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Monthly Payment Calculators

Usually, when mortgages are advertised or discussed, they are talked about in terms of years, mortgage type, and interest rate. For example, a 30-year fixed rate loan at seven percent or 5-1 adjustable rate mortgage at four percent, for example. However, the bottom line that many consumers, especially those on a fixed income, care about is the monthly payment amount.

While it is obvious why mortgages aren’t advertised in this manner (two many different variables, especially individual loan amounts, would have to be considered), monthly payment amount is still one of the most important aspects of the mortgage. Online calculators can be a good tool to view monthly payment amounts that correspond with different loan amounts and interest rates.

Most online monthly payment calculators are good at giving you an overview of monthly amounts for a variety of loans at once, all in an easy to read spreadsheet format. A common calculator might require you to put it in a range of interest rates you would like to know about, along with a range of loan amounts. You would also put in the term of the loan you desire.

After you input these variables into the program, you will be shown a table of monthly payments that correspond to the range of amounts and rates you entered. For example, suppose you wanted to know about loans between $150,000 and $200,000 at interest rates between six and nine percent, with a 30 year term. After inputting these numbers, you find out about a $150,000 loan at six percent with a monthly payment of $899.33; a $200,000 loan at nine percent with $1609.25 monthly payments; and a $180,000 loan at seven and three quarters percent with $1289.54 monthly fees.

These calculators are a good way to get a quick and easy overview of the required monthly payments for a variety of loans, and can help you figure out the loan size and interest rate you can afford.