Calculated Results | |
---|---|
Monthly Mortgage | 1,529.99 |
Total Interest | 75,397.58 |
Year | Beginning Balance | Interest Payment | Principal Payment | Ending Balance | |
---|---|---|---|---|---|
1 | 200,000.00 | 8,804.52 | 9,555.32 | 190,444.68 | |
Month | 1 | 200,000.00 | 750.00 | 779.99 | 199,220.01 |
Month | 2 | 199,220.01 | 747.08 | 782.91 | 198,437.10 |
Month | 3 | 198,437.10 | 744.14 | 785.85 | 197,651.25 |
Month | 4 | 197,651.25 | 741.19 | 788.79 | 196,862.46 |
Month | 5 | 196,862.46 | 738.23 | 791.75 | 196,070.71 |
Month | 6 | 196,070.71 | 735.27 | 794.72 | 195,275.99 |
Month | 7 | 195,275.99 | 732.28 | 797.70 | 194,478.28 |
Month | 8 | 194,478.28 | 729.29 | 800.69 | 193,677.59 |
Month | 9 | 193,677.59 | 726.29 | 803.70 | 192,873.90 |
Month | 10 | 192,873.90 | 723.28 | 806.71 | 192,067.19 |
Month | 11 | 192,067.19 | 720.25 | 809.73 | 191,257.45 |
Month | 12 | 191,257.45 | 717.22 | 812.77 | 190,444.68 |
2 | 190,444.68 | 8,365.55 | 9,994.29 | 180,450.39 | |
Month | 13 | 190,444.68 | 714.17 | 815.82 | 189,628.86 |
Month | 14 | 189,628.86 | 711.11 | 818.88 | 188,809.98 |
Month | 15 | 188,809.98 | 708.04 | 821.95 | 187,988.03 |
Month | 16 | 187,988.03 | 704.96 | 825.03 | 187,163.00 |
Month | 17 | 187,163.00 | 701.86 | 828.13 | 186,334.88 |
Month | 18 | 186,334.88 | 698.76 | 831.23 | 185,503.65 |
Month | 19 | 185,503.65 | 695.64 | 834.35 | 184,669.30 |
Month | 20 | 184,669.30 | 692.51 | 837.48 | 183,831.82 |
Month | 21 | 183,831.82 | 689.37 | 840.62 | 182,991.20 |
Month | 22 | 182,991.20 | 686.22 | 843.77 | 182,147.44 |
Month | 23 | 182,147.44 | 683.05 | 846.93 | 181,300.50 |
Month | 24 | 181,300.50 | 679.88 | 850.11 | 180,450.39 |
3 | 180,450.39 | 7,906.41 | 10,453.42 | 169,996.97 | |
Month | 25 | 180,450.39 | 676.69 | 853.30 | 179,597.09 |
Month | 26 | 179,597.09 | 673.49 | 856.50 | 178,740.60 |
Month | 27 | 178,740.60 | 670.28 | 859.71 | 177,880.89 |
Month | 28 | 177,880.89 | 667.05 | 862.93 | 177,017.95 |
Month | 29 | 177,017.95 | 663.82 | 866.17 | 176,151.79 |
Month | 30 | 176,151.79 | 660.57 | 869.42 | 175,282.37 |
Month | 31 | 175,282.37 | 657.31 | 872.68 | 174,409.69 |
Month | 32 | 174,409.69 | 654.04 | 875.95 | 173,533.74 |
Month | 33 | 173,533.74 | 650.75 | 879.24 | 172,654.50 |
Month | 34 | 172,654.50 | 647.45 | 882.53 | 171,771.97 |
Month | 35 | 171,771.97 | 644.14 | 885.84 | 170,886.13 |
Month | 36 | 170,886.13 | 640.82 | 889.16 | 169,996.97 |
4 | 169,996.97 | 7,426.19 | 10,933.65 | 159,063.31 | |
Month | 37 | 169,996.97 | 637.49 | 892.50 | 169,104.47 |
Month | 38 | 169,104.47 | 634.14 | 895.84 | 168,208.62 |
Month | 39 | 168,208.62 | 630.78 | 899.20 | 167,309.42 |
Month | 40 | 167,309.42 | 627.41 | 902.58 | 166,406.84 |
Month | 41 | 166,406.84 | 624.03 | 905.96 | 165,500.88 |
Month | 42 | 165,500.88 | 620.63 | 909.36 | 164,591.52 |
Month | 43 | 164,591.52 | 617.22 | 912.77 | 163,678.76 |
Month | 44 | 163,678.76 | 613.80 | 916.19 | 162,762.57 |
