How A Mortgage Works
Your Guide to Understanding Mortgages
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Enter your loan information to get started (see "How to use the calculator" below)
| Try It Out! |
1Loan Amount Enter one of the following:
Option 1) the amount you are
borrowing at the start of the loan, or
Option 2) if you have already made payments,
enter the current loan balance from your last statement.
2Interest Rate Enter the annual interest rate of the loan. This can be found on your loan agreement or monthly statement.
3# of Payments If you are at the start of the loan (option 1 above), enter the total number of monthly payments (usually 360). NOTE: either this field or the next field needs to be filled out, not both.
4Monthly Payment If you have already made payments (option 2 above), enter the amount you pay each month. Be sure to only enter the principal and interest amount; do not include taxes, insurance or mortgage insurance.
5Month and Year Enter the month and year of the first payment. If you have already made payments (option 2 above), enter the month/year of your next payment.
Disclaimers: The information on this website is to help you understand how mortgages work. It is not legal or tax advice. Consult your financial advisor or tax professional before making any decisions. Your situation may be different from the examples on this website. This information is deemed accurate but not guaranteed. It is provided "as is" without warranty of any kind, either expressed or implied. Use at your own risk.
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