Question:

How can I calculate my principal & interest payment?

Answer:

Use a mortgage calculator to get a feeling of what your principal & interest payment may look like. For the purpose, you will need to provide your loan amount, interest rate, and amortization term.

Principal & Interest Example

If you consider loan amount of $200,000 at interest rate 6.375% for 25 years, this is how your monthly payment will look like.

Monthly Principal & Interest Payment Comparison Chart:

  $198,000 $199,000 $200,000 $201,000 $202,000
6.000% $1,276 $1,282 $1,289 $1,295 $1,301
6.125% $1,291 $1,297 $1,304 $1,310 $1,317
6.250% $1,306 $1,313 $1,319 $1,326 $1,333
6.375% $1,321 $1,328 $1,335 $1,342 $1,348
6.500% $1,337 $1,344 $1,350 $1,357 $1,364
6.625% $1,352 $1,359 $1,366 $1,373 $1,380
6.750% $1,368 $1,375 $1,382 $1,389 $1,396

The above chart gives you a hint how your monthly payment may change if, for instance, you take a different rate, roll a part of the closing costs into the loan or buy points.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 3/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: