Use this mortgage calculator to determine your monthly payments and total cost of your home loan in Missouri.
How to Use the Mortgage Calculator
Enter the Loan Amount you are looking to borrow.
Next, input the Interest Rate(%) you have been quoted, and make sure it’s the annual rate.
Finally, enter the Loan Term in years for the time period over which you will repay the loan.
Click on the Calculate button to compute your monthly mortgage payment.
How the Calculator Works
The calculator uses a standard formula to determine the monthly payment for a fixed-rate mortgage:
PMT = P * (r(1+r)^n) / ((1+r)^n - 1)
Where:
- PMT is your monthly payment
- P is the loan amount (principal)
- r is the monthly interest rate (annual rate divided by 12)
- n is the number of payments (loan term in years multiplied by 12)
Limitations of the Calculator
Please be aware that actual mortgage rates may include more factors and fees, such as closing costs, origination fees, insurance, and taxes, which this calculator does not take into account.
This calculator assumes a fixed interest rate throughout the entire loan term. Rates can vary due to changes in market conditions or your personal credit score.
Use this calculator as a general guide, and consult with a financial advisor or lender for precise payment details.