Month | 45 | 162,762.57 | 610.36 | 919.63 | 161,842.94 |
Month | 46 | 161,842.94 | 606.91 | 923.08 | 160,919.86 |
Month | 47 | 160,919.86 | 603.45 | 926.54 | 159,993.33 |
Month | 48 | 159,993.33 | 599.97 | 930.01 | 159,063.31 |
5 | 159,063.31 | 6,923.90 | 11,435.94 | 147,627.37 | |
Month | 49 | 159,063.31 | 596.49 | 933.50 | 158,129.81 |
Month | 50 | 158,129.81 | 592.99 | 937.00 | 157,192.82 |
Month | 51 | 157,192.82 | 589.47 | 940.51 | 156,252.30 |
Month | 52 | 156,252.30 | 585.95 | 944.04 | 155,308.26 |
Month | 53 | 155,308.26 | 582.41 | 947.58 | 154,360.68 |
Month | 54 | 154,360.68 | 578.85 | 951.13 | 153,409.55 |
Month | 55 | 153,409.55 | 575.29 | 954.70 | 152,454.85 |
Month | 56 | 152,454.85 | 571.71 | 958.28 | 151,496.56 |
Month | 57 | 151,496.56 | 568.11 | 961.87 | 150,534.69 |
Month | 58 | 150,534.69 | 564.51 | 965.48 | 149,569.21 |
Month | 59 | 149,569.21 | 560.88 | 969.10 | 148,600.11 |
Month | 60 | 148,600.11 | 557.25 | 972.74 | 147,627.37 |
6 | 147,627.37 | 6,398.53 | 11,961.31 | 135,666.06 | |
Month | 61 | 147,627.37 | 553.60 | 976.38 | 146,650.99 |
Month | 62 | 146,650.99 | 549.94 | 980.05 | 145,670.94 |
Month | 63 | 145,670.94 | 546.27 | 983.72 | 144,687.22 |
Month | 64 | 144,687.22 | 542.58 | 987.41 | 143,699.81 |
Month | 65 | 143,699.81 | 538.87 | 991.11 | 142,708.70 |
Month | 66 | 142,708.70 | 535.16 | 994.83 | 141,713.87 |
Month | 67 | 141,713.87 | 531.43 | 998.56 | 140,715.31 |
Month | 68 | 140,715.31 | 527.68 | 1,002.30 | 139,713.01 |
Month | 69 | 139,713.01 | 523.92 | 1,006.06 | 138,706.94 |
Month | 70 | 138,706.94 | 520.15 | 1,009.84 | 137,697.11 |
Month | 71 | 137,697.11 | 516.36 | 1,013.62 | 136,683.49 |
Month | 72 | 136,683.49 | 512.56 | 1,017.42 | 135,666.06 |
7 | 135,666.06 | 5,849.03 | 12,510.81 | 123,155.25 | |
Month | 73 | 135,666.06 | 508.75 | 1,021.24 | 134,644.82 |
Month | 74 | 134,644.82 | 504.92 | 1,025.07 | 133,619.75 |
Month | 75 | 133,619.75 | 501.07 | 1,028.91 | 132,590.84 |
Month | 76 | 132,590.84 | 497.22 | 1,032.77 | 131,558.07 |
Month | 77 | 131,558.07 | 493.34 | 1,036.64 | 130,521.43 |
Month | 78 | 130,521.43 | 489.46 | 1,040.53 | 129,480.90 |
Month | 79 | 129,480.90 | 485.55 | 1,044.43 | 128,436.46 |
Month | 80 | 128,436.46 | 481.64 | 1,048.35 | 127,388.11 |
Month | 81 | 127,388.11 | 477.71 | 1,052.28 | 126,335.83 |
Month | 82 | 126,335.83 | 473.76 | 1,056.23 | 125,279.60 |
Month | 83 | 125,279.60 | 469.80 | 1,060.19 | 124,219.42 |
Month | 84 | 124,219.42 | 465.82 | 1,064.16 | 123,155.25 |
8 | 123,155.25 | 5,274.29 | 13,085.55 | 110,069.70 | |
Month | 85 | 123,155.25 | 461.83 | 1,068.15 | 122,087.10 |
Month | 86 | 122,087.10 | 457.83 | 1,072.16 | 121,014.94 |
Month | 87 | 121,014.94 | 453.81 | 1,076.18 | 119,938.76 |
Month | 88 | 119,938.76 | 449.77 | 1,080.22 | 118,858.54 |
Month | 89 | 118,858.54 | 445.72 | 1,084.27 | 117,774.27 |
Month | 90 | 117,774.27 | 441.65 | 1,088.33 | 116,685.94 |
Month | 91 | 116,685.94 | 437.57 | 1,092.41 | 115,593.53 |
