Mortgage Payment Calculator
Using this online mortgage payment calculator you can estimate your mortgage loan payment and print out a free loan amortization schedule. You can even enter your estimated real estate taxes, homeowners insurance, and monthly PMI insurance into this mortgage calculator. With this home loan calculator you can experiment with a variety of factors to choose a mortgage loan that is right for you.
How to Use This Home Loan Calculator?
When buying a home, the mortgage is an important part of the transaction. When determining your home loan monthly payment, many factors such as interest rates, down payment, and price of the home determine what your monthly home loan payments will be. This home loan calculator will calculate your monthly payments and total interest paid on your mortgage. These step by step directions will guide you through this mortgage calculator.
1. Enter the amount you need to borrow and enter this into the "Mortgage Loan Amount" field. Don't forget to subtract your down payment form the purchase price of the home you are buying.
2. Enter the annual interest rate you think you will qualify for into the "Annual Interest Rate (APR)" field. If you have good credit you can expect to qualify for a low interest rate. If you have a low credit rating or no credit at all you can expect to qualify for a higher interest rate.
3. Enter the number of years you will be financing the home into the "Mortgage Loan Term" field. This number is in years not months. Most people will finance the home for 15 to 30 years.
4. Enter the "Annual Real Estate Taxes" if you know them. You can get this information from the courthouse or seller. This field is optional.
5. Enter the "Annual Homeowners Insurance" if you know it. You can get an estimate from your local insurance agent. This field is optional.
6. Enter the "Monthly PMI (Private Mortgage Insurance)" if you know it. This field is optional.
7. Click "Calculate Mortgage Payment" to determine what your home loan payment and total interest will be. You can reset the mortgage calculator to try out different scenerios using the "Reset" button.
8. Click "Create Amortization Schedule" to print a mortgage payment schedule.
Disclaimer: This mortgage loan calculator is for planning purposes only and does not constitute a mortgage loan offer. The output of this home loan payment calculator may vary from your actual mortgage loan offer due to changes in the amount financed as a result of mortgage fees and changes in interest rates.