Mortgage Calculator
Mortgage Payment Information
Down Payment:
Amount Financed:
Monthly Payment:
Since you are putting LESS than 20% down, you will need to pay PMI (Private Mortgage Insurance), which tends to be about $55 per month for every $100,000 financed (until you have paid off 20% of your loan).
This could add to your monthly payment.
Insured Monthly Payment:
Residential (or Property) Taxes are a little harder to figure out... the average residential tax rate seems to be around $14 per year for every $1,000 of your property's assessed value. Let's say that your property's assessed value is 85% of what you actually paid for it - . This would mean that your yearly residential taxes will be around .
This could add to your monthly payment.
TOTAL Monthly Payment:
Calculations and Amortization
1
The down payment = The price of the home multiplied by the percentage down divided by 100 (for 5% down becomes 5/100 or 0.05)
= X ( / 100)
2
The interest rate = The annual interest percentage divided by 100
= % / 100
The monthly factor = The result of the following formula:
3
The monthly interest rate = The annual interest rate divided by 12 (for the 12 months in a year)
= / 12
4
The monthly term of the loan in months = The number of years you've taken the loan out for times 12
Months = Years X 12
5
The monthly payment is figured out using the following formula:
Monthly Payment = X ( / (1 - ((1 + ) - )))
The amortization breaks down how much of your monthly payment goes towards the bank's interest, and how much goes into paying off the principal of your loan.