Mortgage Calculator
You can use this mortgage calculator to figure out monthly payments of a home mortgage loan, based on the home's sale price, the length of the loan desired, your down payment percentage, and the loan's interest rate. If the down payment is less than 20%, this calculatorfactors in PMI Private Mortgage Insurance). Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
How Mortgage Calculator works
The Mortgage Calculator tries to figure out a home
owners mortgage payments, and the breakdown of each monthly
payment.
The calculator accepts:
- Price (cost of home in US Dollars)
- Percentage of Down Payment
- Length of Mortgage
- Annual Interest Rate
Based on the four items that the user enters, we can figure out the down payment (in US Dollars), the ammount that the buyer needs to finance, and the monthly finance payment. The calculator can also break down the monthly payments so we know how much goes towards the mortgage's interest, the mortgage's principal, the loan's Private Mortgage Insurance (if less that 20% was used as a down payment), and an rough estimate of the property's residential tax
For more detailed results, including formulas, please check Mortgage calculator formulas