How do I work out the APR value in my mortgage using a calculator?
October 23, 2007 · Print This Article
James W asked:
E.g $150K Mortgage over 30 years at 6% APR (fixed).
E.g $150K Mortgage over 30 years at 6% APR (fixed).
Please show what you typed in the calculator!
Many Thanks
Algebraic Calculator!
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Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.
You need to tell us what type of calculator you have? Algebraic, RPN, non-algebraic, etc.
APR = Annual Percentage Rate
which means that you will pay that percentage of your mortgage in interest each year.
So, 6% of $150k is:
0.06 * 150000 = $9000 per year
$9000 / 12 = $750 per month in interest
So, to find out how much interest you will pay on a particular month, just do:
(Amount you owe on your mortgage) * (APR) / 12
If you’re looking to find out how much interest you will pay in total over a period of 30 years, during the course of paying down the principal, that is a much more complicated calculation. I would recommend using a mortgage calculator that shows amortized payment schedules. Try this one:
You should consider using a mortgage calculator instead of an algebraic one. A home mortgage calculator is the tool that can let you do test calculations, so you have a rough estimate of how much you can spare and how much you should go for for your loan. Here’s a good one:.