The Simple House Payment Calculator calculates your monthly loan payment based on the principle amount and interst rate you supply. It then estimates your insurance and property tax based on national averages. It then tallies them up to give you a good idea of what you will be paying each month.
This calculator allows you to calculate simultaneously the monthly payments and the total amount of interest you will pay during the lifetime of multiple loans at once. You can see how a small change in the interest rate or the length of the loan affects your bottom line. Compare up to six loans at once. Learn why it is important to shop for good terms.
The amortization calculator / table generator shows how each monthly payment of a conventional mortgage loan is credited. It illustrates how the largest percentage of the early monthly payments goes toward paying off interest on the note. It also illustrates how paying a little more each month on the principal in addition to your normal payment can shorten the term of the mortgage loan considerably.
Conventional loans have a fixed interest rate or one that can only be adjusted periodically during the course of the loan if you are foolish enough to get an ARM (Adjustable Rate Mortgage). The longer you continue to pay your monthly payments on a conventional loan, the amount of each payment applied against the principle increases. A scaling interest mortgage is a loan that works quite diferently. The amount of the monthly payment applied to the principle is a fixed dollar amount. The longer you continue to pay your monthly payments on a this type of loan, the effective interest rate on the remaining balance goes up. This type of loan is very popular with owners selling via land contract or lease option that wish to encourage their buyer to seek a conventional loan. It is sometimes called a "punisher" loan because it punishes you with high interest if you fail to refinance.