RCU Calculators

Calculators - Mortgage Calculator

This calculator answers a variety of mortgage loan questions. To use this calculator you must leave one box empty. For example, to find out what your mortgage payments will be, fill in the interest rate on your mortgage, the amount you are borrowing, and the number of years it will take to pay back the mortgage (the amortization). Click calculate to find out what your monthly payments will be, and the outstanding balance at the end of your term.

You can also use the Mortgage Calculator to see how many years you can slice off your mortgage by using different strategies, such as increasing the size of your payments or paying more frequently.

When interest rates change, the calculator can help you see what that will mean to your monthly payments. This is especially useful when your mortgage is up for renewal and you are trying to decide whether to choose a short or a long term.

Mortgage Calculator
Mortgage Amount
Number of years to pay back mortgage (the amortization)
Mortgage term
Interest rate
Mortgage payment frequency
Amount of each payment

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