When you’re planning on taking out a mortgage to purchase a home, it’s important to do your research to make sure you can afford the monthly costs. Since mortgage interest rates will impact how much you pay per month, it’s critical you know how to calculate your monthly payment. You can easily use one of BayCoast Mortgage’s mortgage calculators, which are designed for Rhode Island and Massachusetts homebuyers.
How to Use BayCoast Mortgage’s Calculators
First, you’ll want to visit our main calculators’ page, and select whether you want to calculate payments for a fixed-rate, adjustable-rate, or balloon mortgage. Once you’ve selected the appropriate calculator, you’ll need to input some information. The calculator will give you a rough look at what you might expect with regard to a monthly payment.* But please keep in mind, the information provided by these calculators is for illustrative purposes only and will not be exact. Be sure to speak to a financial professional to learn more about calculating monthly mortgage payments.
If you choose to try one of our mortgage calculators to give you a rough idea of a monthly payment, look at the example below. Let’s say you wanted to calculate your mortgage payment for a loan amount of $400,000 on a 30-year fixed rate. Suppose the loan also came at an interest rate of 5.516% for a fixed-rate mortgage, and you made a $25,000 down payment.
Based on this information, you’ll just need to follow the steps below to find your monthly payment and payment schedule:
- Enter your total mortgage’s cost: At the top of the fixed-rate calculator page, you’ll see a box where you can enter the total amount of your mortgage. In that box, enter $400,000.
- Enter your down payment: Next, you’ll need to fill in your down payment amount. In the calculator, you can choose whether to enter the down payment in terms of dollars or percentages. For the purposes of this example, you’ll select the “$” option and enter $25,000 in the relevant box.
- Enter your loan term: Since you received a 30-year loan term, enter “30” into the relevant box. Make sure you click the “Years” button instead of the “Months” button to ensure you get an accurate result.
- Enter your interest rate: With your total mortgage amount, down payment, and loan term entered, all you have left to do is enter your interest rate. In this case, you’ll type in “5.516%”.
- Select “COMPUTE”: To see your results, click the “COMPUTE” button at the bottom of the calculator. After you hit the compute button, you’ll see that your monthly payment will be $2,132.97. If you’d like to see your entire payment schedule, you can also check the “Show payment schedule” box, and the calculator will generate it for you.
All of our calculators follow a similar format to the fixed-rate mortgage example shown above. Again, this is just a sample mortgage scenario, and not intended to be an exact representation of what a customer may pay using these parameters.
Choose BayCoast Mortgage for your next mortgage in Massachusetts or Rhode Island. Our lending team will be happy to help you find the right mortgage option for your financial goals. Since we’re a wholly owned subsidiary of a community bank, you can expect to receive highly personalized service and assistance through every step of the loan process.
*The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.