Mortgage Calculator Help
You can calculate the mortgage loan amount from the price of the real estate by providing the down payment percentage.
If you know the mortgage amount you can afford and the cash down payment percentage required, you can calculate the affordable real estate price.
Or if you know the price of the real estate and the loan amout and enter "0" for the down payment percentage, the calculator will calculate the down payment amount and percentage.
Points, Annual Property Taxes, Annual Insurance and Private Mortgage Ins. (PMI) are all optional. If you enter values, the periodic portion of each will be calculated and shown on the schedule. Property taxes and insurance are combined under escrow.
If a borrower does not have cash to cover at least 20% of the purchase price, some lenders will require the borrower to purchase private mortgage insurance (PMI) to cover against a possible default. Premiums are typically 0.5% to 2.0% of the original loan amount. The borrower can drop the insurance coverage once the mortgage balance is less than 80% of the original purchase price. The calculator handles this automatically. (There may be other conditions as well under which the lender will no longer require PMI. One such case might be apprciation of the real estate.)
Points are charges that are normally due at closing. Borrowers (normally only in USA) may select to pay a lender "points" up front in exchange for a lower interest rate. Points are expressed in percent and are calculated on the amount borrowed. 3 points on a $200,000 mortgage equals $6,000. If the user enters points, this calculator includes their value in the summary and as part of the total payment at loan origination on the payment schedule.
The term (duration) of the loan is expressed as a number of months.
- 60 months = 5 years
- 120 months = 10 years
- 180 months = 15 years
- 240 months = 20 years
- 360 months = 30 years
Need more options including the ability to solve for other unknowns, change payment / compounding frequency and the ability to print an amortization schedule? Please visit, https://AccurateCalculators.com/mortgage-calculator
Currency and Date Conventions
All calculators will remember your choice. You may also change it at any time.
Clicking "Save changes" will cause the calculator to reload. Your edits will be lost.
User Manual of Our mortgage calculator:
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- If you see any mistake in your typing of loan amount or percent of interest or anything, or you need to clear the calculator, click Clear Button.
- If you want to keep your calculation, click Print Button,
- If you need any assistance you can click Help Button.
- To see the Payment Schedule, click on Payment Schedule Button.
- To see the graph, click charts Button.
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Here are 7 steps to calculate your payments using a mortgage calculator:
Step 1: Collect Your Loan Details
Make sure you have the necessary information of your mortgage Payment. Here is your necessary information below:
- Loan amount (Ex: 250,000.00$)
- Loan term (in years) (Ex: 5 Years)
- Interest rate in Percentage (Ex: 8%)
- Down payment (if applicable)
- Property taxes and insurance (optional)
Step 2: Input the Loan Amount
Go to our mortgage calculator from the left side and Enter the total loan amount you’re borrowing from the bank or institutions, such as $300,000.
Step 3. Choose the Loan Term (Terms of Loan)
Write the repayment period for the mortgage, like 15, 20, or 30 years.
Step 4. Enter the Interest Rate (in percentage)
Input the annual interest rate in the mortgage calculator, for example, 9%.
Step 5. Add the Down Payment
If required, include your down payment to adjust the loan amount accordingly.
Step 6. Input the Tax information for Accurate calculating
Input estimated costs for property taxes for a more accurate monthly payment estimate.
Step 7. Calculate and Review
Hit the “Calc” button (Calculate button) to see your monthly payment, total interest, and overall loan cost.
This simple process helps you estimate your monthly mortgage payments and evaluate different loan options.