# TOOLS: Calculate Mortgage Payment

Welcome to the latest series on the wildly popular website – www.JosephSangl.com!  With this series, I will be sharing how you can  use some of the calculators from the "TOOLS" page to take your financial plan to the next level.

A mortgage or real estate loan is really the only type of debt that I can tolerate (barely), so here is another FREE tool from the "TOOLS" section of the web site.

To calculate your principal and interest mortgage payment (does NOT include any escrow such as PMI, property taxes, HOA Fees, or hazard insurance), you will need to know three things.

1. Interest Rate
2. Mortgage Period
3. Mortgaged Amount

If you want to calculate the monthly principal & interest payment for a fixed-rate 5.750%, thirty-year \$125,000 mortgage, pull up the "Mortgage Payment Calculator".

Suppose you want to understand what the P&I payment would be for the same mortgage, but for a 15-year term.  Change the mortgage period to 180 months.

The payment goes up \$309/month, but one will become debt-free FIFTEEN years sooner!

One could also use this calculator when considering refinancing.

1. Saving Freak on March 20, 2008 at 4:59 am

This is a great time to use this calculator with interest rates dropping. Now all I have to do is find a lender who won’t gouge me for a bunch of closing costs.

2. Justin on March 20, 2008 at 8:52 am

I agree about the closing costs. I wonder what “reasonable closing costs” are on a no hidden fee, no points refinance for a house of about \$100,000?

3. mara on March 20, 2008 at 9:51 am

Check out http://www.timevalue.com they have software called TValue5 that will compute the real information that will help a person make the best decision for your situation

4. Moneymonk on March 20, 2008 at 2:31 pm

It will help a little if I can factor in a down payment

5. Moneymonk on March 20, 2008 at 2:40 pm

I guess I can deduct it from the Mortgage amount, duh!