Total Payments $645,343.60
Interest Cost $145,343.60
Pay Off By: Sep 2051
Want to figure out how much your monthly mortgage payment will be? For the mathematically inclined, here’s a formula to help you calculate mortgage payments manually:
M = P[r(1+r)^n/((1+r)^n)-1)]
M = the total monthly mortgage payment
P = the principal loan amount
r = your monthly interest rate. Generally, lenders will provide you an annual rate (APR) so you’ll need to divide that figure by 12 (the number of months in a year) to get the monthly rate. For example, if your interest rate is 5%, your monthly rate would be 0.004167 (0.05/12=0.004167).
n = number of payments over the loan’s lifetime. Multiply the number of years in your loan term by 12 to get the number of total payments for your loan. For example, a 30-year fixed mortgage would have 360 payments (30x12=360).
This formula can help you crunch the numbers to see how much house you can afford. Using our mortgage calculator can take the work out of it for you and help you decide whether you’re putting enough money down or if you can or should adjust your loan term. It’s always a good idea to rate-shop with several lenders to ensure you’re getting the best deal available.