Calculator

This calculator will help you determine what size loan you can afford.

The monthly payment for your loan will be determined by the amount of money you borrow, the interest rate, and the length of time you plan to repay the loan. Be sure to budget for other monthly expenses related to a mortgage such as Property Tax, Homeowners Insurance, and Mortgage Insurance. This calculator only calculates Principal and Interest.

Definitions of Terms:

• Loan Balance - The amount of money you are considering borrowing.
• Interest Rate - Annual Interest Rate to calculate loan with.
• Term - The length of the loan in years or months.
• Monthly Payment - The monthly Principal and Interest (PI) payment based on the initial balance and interest rate.
• Payment Schedule - Shows an amortization schedule for the Loan Balance and Interest Rate chosen.

This information is for your personal use. This calculation is performed on your computer. No information is transmitted over the internet. The information provided is not intended to be a quote or guaranty. Apply Online or call a Bay Lending Loan Officer for a more accurate estimate of your monthly payment. There is no cost or obligation.