use an online loan calculator find the total cost of repaying a 75,000 mortgage loan
To find the total cost of repaying a $75,000 mortgage loan, you can use an online loan calculator. Here are the steps:
1. Open your preferred web browser and search for "online loan calculator."
2. Click on a trusted loan calculator website, such as Bankrate.com or Calculator.net.
3. Locate the loan calculator section of the website, which usually includes fields for loan amount, interest rate, loan term, and payment frequency.
4. Enter the necessary information:
- Loan amount: $75,000
- Interest rate: This may vary, so you need to input the actual interest rate on your loan. Let's assume 4% per annum.
- Loan term: Input the number of years you will take to repay the mortgage. This could be 15 years, 20 years, 25 years, or 30 years, depending on your specific loan term.
- Payment frequency: Choose whether the payments will be made monthly, quarterly, or annually. Let's assume monthly payments for this example.
5. Click on the "Calculate" or "Calculate Loan" button to calculate the repayment details.
6. The calculator will display the monthly payment amount, total interest paid, and total cost of the loan.
- For example, it might show that the monthly payment is $528, the total interest paid is $21,897, and the total cost of the loan is $96,897.
Please note that the values mentioned above are hypothetical and will vary based on the actual interest rate and loan term you input in the calculator. Make sure to use an accurate interest rate and loan term for an actual calculation.