Note that you can enter these either as a dollar amount or as a percentage of the loan amount. The last of these is used to determine if you need to pay for PMI or not, and if so, how long you will need to carry it.Ĭlick next, than on the next page, enter annual costs of: To use the Mortgage Payment Calculator, start by entering: Are you refinancing or purchasing a home? If so, this is a good way to change terms of a prospective loan length and learn what payment may work best for you. But you will need to prove current value.įAQ: Great tool for anyone refinancing or buying a home. (PMI is required if you make a down payment of less than 20 percent or have less than 20 percent equity when refinancing it may be canceled once you exceed 20 percent equity). If you do, it calculates the length of time you’ll need to have PMI based on the regular amortization of the loan, that is, over the course of time through making regular payments. It also takes into account property tax, homeowner’s insurance and private mortgage insurance (PMI) information to provide you with the most accurate calculation possible of what your mortgage payments would be.īecause you also enter the property value, the calculator can let you know if you’re going to need PMI or not. Our Mortgage Payment Calculator allows you to easily determine what your monthly payments would be on a fixed-rate mortgage of a given amount, length (term) and interest rate. Run some numbers and see what is comfortable for you. More ways to use the Mortgage Payment Calculator.For that option, check out our new Interest-Only Mortgage Calculator. It also doesn't work for interest-only mortgages. Note: This mortgage calculator does NOT work for so-called "simple interest mortgages" - you'll need to try our Simple Interest Mortgage Calculator instead. Remember that if paying monthly, you can enter a fraction of a year by entering a value like =10+5/12 (for 10 years and 5 months). The second approach is to enter the current mortgage balance and adjust the term length until the PI payment matches what you are currently paying. So, if you've already been making payments for a couple of years, you can choose to have scheduled extra payments start on payment number 25. That is the simplest solution, so we've added a new feature to the Extra Payments section (at the suggestion of one of our users) that lets you specify what payment you want the extra payments to start at. The first is to enter the original loan amount and date and then make adjustments to the payment history within the Payment Schedule as needed. There are a couple of ways to analyze your existing home mortgage. Choose when to start the scheduled extra payments.Select a fixed-rate or variable rate mortage.Works for both US and Canadian mortgages (via the compounding option).Automatically calculates so-called "Accelerated Bi-Weekly" payments.Estimates Property Taxes and Insurance for calculation of the PITI payment. New Features of our Home Mortgage Calculator
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