Use this mortgage calculator tool to easily estimate your monthly payments for a home in Maine.
Mortgage Calculator
How to Use the Mortgage Calculator
To use this mortgage calculator, simply input your Mortgage Amount, the Interest Rate, and the Mortgage Period in years. Then, click the “Calculate” button to see your estimated monthly payment.
How It Calculates Results
The calculator uses the formula P = A[ir(1+r)^n]/[(1+r)^n−1], where:
P is your monthly payment,
A is the loan amount,
i is the interest rate per month, and
n is the number of payments (loan term in months).
The formula calculates your payment amount per period (not including taxes, insurance, etc.).
Limitations of the Calculator
The calculator does not take into account other costs such as property taxes, insurance, and PMI. It assumes a fixed interest rate over the entire term of the loan, which may not be the case for adjustable-rate mortgages (ARMs). For accurate financial advice tailored to your specific situation, consult with a mortgage advisor.