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Step 1
Go to bretwhissel.net (see Resources below for direct link). This website will calculate your amortized loan payment.
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Step 2
Enter your principal loan amount in the box that says "principal." If you do not already own a home or other real estate property, you can estimate how much you will be borrowing from the bank.
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Step 3
Enter your interest rate in the box that says "annual interest rate." If you already own a home, you will know your interest rate. If you do not, you can simply use the average interest rate on home loans to get an estimate of your monthly amortized loan payment.
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Step 4
Enter your payments per year. Most mortgages must be payed monthly, or 12 times a year. This is the default setting for the web application. If you plan to make more or fewer payments, be sure to change this number.
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Step 5
Enter your number of regular payments. This number will refer to the total length of your loan. To determine this number, multiply your payments per year times the number of years on your loan. For example, if you have a 30-year loan and pay your mortgage payment 12 times a year, you would have 360 regular payments (12 x 30 = 360).
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Step 6
Click the "show amortizing schedule" checkbox and then press "calculate." Your monthly payment will display along with an amortizing schedule. This will breakdown the payments of the loan throughout the entire duration of your loan.
