We are happy to provide
this informational tool. It is not a guarantee
or quote of current rates, but rather an
excellent method for estimating payments
over the life of a conventional loan. For
exact rates, please feel free to contact
us.
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How to
use this tool:
- Payments: The number of months in
the life of the loan (e.g., a 30 year
loan is 360 months)
- Interest: Input
an interest rate
as a whole number,
as shown below
(only fixed rate
estimates are
available).
- Principal:
The amount of
money you wish
to borrow.
To compare two similar loans, enter the
second loan, too, and compare them side
by side.
When your monthly payment has been calculated,
you can choose to see an amortization schedule
for your sample loan. An amortization schedule
is a timetable for payment of a mortgage loan.
It shows the amount of each payment applied to
interest and principal, as well as the remaining
balance after each payment is made. |
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