Mortgage Lenders questions. Taking on a mortgage is a huge…
Our free mortgage calculator can quickly help you predict what you can expect to pay for a home on a monthly basis.
It will help you get a clear picture of your monthly payment and see how much you can afford for a home.
It can also show you the total amount of interest you”ll pay over the life of your mortgage.
To use this calculator, you”ll need the following information:
Purchase Price – Mortgage Term – Down Payment – Interest Rate – Taxes
5% 1% 5% Principal & Interest 1421 Monthly Taxes 1421 Monthly HOA 1421 Monthly Insurance 1421
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Principal & Interest 1421
Monthly Taxes 1421
Monthly HOA 1421
Monthly Insurance 1421
Purchase Price – The dollar amount you expect to pay for the particular home.
Mortgage Amount – It’s the price of your home minus your down payment. If you are refinancing, input your outstanding balance on the current mortgage.
Down Payment – The amount you can put down or give to the home’s seller. To avoid mortgage insurance, down payment of at least 20% is required.
Mortgage Term in Years – This is the length of your mortgage in years. It’s a total number of years you are scheduled to take to finish paying off the loans.
For example, if you’re buying a new home, you may choose a mortgage loan that lasts 30 years. If you are refinancing, you may choose a shorter term loan, such as 10 or 15 years depending on the size of your balance.
Interest Rate – check with your local bank for the estimate of your interest rate on a new mortgage. Once you have an estimate, you can set the slider to your estimated rate. Note that your projected interest rate may be different from the final rate. The real-life rate can only be obtained by your lender after taking into your credit score and other info.
Taxes – Your new home will incur real estate tax. If you don’t know your monthly tax amount for your home, you can inquire your real estate agent for the figure. You can also refer to the home listing for this information.
Monthly HOA – HOA stands for Homeowners Association Fee. This fee is only applicable to certain types of properties. Condominiums are co-ops are great examples. HOA collected goes towards maintenance and improvements of the property. This field is optional as it does not apply to all residential properties.
Annual Insurance – This indicates your annual homeowner’s insurance premium. An estimate can be easily obtained by your local insurance agent. Once you have a figure, enter in the amount.