extra mortgage payment calculator
total payment
put how much mortgage loan you have taken. on your total amount box
down payment
put the down payment, which means how much initial loan amount you have to pay while you taking your mortgage loan.
interest rate
type your interest rate, what type of rate you have on your loan. which means certain banks give different interest rates. if you don’t know what rate of interest you paying. then contact your bank also to know more read Wikipedia about how interest rates work.
amortization period (years )
type the years how long you going to pay your mortgage loan. the extra mortgage payment calculator helps you to calculate your loan depending on the years. however, if you doubt about calculating (or) using this calculator, then feel free to contact us.
mortgage payment manual calculation (doubt)
if you want to understand how mortgage calculation interest works then take a look below
for instance, you purchase a house for a mortgage of a hundred thousand dollars and your down payment let’s fixed at ten thousand dollars, then you have an interest rate of 20% for 20 years
for example if you pay 1000$ on the current month for ninety thousand dollars loan, then you pay interest only on 89,000$, then you pay again 1000$ next month. you pay interest on 88,000$. this is how the mortgage payment works.
moreover, if you have any doubts about the extra mortgage payment calculator, then contact me.