Clear (Use your browser's 'Refresh' or 'Reset' to restore default values.)
Print Ready Format
Show Calculation Formulas
Show Additional Fields
Hide Additional Fields
A title for these calculator results that will help you identify it if you have printed out several versions of the calculator.
The name of your potential lender. This field is not required but may help if you have printed out several loan scenarios.
The sale price for your property. (NOT the amount of money you plan to borrow.)
The amount of money you plan to put as a down payment on your property.
The annual percentage rate you will pay for this loan.
How long you will pay on this loan. Also choose whether 'Length of Loan' is years or months.
The date or month and year when you will make your first payment.
The additional amount you will pay each month (over the required 'Monthly Payment' amount) to pay down the principal on your loan.
The number of points (or percentage of the loan amount) you'll be paying to close this loan. Check 'Roll into Loan' if the cost of the loan points is being financed and included in the 'Loan Amount'.
Should be checked if the 'Points' are to be included in the loan as opposed to paid at closing.
Any other costs you'll be paying during the closing of your loan. These might be costs like the appraisal, property taxes, property insurance, title insurance, realtor fees, etc. Check 'Roll into Loan' if your closing costs (not to include loan points) is being financed and included in the 'Loan Amount'.
Should be checked if the 'Other Closing Costs' are to be included in the loan as opposed to paid at closing.
The amount you expect to pay for property tax each year. The default used is 1.25% of the sale price but you can enter any amount. Property taxes are typically adjusted each year for inflation and changing home values. While this calculator does not attempt to adjust the property tax each year, it still gives you a good idea of your loan's overall costs.
You will be required to carry homeowner's insurance as long as you are making payments on a home and the premium is usually collected in your mortgage payment each month then paid each month or year by your mortgage company directly to your insturance carrier. Homeowner's insurance rates vary greatly state to state depending on natural disaster threats and property values. The default value used in the calculation is a national average recently published by the insurance industry.
Private Mortgage Insurance, commonly known as PMI, is insurance most mortgage lenders require if you owe more than 80% of your home's value. Mortgage lenders are required by law to automatically remove this monthly charge once your loan balance falls to 78% of your home's sale price or value at the time of purchase. You may be able to get it dropped sooner if you have an appraisal that shows an increase in property value that puts you owing less than 80% of the home's current value.
'Principal' + 'Interest' + 'Additional Principal' (where applicable) to be paid each month. Actual payment could include escrow for insurance and property taxes plus private mortgage insurance (PMI).
Your last payment will be due this month if you follow the calculator's payment schedule.
'Sale Price' - 'Down Payment' + 'Points' (if rolled into loan) + 'Other Closing Costs' (if rolled into loan).
Total amount of interest you will pay over 'Length of Loan'.
The total property tax you'll pay over the length of the loan.
The total homeowner's insurance you'll pay over the length of the loan.
The total PMI (Private Mortgage Insurance) cost for this loan. PMI is required until until your balance falls below 80% of the home's sale price or value at the time of purchase. (Mortgage lenders are required by law to automatically drop PMI from the loan when your balance falls below 78% of the sale price.)
The total of your monthly payments over the length of this loan.
Amount of time until the loan is paid off.
The number of payments you will make to pay off the loan.
The amount of money you will pay each year for this loan.
Total cost of this property when you include the 'Sale Price', 'Points Amount', 'Other Closing Costs' and the 'Total Interest' to be paid on the mortgage.
When checked, a section will appear below the calculator showing the complete amortization table.