Month | 92 | 115,593.53 | 433.48 | 1,096.51 | 114,497.02 |
Month | 93 | 114,497.02 | 429.36 | 1,100.62 | 113,396.39 |
Month | 94 | 113,396.39 | 425.24 | 1,104.75 | 112,291.64 |
Month | 95 | 112,291.64 | 421.09 | 1,108.89 | 111,182.75 |
Month | 96 | 111,182.75 | 416.94 | 1,113.05 | 110,069.70 |
9 | 110,069.70 | 4,673.14 | 13,686.70 | 96,383.00 | |
Month | 97 | 110,069.70 | 412.76 | 1,117.23 | 108,952.47 |
Month | 98 | 108,952.47 | 408.57 | 1,121.41 | 107,831.06 |
Month | 99 | 107,831.06 | 404.37 | 1,125.62 | 106,705.44 |
Month | 100 | 106,705.44 | 400.15 | 1,129.84 | 105,575.60 |
Month | 101 | 105,575.60 | 395.91 | 1,134.08 | 104,441.52 |
Month | 102 | 104,441.52 | 391.66 | 1,138.33 | 103,303.19 |
Month | 103 | 103,303.19 | 387.39 | 1,142.60 | 102,160.59 |
Month | 104 | 102,160.59 | 383.10 | 1,146.88 | 101,013.71 |
Month | 105 | 101,013.71 | 378.80 | 1,151.19 | 99,862.52 |
Month | 106 | 99,862.52 | 374.48 | 1,155.50 | 98,707.02 |
Month | 107 | 98,707.02 | 370.15 | 1,159.84 | 97,547.18 |
Month | 108 | 97,547.18 | 365.80 | 1,164.18 | 96,383.00 |
10 | 96,383.00 | 4,044.37 | 14,315.47 | 82,067.53 | |
Month | 109 | 96,383.00 | 361.44 | 1,168.55 | 95,214.45 |
Month | 110 | 95,214.45 | 357.05 | 1,172.93 | 94,041.52 |
Month | 111 | 94,041.52 | 352.66 | 1,177.33 | 92,864.18 |
Month | 112 | 92,864.18 | 348.24 | 1,181.75 | 91,682.44 |
Month | 113 | 91,682.44 | 343.81 | 1,186.18 | 90,496.26 |
Month | 114 | 90,496.26 | 339.36 | 1,190.63 | 89,305.64 |
Month | 115 | 89,305.64 | 334.90 | 1,195.09 | 88,110.55 |
Month | 116 | 88,110.55 | 330.41 | 1,199.57 | 86,910.97 |
Month | 117 | 86,910.97 | 325.92 | 1,204.07 | 85,706.90 |
Month | 118 | 85,706.90 | 321.40 | 1,208.59 | 84,498.32 |
Month | 119 | 84,498.32 | 316.87 | 1,213.12 | 83,285.20 |
Month | 120 | 83,285.20 | 312.32 | 1,217.67 | 82,067.53 |
11 | 82,067.53 | 3,386.72 | 14,973.12 | 67,094.42 | |
Month | 121 | 82,067.53 | 307.75 | 1,222.23 | 80,845.30 |
Month | 122 | 80,845.30 | 303.17 | 1,226.82 | 79,618.48 |
Month | 123 | 79,618.48 | 298.57 | 1,231.42 | 78,387.06 |
Month | 124 | 78,387.06 | 293.95 | 1,236.04 | 77,151.03 |
Month | 125 | 77,151.03 | 289.32 | 1,240.67 | 75,910.36 |
Month | 126 | 75,910.36 | 284.66 | 1,245.32 | 74,665.04 |
Month | 127 | 74,665.04 | 279.99 | 1,249.99 | 73,415.04 |
Month | 128 | 73,415.04 | 275.31 | 1,254.68 | 72,160.36 |
Month | 129 | 72,160.36 | 270.60 | 1,259.39 | 70,900.98 |
Month | 130 | 70,900.98 | 265.88 | 1,264.11 | 69,636.87 |
Month | 131 | 69,636.87 | 261.14 | 1,268.85 | 68,368.02 |
Month | 132 | 68,368.02 | 256.38 | 1,273.61 | 67,094.42 |
12 | 67,094.42 | 2,698.86 | 15,660.98 | 51,433.44 | |
Month | 133 | 67,094.42 | 251.60 | 1,278.38 | 65,816.03 |
Month | 134 | 65,816.03 | 246.81 | 1,283.18 | 64,532.86 |
Month | 135 | 64,532.86 | 242.00 | 1,287.99 | 63,244.87 |
Month | 136 | 63,244.87 | 237.17 | 1,292.82 | 61,952.05 |
Month | 137 | 61,952.05 | 232.32 | 1,297.67 | 60,654.38 |
