The following calculator will help you determine what your monthly mortgage payment will be, given a loan amount, interest rate and term (in years). Selecting a payment type of "Principal + Interest" will calculate an amortized monthly mortgage payment, leaving a zero balance at the end of the loan term. Selecting "Interest Only" will calculate a monthly mortgage payment where no principal is paid and a balloon payment of the full loan amount is due at the end of the loan term.
Note: When entering your loan amount, remember to deduct your down payment from and add closing costs to your purchase price. Closing costs can vary dramatically, based on the loan points charged by your mortgage company and the purchase price of your home.