This calculator calculates monthly mortgage payments based on principal, interest and term. Mortgages are compounded monthly. This calculator is intended to give you an idea what your monthly payments might look like.  Contact Me - I can put you in touch with a mortgage lender in the Triangle Area. Amortization (Years) = Term* (Years) = Yearly Interest Rate (%) = Principal Amount ($) = Downpayment** (%) = Downpayment Required ($) = Mortgage Principal ($) = Monthly Payment*** ($) = Still Owing at End of Term ($) = Please note: * Term should be the same as the length of Amortization, unless you plan for a balloon payment. ** Downpayments of less than 20 percent require mortgage insurance. If that is the case, your actual payment will be higher. *** Principal and interest only.