Mortgage Calculator

The Mortgage Calculator will show you how much your mortgage and monthly payments will cost. The information depends on the details of your loan. By entering details such as your home price, down payment & loan term, it all means you can get accurate figures on monthly repayment and total cost of the loan over time. For a complete financial picture, the calculator includes additional options for taxes, insurance, and extra payments, giving you the flexibility to account for various financial elements.

How to Use the Mortgage Calculator

1. Enter Basic Loan Information:
   • Home Price ($): Enter the total price of the home.
   • Down Payment (%): Input the percentage of the down payment you plan to make.
   • Loan Term (years): Select the number of years over which you plan to pay back the loan.
   • Interest Rate (%): Enter the annual interest rate offered by your lender.
   • Start Date: Choose the month you plan to start your mortgage payments.
2. Include Taxes & Additional Costs:
   • If you would like a more in-depth breakdown, select the box that says Include Taxes & Costs Below.
   • Property Taxes: Estimate your property taxes either as a percentage of the home price or as a fixed dollar amount.
   • Home Insurance: Enter annual insurance costs, which you can specify as a percentage or dollar value.
   • PMI Insurance: For loans with a down payment below 20%, add your Private Mortgage Insurance (PMI) costs.
   • HOA Fee: Include any Homeowners Association (HOA) fees as a percentage or dollar amount.
   • Other Costs: Account for any other recurring costs related to your mortgage or property ownership.
   • Annual Tax & Cost Increase: Set an estimated annual increase for these costs if you expect them to rise over time.
3. Extra Payments:
   • To pay off your mortgage faster, check “Include Extra Payments” and specify any additional amounts.
   • Monthly extra payments: set a monthly amount to apply, beginning on an established date.
   • Yearly Additional Payments — Pay an additional payment each year to pay down your principal more swiftly.
   • Lump-sum payment: Pay one large amount to reduce the total balance of a loan
4. Biweekly Payments:
   • Select To Show Biweekly Repayment Results to find out how much interest you would pay by repaying biweekly instead of monthly. These biweekly payments can help you pay off your mortgage faster and save money on interest over the entire life of the loan.
5. Calculate Your Results:
   • Once an amount has been entered use the “Calculate Mortgage” button to get a at-a-glance summary of what you can expect your monthly payment and total cost of the loan might be. If you chose to include taxes & fees and extra payments, then this amount will be factored into the result as well.

Advantages of This Calculator for Mortgages

• Realistic Monthly Payments: With or without taxes and insurance, you can easily determine your monthly mortgage payment.
• Breakdown of Costs: Clearly see all costs, from the basic terms of the loan to any additional fees.
• Price Your House: Add in costs for getting right on the trade or biweekly, and have an effect on what works to lessen your cost catch.
• Planning Tool — To help understand how more payments and/or a larger down payment will shorten your mortgage term and save interest.

FAQs

• Why should I include extra payments?
  Extra payments reduce the principal faster, which decreases the interest charged over time. You can see how much you’ll save by applying extra monthly, yearly, or one-time payments.
• How does biweekly payment work?
  By paying biweekly, you make 26 half-payments per year (equivalent to 13 monthly payments), which reduces your loan’s duration and total interest.
• Is PMI necessary?
  Private Mortgage Insurance (PMI) is typically required if your down payment is below 20%. This calculator helps you factor in PMI to get a realistic payment estimate.

With our Mortgage Calculator, you’re equipped to understand your loan better and make informed decisions about your mortgage and financial future. Start entering your details to see how affordable your dream home could be!