Loan Repayment Calculator

The loan calculator on this page allows you to experiment with monthly payments for a 30 year fixed interest rate loan. The chart below shows you your total monthly loan payment along with a breakdown of what portion of your payment goes towards paying principal and what portion goes towards paying interest. (Learn more)

When purchasing a home, a loan calculator is useful for understanding what your monthly principal and interest payments to your bank will be. However, it is important to realize that this loan payment does not include three other major expenses of home ownership: Property Taxes, Property Insurance, and Private Mortgage Insurance (if applicable). To get an understanding of what your total monthly PITI (principal, interest, tax, insurance) will be, you should use a mortgage calculator .  


Loan Amount:
Loan Duration
Loan Interest Rate:
Loan Amortization Calculator
THIS SUMMARY PROVIDES ESTIMATES ONLY . Before making any home or loan purchase decision, you should obtain the advice of a professional financial advisor who is aware of your individual circumstances. Please refer to the Terms Of Use  for a complete description of the proper use of this information.

Understanding Your Results

Monthly Loan Payment: This is the amount you pay each month to your bank for Principal and Interest. If your interest rate does not change over the course of your loan, this value will be the same each month for the life of your loan. Notice that this value does not account for your mortgage payment which typically includes property taxes and insurance.  To experiment with your total PITI, try this mortgage calculator .

Principal Payment:
While holding your mouse on the orange columns in the chart, Principal is the portion of your monthly mortgage payment that goes towards paying off your loan. Depending on your interest rate, only a small portion of your monthly mortgage payment goes towards your principal each month when you first buy your home. However, as your principal payments slowly reduce your loan balance, more of your monthly payment begins to go towards principal to help pay off your loan completely.

Interest Payment: While holding your mouse on the blue columns in the chart, Interest is the portion of your monthly mortgage payment that is paid to the bank as a fee for letting you borrow money. At the beginning of your loan, when your balance is at its highest, most of your monthly payment goes towards paying interest. However, as you slowly reduce your balance through paying principal, less of your monthly payment goes towards interest and more goes towards principal.

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