The mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's purchase price, buyer's down payment percentage, the type of loan desired and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
The Mortgage Calculator tries to figure out a home owners mortgage payments, and the breakdown of each monthly payment.
The calculator accepts:
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, 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
MORTGAGE PAYMENT CALCULATOR