How the Amortization Calculator Works

To use the calculator, you'll need to know your loan's amount, length, and interest rate, as well as the value of your home. From there, you'll be prompted to enter your tax and insurance information, which will include annual tax, insurance, and PMI rates (in percentage) or amounts (in dollars). After you've submitted all of your info, you'll get a detailed breakdown of your monthly principal, taxes, insurance, PMI, and payments, as well as a loan-to-value ratio. We even offer a "plain English" analysis of the breakdown to help you understand what it all means.

How Long Will Your Loan Repayment Take?

If you're in the blue about how long it will take to finish your loan repayment, you can consult our amortization calculator. Not sure what an amortization calculator is? It's not how a mortician does math, in case that's what you were thinking (though it probably wasn't). An amortization calculator helps you find how much principal value (the amount left on the loan you took out before interest was applied) is left on your loan repayment, thereby helping you understand how long you'll have to keep paying on it when applied to your monthly payments.

MCity Mortgage is here to help you learn about loans, the value of your home, loan repayment, and anything else you need to know about your home financing. Call us or send us a message when you're ready to know more about our mortgage services.