paying off your mortgage. Keep in mind, this calculator will provide you with estimated figures only, not the actual figures as calculated by your bank. You may be able to negotiate a lower interest rate than you expected which will dramatically change your monthly payments and total interest. Use this calculator as a tool to find the average length of time it will take to pay off a mortgage of a specified price. The results provided by the loan amortization calculator are accurate and realistic and will save you a great deal of time when it comes to planning your mortgage payments.