Month | 138 | 60,654.38 | 227.45 | 1,302.53 | 59,351.85 |
Month | 139 | 59,351.85 | 222.57 | 1,307.42 | 58,044.43 |
Month | 140 | 58,044.43 | 217.67 | 1,312.32 | 56,732.11 |
Month | 141 | 56,732.11 | 212.75 | 1,317.24 | 55,414.87 |
Month | 142 | 55,414.87 | 207.81 | 1,322.18 | 54,092.69 |
Month | 143 | 54,092.69 | 202.85 | 1,327.14 | 52,765.55 |
Month | 144 | 52,765.55 | 197.87 | 1,332.12 | 51,433.44 |
13 | 51,433.44 | 1,979.40 | 16,380.44 | 35,053.00 | |
Month | 145 | 51,433.44 | 192.88 | 1,337.11 | 50,096.33 |
Month | 146 | 50,096.33 | 187.86 | 1,342.13 | 48,754.20 |
Month | 147 | 48,754.20 | 182.83 | 1,347.16 | 47,407.04 |
Month | 148 | 47,407.04 | 177.78 | 1,352.21 | 46,054.83 |
Month | 149 | 46,054.83 | 172.71 | 1,357.28 | 44,697.55 |
Month | 150 | 44,697.55 | 167.62 | 1,362.37 | 43,335.18 |
Month | 151 | 43,335.18 | 162.51 | 1,367.48 | 41,967.70 |
Month | 152 | 41,967.70 | 157.38 | 1,372.61 | 40,595.09 |
Month | 153 | 40,595.09 | 152.23 | 1,377.75 | 39,217.34 |
Month | 154 | 39,217.34 | 147.07 | 1,382.92 | 37,834.42 |
Month | 155 | 37,834.42 | 141.88 | 1,388.11 | 36,446.31 |
Month | 156 | 36,446.31 | 136.67 | 1,393.31 | 35,053.00 |
14 | 35,053.00 | 1,226.88 | 17,132.96 | 17,920.04 | |
Month | 157 | 35,053.00 | 131.45 | 1,398.54 | 33,654.46 |
Month | 158 | 33,654.46 | 126.20 | 1,403.78 | 32,250.68 |
Month | 159 | 32,250.68 | 120.94 | 1,409.05 | 30,841.63 |
Month | 160 | 30,841.63 | 115.66 | 1,414.33 | 29,427.30 |
Month | 161 | 29,427.30 | 110.35 | 1,419.63 | 28,007.66 |
Month | 162 | 28,007.66 | 105.03 | 1,424.96 | 26,582.71 |
Month | 163 | 26,582.71 | 99.69 | 1,430.30 | 25,152.41 |
Month | 164 | 25,152.41 | 94.32 | 1,435.67 | 23,716.74 |
Month | 165 | 23,716.74 | 88.94 | 1,441.05 | 22,275.69 |
Month | 166 | 22,275.69 | 83.53 | 1,446.45 | 20,829.24 |
Month | 167 | 20,829.24 | 78.11 | 1,451.88 | 19,377.36 |
Month | 168 | 19,377.36 | 72.67 | 1,457.32 | 17,920.04 |
15 | 17,920.04 | 439.80 | 17,920.04 | 0.00 | |
Month | 169 | 17,920.04 | 67.20 | 1,462.79 | 16,457.25 |
Month | 170 | 16,457.25 | 61.71 | 1,468.27 | 14,988.98 |
Month | 171 | 14,988.98 | 56.21 | 1,473.78 | 13,515.20 |
Month | 172 | 13,515.20 | 50.68 | 1,479.30 | 12,035.90 |
Month | 173 | 12,035.90 | 45.13 | 1,484.85 | 10,551.05 |
Month | 174 | 10,551.05 | 39.57 | 1,490.42 | 9,060.63 |
Month | 175 | 9,060.63 | 33.98 | 1,496.01 | 7,564.62 |
Month | 176 | 7,564.62 | 28.37 | 1,501.62 | 6,063.00 |
Month | 177 | 6,063.00 | 22.74 | 1,507.25 | 4,555.75 |
Month | 178 | 4,555.75 | 17.08 | 1,512.90 | 3,042.85 |
Month | 179 | 3,042.85 | 11.41 | 1,518.58 | 1,524.27 |
Month | 180 | 1,524.27 | 5.72 | 1,524.27 | 0.00 |
The monthly payment of a mortgage loan is calculated based on the following formula:
\[ mp = Amount \frac{Rate(1+Rate)^{Term}}{(1+Rate)^{Term} - 1} \]
Where Amount is the total loan amount.
Rate is the monthly interest rate that is calculcated by using annual interest rate divided by 12.
Term is number of month of the loan term.
