@ 9.5% APR
with payments at end of month
calculate the monthly payment:
Calculate Months:
Your loan term is for 30 years.Months = 12 * Years
Months = 12 * 30
Months = 360
Calculate APR:
| APR = | Annual APR |
| 12 |
| APR = | 9.5 |
| 12 |
APR = 0.0079166666666667
This is the effective interest each month.
Calculate APY:
APY = ((1+APR)12 - 1) * 100%APY = ((1 + 0.0079166666666667)12 - 1) * 100%
APY = ((1.0079166666667)12 - 1) * 100%
APY = (1.099247584081 - 1) * 100%
APY = 0.099247584081008 * 100%
APY = 9.92%
Calculate Monthly Payment:
| Monthly Payment = | Loan Amt * APR |
| 1 - (1/(1 + APR))n |
| Monthly Payment = | 50000 * 0.0079166666666667 |
| (1 - (1 /(1 + 0.0079166666666667))360 |
| Monthly Payment = | 395.83333333333 |
| (1 - (1 / 1.0079166666667)360 |
| Monthly Payment = | 395.83333333333 |
| 1 - 0.99214551467549360 |
| Monthly Payment = | 395.83333333333 |
| 1 - 0.05849710935873 |
| Monthly Payment = | 395.83333333333 |
| 0.94150289064127 |
Monthly Payment = 420.43
Calculate Total Payments:
Total Payments = Monthly Payment * Months in the LoanTotal Payments = 420.43 * 360
Total Payments = $151,354.80
You will end up paying $151,354.80 - $50,000.00 = $101,354.80 above the principal on this loan.
What is the Answer?
Monthly Payment = 420.43
How does the Mortgage Calculator work?
Free Mortgage Calculator - Calculates the monthly payment, APY%, total value of payments, principal/interest/balance at a given time as well as an amortization table on a standard or interest only home or car loan with fixed interest rate. Handles amortized loans.
This calculator has 4 inputs.
This calculator has 4 inputs.
What 2 formulas are used for the Mortgage Calculator?
Monthly Payment = Loan Amt * APR/(1 - (1/(1 + APR))n)
What 4 concepts are covered in the Mortgage Calculator?
- interest
- payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum, at a particular rate
- loan
- a thing that is borrowed, especially a sum of money that is expected to be paid back with interest.
- mortgage
- an agreement between you and a lender that allows you to borrow money to purchase or refinance a home and gives the lender the right to take your property if you fail to repay the money you have borrowed.
- principal
- The amount borrowed on a loan, before interest is charged
