Quick Mortgage Qualifying Calculator
This simple calculator can help you determine what your monthly payments will be, as long as you accurately provide:
- The Mortgage Interest Rate
- The Mortgage Amortization Period
Number of total years of the mortgage, times 12. This is not to be confused with your mortgage term which is only a portion of time that you have an agreement with the lender on your interest rate. For example, a typical amortization period is 25 years, which would be 25 x 12 = 300 months.
- The principal amount,
Which is your purchase price (and any other monies borrowed with this loan), minus your total down payment.