Mortgage Calculator: What Will My Monthly Principal & Interest Payment Be? Tweet If you’re considering a fixed-rate mortgage, use the calculator below to see the total principal and interest you’ll owe each month, depending on the mortgage amount, annual interest rate and length of time over which you’ll repay the loan (the "term").
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All of your household expenses would be the same with the exception of your monthly mortgage payment which would drop to $2,466 for a total of $2,982 in monthly expenses. In this scenario, the minimum income needed for that $500,000 condo is $113,000 or two salaries of $56,500 per year.
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This calculator determines the monthly payment of a loan or mortgage based on an interest rate and length. It also calculates the total interest and total amount paid over the entire term of the loan. Subtract your down payment from the purchase price to obtain the principal amount for the loan.
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