Understanding your mortgage helps you make better decisions. Instead of just taking whatever you get, it pays to look at the numbers behind any loan – especially a big loan like a home loan.
To calculate a mortgage, you’ll need a few details about the loan. Then, you can do it all by hand or use our free online calculator to crunch the numbers.
Most people only focus on the monthly payment, but there are other important details that you need to pay attention to.
We’ll start with calculating the payment, and we’ll also look at how much you pay in interest and how much you actually pay off – in other words, how much of your house you’ll actually own.