2019 Mortgage Calculator Usaa
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Reviewed by Calculator Editorial Team
Calculate your monthly mortgage payment using USAA's 2019 mortgage rates and terms. This calculator helps you estimate your payment, total interest, and amortization schedule based on the loan amount, interest rate, and loan term you provide.
How to Use This Calculator
To calculate your mortgage payment:
- Enter the loan amount you're borrowing.
- Input the annual interest rate (APR) for your mortgage.
- Select the loan term in years.
- Click "Calculate" to see your monthly payment and other details.
The calculator will display your estimated monthly payment, total interest paid over the life of the loan, and the total amount paid (principal + interest).
Formula Used
The monthly mortgage payment is calculated using the standard mortgage formula:
M = P [ i(1 + i)n ] / [ (1 + i)n - 1 ]
Where:
- M = Monthly payment
- P = Principal loan amount
- i = Monthly interest rate (annual rate divided by 12)
- n = Number of payments (loan term in years multiplied by 12)
This formula accounts for the interest on the unpaid balance of your loan for each payment period.
Worked Example
Let's calculate a mortgage payment for a $200,000 loan at 4.5% APR over 30 years:
- Principal (P) = $200,000
- Annual interest rate = 4.5% or 0.045
- Monthly interest rate (i) = 0.045 / 12 = 0.00375
- Loan term in months (n) = 30 * 12 = 360
Plugging these values into the formula:
M = 200,000 [ 0.00375(1 + 0.00375)360 ] / [ (1 + 0.00375)360 - 1 ]
M ≈ $1,073.64 per month
Total interest paid over 30 years: $296,212.80
Total amount paid: $496,212.80
Frequently Asked Questions
- What is the difference between APR and APY?
- APR (Annual Percentage Rate) is the simple annual interest rate, while APY (Annual Percentage Yield) is the effective annual rate that includes compounding interest. APY is generally higher than APR for the same loan.
- How does a mortgage term affect my payment?
- A longer mortgage term means lower monthly payments but more total interest paid. A shorter term results in higher monthly payments but less total interest over the life of the loan.
- What is PMI and when is it required?
- PMI (Private Mortgage Insurance) is required when you put down less than 20% of the home's value. It protects the lender if you default on the loan. PMI is typically removed once your equity reaches 20%.
- Can I pay extra toward my mortgage?
- Yes, paying extra principal can reduce your loan term and save on interest. Many lenders offer biweekly payments (every two weeks instead of monthly) which effectively reduce the interest rate by 2/12.