Amortized Mortgage Calculator

Step-by-Step Guide to Using the Amortized Mortgage Calculator

Introduction

The Amortized Mortgage Calculator is a powerful tool designed to help you estimate your monthly mortgage payments, total payment over the loan term, and other critical financial details. Follow this comprehensive guide to enter necessary information and understand the results.

Step 1: Enter Loan Amount

• Loan Amount ($):

  Find the field labeled Loan Amount ($). Enter your desired loan amount in dollars. The minimum amount you can enter is $1,000, and the maximum is $100,000,000. Ensure your input is a multiple of $1,000.

Step 2: Input Annual Interest Rate

• Annual Interest Rate (%):

  Locate the field labeled Annual Interest Rate (%). Input the annual interest rate associated with your loan. Acceptable values range from 0.01% to 30%, with increments of 0.01% allowed.

Step 3: Select Loan Term

• Loan Term:

  Select the desired loan term from the available options: 15 Years, 20 Years, or 30 Years.

Step 4: Choose First Payment Date

• First Payment Date:

  Select a start date for your payments from the calendar input. Valid dates range from January 1, 2024, to December 31, 2025.

Step 5: Review the Calculated Results

After entering all necessary inputs, examine the calculator’s output fields to understand your loan details better:

• Monthly Payment:

  View your estimated monthly payment based on the provided inputs. The amount is shown as a currency, in USD, with two decimal places.

• Total Payment Over Loan Term:

  Find the total amount you’ll pay over the entire loan term, including both principal and interest.

• Total Interest Paid:

  Check the total interest amount payable over the loan duration.

• Loan End Date:

  See the calculated date on which your loan will be fully repaid.

• Interest to Loan Ratio:

  Understand the percentage of total interest paid relative to the original loan amount, giving you a clear view of the cost of borrowing.

Conclusion

By following these steps, you can accurately assess your mortgage commitments using the Amortized Mortgage Calculator. Ensure the accuracy of your input to receive precise results, and use this information to guide your financial planning and decision-making processes.