Mortgage Repayment Calculator
Calculation Result
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Loan Amount:
$200,000.00
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Annual Interest Rate:
3.5%
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Loan Term:
30 years
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Monthly Payment:
$898.09
-
Total Interest Paid:
$123,312.18
-
Total Amount Paid:
$323,312.18
Amortization Chart
Use the form above to calculate mortgage repayments.
Example: $200,000 loan, 3.5% interest rate, 30-year term, monthly payments.
What is a Mortgage?
A mortgage is a loan used to purchase or maintain a home, land, or other types of real estate.
The borrower agrees to pay the lender over time, typically in a series of regular payments that are divided into principal and interest. The property serves as collateral to secure the loan.
What does this Calculator do?
- Calculate Payments: It computes the regular payment amount based on the loan terms.
- Amortization Schedule: Generates a detailed breakdown of each payment over the life of the loan.
- Flexible Inputs: Allows users to adjust loan amount, interest rate, term, and payment frequency.
- Visual Representation: Provides a chart to visualize the loan balance and interest paid over time.
- Total Cost Analysis: Shows the total amount paid over the life of the loan, including principal and interest.
- Payment Frequency Options: Supports calculations for monthly, bi-weekly, and weekly payment schedules.
- Instant Results: Provides immediate calculations as users input or change their loan parameters.
Why is understanding Mortgage Repayment important?
- Financial Planning: Helps in budgeting and long-term financial planning for homeownership.
- Cost Awareness: Illustrates the true cost of borrowing over the life of the loan.
- Payment Strategy: Allows comparison of different payment frequencies and their impact on the loan.
- Interest Savings: Demonstrates how additional payments or shorter terms can lead to significant interest savings.
- Loan Comparison: Enables easy comparison between different loan offers or refinancing options.
- Amortization Understanding: Helps borrowers understand how their loan balance decreases over time.
- Informed Decision Making: Provides crucial information for making informed decisions about home financing.