Monthly Payments Calculator
  Use this calculator to find out the monthly payment for different loan amounts, rates and terms of the loan (30 year, 15 year etc).

Results are shown for both the fully amortized loan and the interest only loan. Click here to find out the differences between these loans.

To learn how to use this simple calculator to take informed mortgage decisions and save real money, click on 'Save $$$' button.
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Save $$$

 
   
     
  Help
  To use this calculator, enter the loan details and press 'Calculate' button.

To start over, click on 'Clear All' button.

For your convenience, the monthly payment is recalculated automatically every time you make a change and press the 'Enter' key. The 'Calculate' button doesn't really need to be clicked every time you make a change.
  Save $$$
  The most commonly used loan is the fully amortized loan in which the monthly payment includes both principal and interest. In some cases an interest only loan may be more suitable because the monthly payment is interest only, and therefore lower than the monthly payment for a fully amortized loan.

Interest only loan should be considered by borrowers who want a low monthly payment and higher tax deduction, and are not interested in paying off the loan.

Use this calculator to compare the monthly payments and total interest payments for both type of loans.

The table below shows the monthly payment and the total interest for a 30 year, fixed, loan of $100,000 at 7% interest. Note that while there is a saving of $ 81.97 per month for interest only loan, the additional interest paid over the life of the loan is around $ 80,491!
 
Item
Fully Amortized
Interest Only
  Monthly payment
665.30 
583.33 
  Total interest payment
139,508.90 
210,000.00 
  Click here for more details on how to decide whether to go for 30 year or 15 year term. Mortgages are also available for 10 and 20 year terms.

Click here to find out when paying discount points can actually save you money.

 

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