#77. Tiered Mortgage Loan Payment Calculator

Calculate How Much More You Have To Pay For Your Mortgage

I was having a discussion with a friend on mortgage payment and how house prices have gone up. How much we have to pay monthly for a new house, etc.

If you are like many others who are wondering how much you need to pay for buying a new house, here's a new Tiered Mortgage Loan Payment Calculator that I have created on a spreadsheet.

Download here.

Why is it called a Tiered Mortgage Loan Payment Calculator?

It allows you to calculate how much you need to pay for your monthly mortgage payment based on the different tiered interest rates that the bank offers. It is common now for banks to offer a tiered-rates loan. That means, for example, for the first 5 years you will be paying at say an interest rate of 6.5%. Then the following 10 years, at 7%. And so on.

Having a tiered calculator now allows you to plan and see how much is the maximum monthly payment that you will have at the peak of your rates. This allows you to budget and consider buying a house. After all, buying a house is a big investment. Just make sure you have the means to provide for it.

You can also calculate and see how much you have paid for your interest. How much for your principal. And how much is your outstanding balance.

Of course, the numbers are just an indication only. For an accurate figure, best to get it from your loan provider.

Download the Tiered Mortgage Loan Payment Calculator here.