Use this mortgage calculator to easily determine your monthly payments for your home loan in Arkansas.
Mortgage Calculator
How to Use the Mortgage Calculator
To use the mortgage calculator, input the Home Price (the total cost of the home you wish to buy), the Down Payment (how much money you are putting down as a upfront payment), the Loan Term (the length of your mortgage in years), and the Interest Rate (your expected annual interest rate). Once all values are entered, click the “Calculate” button to see your estimated monthly mortgage payment.
How It Calculates Results
The calculator uses the formula for fixed-rate mortgages to determine your monthly payment. It calculates the payment P (principal loan amount) by subtracting the Down Payment from the Home Price, then uses the monthly Interest Rate (annual rate divided by 12) and the Loan Term in months to determine your payment using the formula:
M = P [ r(1 + r)^n ] / [ (1 + r)^n – 1 ]
Here, M is your monthly payment, P is the principal loan amount, r is the monthly interest rate, and n is the number of payments (loan term in years multiplied by 12).
Limitations
This calculator provides an estimate only. It assumes a fixed interest rate over the entire loan term and does not account for taxes, insurance, PMI, or other costs which may be part of the actual mortgage payment. Consult a financial advisor or loan officer for a more precise estimate tailored to your situation.