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This free mortgage
calculator can help you calculate monthly and annual
principal and interest payment of a fixed-rate mortgage
loan, given loan amount, annual interest rate, and the
length of loan in years. is Binomo a scam |
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Mortgage
payment calculator is used in financial analysis of real
estate transactions. The vast majority of real estate
transactions use mortgage financing, that is, to borrow fund
from a financial institution and use the property as collateral. The calculation of
monthly mortgage repayment is one
important step in real estate financial analysis. This
mortgage calculator is designed to make your mortgage
payment calculation quicker and easier. It is available 24x7
on the internet. |
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15-year and
30-year fixed-rate mortgage loans are two popular home
mortgage financing options on the market. 15-year mortgage
loan requires higher monthly payment and allows the
borrower to pay off the loan in shorter period of time.
30-year mortgage loan, on the other hand, has lower monthly
payment. It takes the
borrower much longer time to pay off the loan. Over the life
of the loan, the total interest paid on a 15-year loan is
much lower than the interest paid on a 30-year loan of the
same size. |
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Listed below is a comparison
of 15-year vs 30-year fixed-rate mortgage loan, |
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15-year
Loan |
30-year
Loan |
Difference |
Loan
Amount |
$200,000 |
$200,000 |
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Interest
Rate |
5.25% |
6% |
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Monthly
Payment |
$1,607.76 |
$1,199.10 |
$408.66 |
Total
Interest |
$89,395.98 |
$231,676.38 |
$142,280.40 |
Total
Payment |
$289,395.98 |
$431,676.38 |
$142,280.40 |
Payoff
Time |
15
years |
30
years |
15
years |
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The monthly
payment of $1,607.76 on a $200,000, 5.25%, 15-year loan is
$408.66 higher than the monthly payment ($1,199.10) on a
$200,000, 6%, 30-year loan. The total interest paid on a
$200,000, 5.25%, 15-year loan is $89,395.98, or $142,280.40
less than the interest ($231,676.38) paid on a 30-year loan
at 6%. The savings on interest payment is substantial under
the 15-year loan. Using this home mortgage calculator, you
can fill in different numbers and see different payment
scenarios. |
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