Mortgage Calculator
Mortgage Calculator
Result:
| Mortgage amount: | 0 |
| Interest rate (%): | 0 |
| Repayment rate (%): | 0 |
| Monthly EMI amount: | 0 |
| Overall paid EMI: | 0 |
| Remaining principal at the end of the term: | 0 |
| Overall paid Principal: | 0 |
| Overall paid Interest: | 0 |
Mortgage Loan
There are two different words comes into picture when talking about home loans: Amortization and Mortgage
Mortgage is the length of the time that the mortgage agreement at your agreed interest rate is in effect. At the end of this term you need to re-agree the interest rate for the outstanding amount of your loan.
Amortization is the length of time takes to completely repay the entire loan amount with agreed interest rate. To calculate amortization loan use this calculator
Mortgage Calculation:
The mortgage term is the period for which the agreed interest rate for your loan will be in effect.
For example, a 25-year mortgage may have a term of 10 years. However, the entire loan amount need not to be paid off fully at the end of this term. You may need to renew or renegotiate your mortgage at the end of this term in order to extend it to a new period with new interest rate and continue pay them.
Example
Alex wants to take a mortgage to buy a house which is costing $500,000.
He might agree with the bank for this mortgage with the interest rate of 5% and repayment rate of 3% for the period of 10 years. That means the entire loan amount need not to be paid at the end of 10th year.
He might need to take another mortgage or renew the current one with new interest and repayment rates with new loan period at the end of this 10 year period.
Mortgage amount: $500,000
Interest rate: 5%
Repayment rate: 4%
Period: 10years
At the end of the term the outstanding loan amount is: $241,196
How to use this Mortgage Calculator:
Simply enter the details and calculate the detailed Mortgage information using our Advanced Mortgage Calculator.
Mortgage amount - Total amount of the House loan.
Interest rate (%) - Fixed interest rate for the House loan tenure.
Repayment rate (%) - Fixed Repayment rate for the House loan tenure.
Interest Fixed term (years) - Fixed loan tenure in years. At the end of the tenure, Mortgage will be renewed or extended for the outstanding principal.
Mortgage Start date - Loan start date.
Yearly additional repayment (%) - Special repayment allowance in percentage for the loan tenure.
Loan Repayment Schedule:
| No | Date | Opening balance | EMI | Interest | Principal | Closing balance |
|---|---|---|---|---|---|---|
| No | Date | Opening balance | EMI | Interest | Principal | Closing balance |