#home payment calculator
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House Payment Calculator
Welcome to the house payment calculator here at housepaymentchart.com. This calculator is very simple to use. It will figure out the monthly payment on your house or it will figure out any payment due on any common mortgage or loan. Yes, it can definitely be used to figure out the payment on a car loan as well.
The monthly house payment calculator below will calculate the amount that will be due each month for your principal and interest due for that particular month. Of course, most monthly payments due on a mortgage will include an escrow amount the bank will withhold monthly so they can pay your property taxes and homeowners insurance.
A fairly common amount to withhold is about $300 monthly. So, to be 100% accurate about what your monthly payment on a given mortgage would be, you will have to find out how much the bank will withhold monthly to go toward your homeowners insurance and your city or town’s property tax. If you don’t know what this number is, simply add 300 to the number calculated in the box marked Monthly House Payment.
Alternately, you could find out how much taxes you will be paying per year on your home and how much homeowners insurance you will be paying per year and add these numbers together. Then you can divide this number by 12 and you will know how much money to add onto the number that will be calculated below in the Monthly House Payment box.
There is one more calculation that is made by the House Payment Calculator. This number is shown in the box below the Monthly House Payment box. This shows the total amount that you will have paid if you have paid off your mortgage in full for the full term of the mortgage.
In other words, if you take out a 30 year mortgage, the number shown in this box will show you how much all your monthly payments together add up to. Basically, this number shows how much money you’ve actually wasted in paying interest due. It will show you the importance of getting the lowest interest rate you can.
The reason it will show you this is because you will quickly see that the difference between paying 7% on a mortgage and 5% on a mortgage could be hundred thousand dollars or so. Try it out; you may be very surprised!
As we have stated before, this calculator is simple to use but there is one thing you must look out for. This is the number of payments box. Remember to put the number of payments you have left on your mortgage in this box. If you are gathering together information to see how much you will be paying monthly on a 30 year mortgage, remember to put 360 in this box instead of 30.
Of course, a 15 year mortgage would be 180 payments and the number you would enter in this box for 20 year mortgage will be 240. The reason the calculator has been designed this way is so that anyone can figure out what the monthly payment is on the mortgage that is already started.
For instance, if you’ve been paying your mortgage for 5 1/2 years you will have already paid 66 payments. Therefore, if this is a 30 year mortgage you will enter 294 in this box. This is because 294+66 equals 360.
Amount of the mortgage
(Please don’t include commas) $
Yearly interest rate %
Number of payments
(For example; 360 = 30 years,
240 = 20 years, 180 = 15 years.)