The loan calculator can be used to help you calculate your monthly principal and interest payments for both fixed and adjustable rate loans at various interest rates. Simply enter your loan amount, your monthly interest rate, how often you will make payments, and the term of your loan, and the Calculator will show you your approximate monthly payment and the total amount of interest you will pay over the course of your loan.
To find your approximate monthly payment and the total amount of interest you will pay over the course of your loan, simply complete the steps below:
Enter your loan amount. This will equal the purchase price of your home less your downpayment.
Enter your interest rate. This rate fluctuates on a daily basis so to receive the most accurate payment use the rate provided by your lending officer. (Note: Rates have fluctuated between 7% and 8% over the past two years)
Enter how often you plan to make payments. The most common option is monthly.
Enter how long your loan will last in years. The typical loan period is 30 years.
Note: These figures are not exact due to rounding, but should give you a good idea of your payment and interest.