This monthly payment also called the amortization amount. If you have escrow such as insurance and tax, your monthly payment will need to add those values.
For mortgage loan with zero unfront cost, the APR is the same as your loan interest rate. If you pay fee or any other expense on the mortgage loan up front, the calculator can calculate a true APR that is defined as if the interest rate that will result the same amount of monthly payment for a loan amount before adding the cost to a loan amount that adding the cost with the original interest rate.
For example, for 15 years loan with amount of 200,000 bearing an interest rate of 4.5%, the monthly payment is calculated as 1530. Now, if you add 2000 cost to the loan amount, for the same interest and loan term, the monthly payment is 1545.29. Then we use the original loan amount of 200,000 and try to find the interest rate such that monthly payment will be 1545.29. And by solving an equation, we can find out the interest rate needs to be 4.651% and that is the APR for this case.
With careful research and determination, you decided to buy a home. Congratulations for your exciting journey ahead. Sweet homeownership is a terrific way to create stability in your life and to start building wealth for your future. Now let us focus on how you understand your options and get the right mortgage for your situation.
A mortgage has three basic parts: a down payment, monthly payments and various fees.
As a borrower/mortgagor, a key decision is whether you want a FRM(fixed-rate mortgage) or an ARM(Adjustable-Rate Mortgage) loan. All loans fit into one of these two categories, or the combination called Hybrid Mortgage category.
A fixed-rate mortgage (FRM), also often referred to as a "vanilla wafer" mortgage, is a fully amortizing mortgage loan where the interest rate on the note remains the same through the term of the loan. As a result, payment amounts and the duration of the loan are fixed and the borrower who is responsible for paying back the loan benefits from a consistent, single payment and the ability to plan a budget based on the fixed cost.
FRM (fixed-rate mortgage)An adjustable-rate mortgage (ARM), variable-rate mortgage, or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. The loan may be offered at the lender's standard variable rate/base rate. There may be a direct and legally defined link to the underlying index, but where the lender offers no specific link to the underlying market or index the rate can be changed at the lender's discretion. The term "variable-rate mortgage" is most common outside the United States, while in the United States, "adjustable-rate mortgage" is most common, and implies a mortgage regulated by the Federal government, with caps on charges. In many countries, adjustable rate mortgages are the norm, and in such places, may simply be referred to as mortgages.
ARM (Adjustable-Rate Mortgage)