How Much Are My Payments?

This is a simple mortgage payment calculator designed to calculate the payments, both principal & interest and interest only, based on the interest rate, loan length (term), and the starting balance.

Instructions:

1. In the Mortgage Amount field, enter the balance of the mortgage.
2. In the Interest Rate field, enter the interest rate of your mortgage.
3. In the Term field, enter the length of your mortgage in years.
4. Under Amortization Type, select the payment type. Either Principal & Interest, or Interest Only.
5. Click Submit.
6. Watch the magic happen.