The information contained on this page could easily help you save thousands of dollars
while you are evaluating the various possibilities of a mortgage loan. Today, the majority of
individuals finance a new home with a 30 year loan. If you will simply reduce the number of
years, you can substantially reduce the total amount of interest that you will pay during the
entire loan period (see the following example).

$100,000 Mortgage Loan @ 4.0% Interest

Years

Monthly Payment

Percent of Int

Interest Saved

30

$468.77

68.8%

25

$518.28

55.5%

$13,273.00

20

$595.00

42.8%

$25,957.00

15

$726.29

30.7%

$38,025.00

10

$994.11

19.3%

$49,464.00

In the above example, you can realize a substantial savings of $53,436.00 by simply paying
the loan off in 20 years instead of 30 years. It's hard to believe, that there is only a
difference in the monthly payment of $110.00 ($775.30 - $665.30).

You will be able to quickly determine the monthly payments for 10, 15, 20 and 30 year mortgage
loans with our mortgage calculator. Simply enter the loan amount, the interest rate and the
length of the loan. You will also be able to display and print a loan amortization for each
of your calculations.

Monthly Mortgage Payments At a Glance

The following chart is being provided to help you get an overall picture of what your monthly
mortgage payments would be. You'll find the loan amounts listed down the left side of the
chart and the interest percentages are listed across the top. There are two different payments
located in each section. The amount at the top shows the monthly payment for a 30 year loan
and the bottom amount shows the monthly payment for a 15 year loan. These amounts include
principal and interest only.

Property taxes and home-owner's insurance premiums are usually paid annually by the lender
directly from your escrow account (but are not included in this estimate). If your home is located in a flood zone, you will also be
required, by federal law, that you purchase flood insurance. If your loan-to-value (LTV) is
more than 80%, private mortgage insurance (PMI) "may" also be required. You will
need to determine the average monthly cost for all of these items and then add that estimate
to the basic principal and interest amounts that are listed below to determine your total
estimated monthly mortgage payment. Below shows your monthly payment based on a 15 year (top) or 30 year (bottom) with interest rates.