Written on by Ratio. Every example was run through Ratio that day.
Type the price, the down payment, the rate and the term the way you'd say them, and Ratio gives the monthly payment. Every line keeps its answer, so a new rate updates the rest.
The monthly payment
| mortgage 300k with 20% down at 5% for 30 years | 1,288.37 |
| mortgage 400k with 60k down at 6.5% for 25 years | 2,295.7 |
Write the down payment as a share (“20% down”) or as an amount (“60k down”).
What it costs in total
| payment = mortgage 300k with 20% down at 5% for 30 years | 1,288.37 |
| payment * 360 | 463,813.88 |
| prev - 240k | 223,813.88 |
“prev” is the line above, so the last line is the interest paid over 30 years.
A shorter term
| loan 240k at 5% for 30 years | 1,288.37 |
| loan 240k at 5% for 15 years | 1,897.9 |
A shorter term costs more each month and far less in interest. For other loans, see the loan calculator.
Renting it out
| rental yield 1200/month on 250k | 5.76% |
Try Ratio free for 7 days · $14.99 once, updates included
Questions
How is the monthly mortgage payment worked out? With the standard annuity formula: the loan (the price less the down payment), the yearly rate divided by 12, and the number of months. The calculator above and Ratio give the same answer.
Can I write the down payment as an amount? Yes. “mortgage 400k with 60k down at 6.5% for 25 years” takes 60,000 off the price, and “with 20% down” takes a share of it.
Does it include property tax and insurance? No, only the loan's principal and interest. Add the rest on its own line, for example “payment + 250”.