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COMMENTS:
You can use this handy
tool to figure just how much your monthly payment will be for mortgages,
car or other loans. This is great for figuring how extra interest points
affect you.
All you do is type the amount you're borrowing (the principal amount), what the interest rate will be and how many months your payments will be for. "Click" Compute or simply click in the answer window to see how much it will cost each month and the total interest you'll pay over the term of the note.
* Hint for figuring the number of months your loan is for:
|
Number of Years |
= Number of Months |
| 1 | 12 |
| 2 | 24 |
| 3 | 36 |
| 4 | 48 |
| 5 | 60 |
| 10 | 120 |
| 15 | 180 |
| 20 | 240 |
| 25 | 300 |
| 30 | 360 |
| 35 | 420 |