Estimate Your Monthly Payment
Loan Amount, Interest Rate, Loan Term
Try this simple mortgage calculator to see how your loan amount, interest rate, and loan term determine the payoff of your loan principal over time.
For simplicity, this calculator includes the financed loan amount only, without these fees that may or may not apply to your loan:
- Private mortgage insurance (PMI)
- Property taxes
- Home insurance
- Homeowners association (HOA) fees
It’s our job to get you the best terms for your buying situation!
What is Amortization?
“Amortization is the process of spreading out a loan into a series of fixed payments over time. You’ll be paying off the loan’s interest and principal in different amounts each month, although your total payment remains equal each period.”
Source: How Amortization Works
Mortgage loans are amortized, meaning that at the beginning of the loan interest costs are at their highest. At first more of your payment goes toward interest than to the loan principal. As time goes on, more and more of each payment goes towards your principal and you pay proportionately less in interest each month.
More About Mortgage Loans
To learn more about the loan process, we suggest starting with About Mortgage Loans.