Mortgage Loan Calculator

The down payment = The price of the home multiplied by the percentage down divided by 100 (for 5% down becomes 5/100 or 0.05)

The interest rate = The annual interest percentage divided by 100

The monthly factor = The result of the following formula:

The monthly interest rate = The annual interest rate divided by 12 (for the 12 months in a year)

The month term of the loan in months = The number of years you've taken the loan out for times 12

Months

The monthly payment is figured out using the following formula: Monthly Payment =

The amortization breaks down how much of your monthly payment goes towards the bank's interest, and how much goes into paying off the principal of your loan.