When people think about buying a house and getting a mortgage the numbers involved can be literally unfathomable – it can seem that a house with a high selling price is not affordable until you calculate the mortgage payment that would be associated with it. So let us help.
First, we’re going to provide the simplest calculator – you don’t even need to know the loan amount, just the interest rate and the term. It provides a commonly used number in real estate: the payment per thousand borrowed. Let’s say that this number comes out to $5.00 for your situation, then you know that if you increase the mortgage amount by $10,000 it will increase your monthly payment by $50 (5 * 10, because you drop off last 3 zeros).
If you do have a specific loan amount in mind this calculator lets you see the exact monthly payment as well as the total interest you would pay over the life of the loan – if you let the loan go to term and didn’t either sell the house or refinance the mortgage first.