How to use the 25 Year Mortgage Calculator？

1. Enter Loan Details

Start by inputting the loan amount in dollars. This is the total amount you plan to borrow or the remaining balance on your existing mortgage. Next, enter the annual interest rate as a percentage. Be sure to use the actual rate offered by your lender, not the APR.

2. Include Property Taxes and Insurance

Input your annual property tax and home insurance amounts. The calculator will automatically convert these to monthly figures for accurate calculations.

3. Calculate

Once all fields are filled, click the “Calculate” button. The calculator will display several key pieces of information:

• Monthly Mortgage Payment: This is the amount you’ll pay towards your loan principal and interest each month.
• Total Monthly Payment: This includes your mortgage payment plus property taxes and insurance.
• Total Interest Paid: The total amount of interest you’ll pay over the life of the loan.
• Total Cost of Loan: The sum of the principal, interest, taxes, and insurance over 25 years.

4. Examine the Amortization Schedule

The tool provides a yearly amortization schedule, showing how your loan balance decreases over time. This can help you understand how much of your home you’ll own at different points during the loan term.

By using this 25 Year Mortgage Calculator, you can gain valuable insights into the long-term financial implications of your home loan. It’s an excellent tool for budgeting, comparing different mortgage options, and planning for your financial future. Whether you’re a first-time homebuyer or considering refinancing, this calculator can help you make more informed decisions about your mortgage.