US mortgage calculator - help
This US Mortgage Calculator is designed to do 2 types of calculations:
Calculate your periodic payment or the principal amount you can borrow:
A- How to find your periodic payment:
- Enter the principal (the amount you want to borrow)
- Enter the interest rate (annual percentage)
- Enter the length of the loan (the amortization period in months)
- Enter the term of the loan (the length of the loan contract)
Note: As a rule, US mortgages do not have terms per say.
However, the "Term (months)" input can be used to see how
much of the loan has been repaid after x number of months.
- Select the payment type (you have the following options:
Annually, Semi-Annually, Monthly, Bi-weekly, Weekly,
Accelerated bi-weekly, and Accelerated weekly)
- Click on "Calculate Payment".
B- How to find the amount you can borrow:
- Enter all the above information, except for the principal (1) that
you leave as is.
- Enter the amount of your periodic payments (7)
- Click on "Calculate Principal" (8)
Click on the image to use this calculator