detailed mortgage calculator
The mortgage calculator can be used to
figure out monthly payments of a home mortgage loan, based on the home's sale
price, the term of the loan desired, buyer's down payment percentage, and the
loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance)
for loans where less than 20% is put as a down payment. Also taken into consideration
are the town property taxes, and their effect on the total monthly mortgage payment.
The Mortgage Calculator tries to figure out a home owners mortgage payments, and
the breakdown of each monthly payment.
The calculator accepts:
Percentage of Down Payment
Length of Mortgage
Annual Interest Rate
Based on the four items that the user enters, we can figure out the down payment,
the ammount that the buyer needs to finance, and the monthly finance payment.
The calculator can also break down the monthly payments so we know how much goes
towards the mortgage's interest, the mortgage's principal, the loan's Private
Mortgage Insurance (if less that 20% was used as a down payment), and an rough
estimate of the property's residential tax