How to use our calculator:

First to teach you how to use our calculator we need to define the terms and fields used:

Amortization -
This is the amount of time in which your loan payments and interest are calculated. On fixed rate loans the amortization will match the term, however on adjustable rate loans the amortization can be just about anything.

Term -
While the amortization is the length of time that payments and interest are calculated, the term of the loan is the actual length of time you will be paying.

Whenever your amortization is longer than your term it will work out in lower payments, but you will always have an amount still owing and the end of the term. Longer amortization loans are preferred when you want to have lower payments for a few years.

Yearly Interest Rate -
The rate you will be charged. To get todays rates Apply online

Principal Amount -
This is the amount you will be financing. For example if your buying a home and the purchase price is $200,000 than $200,000 would be the amount to use. If you are looking for a cash out refinance, take the amount you currently owe on your mortgage and add the amount of cash out you want, this will give you the new loan principal amount. For second mortgages just list the amount of the second mortgage.

Down Payment -
If you are looking for the potential monthly payment on a new home you can use the down payment feature to show your true principal amount that you will finance. You can use amounts from .1 to 99.

Once you submit the calculator it will give you some information.

Down Payment Required -
The down payment required will be the percentage you entered in a monetary value.

Mortgage Principal -
The Mortgage principal is the down payment in a monetary value minus the principal amount which gives you the actual amount that you will finance. If this is not for a purchase than the mortgage principal will match the Principal amount.

Monthly Payment -
This is your estimated monthly payment based on the rate, term, amortization, and amount financed.

Still owing at the end of the term -
You will only have an amount here if the amortization is higher than the term. For example adjustable rate mortgages like a 3/1 ARM have a term of three years, but are amortized over a full thirty years. In this same example this amount would be what would be owed at the end of the three years if you weren't to sell or refinance your home.