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MORTGAGE CALCULATOR |
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Mortgage Center >>
Calculators >> Mortgage Calculator
The following mortgage
calculator can assist you in getting a general sense of
your monthly mortgage payments.
NOTE: This calculator is provided only for
informational purposes only. To get an accurate estimate
of your payment, please
contact me. |
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Definitions
Cash on hand
Cash you have for the down payment and closing costs.
Interest rate
The current interest rate you can receive on your
mortgage.
Term in years
The number of years over which you will repay this loan.
Property tax rate
Your property tax rate. 1% for a $100,000 home equals
$1,000 per year in property taxes.
Home insurance rate
Your homeowner's insurance rate. 0.5% for a $100,000
home equals $500 per year for homeowner's insurance.
Loan origination rate
The percentage the lending institution charges for its
origination fee. 1% for a $100,000 home equals $1,000.
Points paid
The total number of points paid to reduce the interest
rate of your mortgage. Each point costs 1% of your
mortgage balance.
Other closing costs
Estimate of all other closing costs for this loan. This
should include filing fees, appraiser fees and any other
miscellaneous fees paid.
Total closing costs
Total upfront costs to close your loan. This is the sum
of the loan origination fee, amount paid for points and
other closing costs.
Total for down payment
Total funds remaining for down payment.
House payment
Total of principal, interest, taxes and insurance (PITI)
paid per month for your home. Insurance includes
Principal Mortgage Insurance (PMI) and homeowner's
insurance.
Principal payment
Total of principal paid per month on your mortgage.
Tax savings
The value of the tax deduction you receive on your
mortgage's interest and home's property taxes. For
example, if you have $900 in interest and $100 property
taxes per month, the value of the tax deduction would be
$280. (At a tax rate of 28%).
Monthly PI
Monthly principal and interest payment.
Monthly PMI
Monthly cost of Private Mortgage Insurance (PMI). For
loans secured with less than 20% down, PMI is estimated
at 0.5% of your loan balance each year.
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