Mortgage Calculator

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 and followings are some examples:

Example 1 - Monthly Payment:
Assuming that you borrow $100,000 for the new home and the interest rate is 6.25%. 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 $615.72

Example 2 - Maximum Loan Amount You Can Borrow:
Assuming that the interest rate is 5.75%, 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 $171,358.21.

Example 3 - Balloon Payment:
Assuming that you borrow $100,000 for your new home and you can afford only $650 monthly payment, the interest rate is 7% APR for 30 years. Enter these information into appropriate fields and click the 'Balloon Payment' button. The balloon payment should be $18,668.60.