Use this tool to help estimate a monthly mortgage payment on a property. This Mortgage Calculator is for demonstration purposes only and may not reflect actual numbers for your mortgage. Here are the definitions of the terminology used in this mortgage calculator.
The total loan offered by the bank to cover the price of a property.
The cost of loan, expressed as a percentage of the amount loaned. Interest rates vary based upon lender and length of Mortgage. Click here for current mortgage rates.
An initial payment made upon the purchase of a home. Most Mortgages require a down payment of at least 3% of the total mortgage.
The total length of time it will take to pay off a Mortgage loan. The maximum amortization period is 25 years.