Please use the following free mortgage calculator (to the left) to determine your monthly mortgage paymentgiven the following details:
- Purchase price – This is total sales price of your new home in whole dollars. This amount, less any down payment, will be the amount you borrow from your bank.
- Down payment – Enter the percentage of the Purchase price that you plan to pay upfront. If, for example, you plan to make a $25,000 down payment on a $250,000 home, enter 10 %.
- Mortgage term – Determine the number of years over which you’d like to pay your mortgage and enter it here. Common values are 10, 15, and 30.
- Interest rate – Enter the actual interest percentage your bank will apply to the amount you borrow. Do not include any Private Mortgage Insurance (PMI) percentages your bank may require.
- Property Taxes – Enter the yearly tax you’ll pay on the value of your property.
- Property Insurance – Determine the yearly amount to insure your property and enter it here.
- PMI – If your down payment is less than 20% of your home’s purchase price, your bank may require you to pay an additional yearly percentage of your home’s purchase price in the form of Private Mortgage Insurance (PMI). If so, enter the PMI percentage here.
- An amortization table will show up on the screen after you add the details I listed above. This table will show you how much of your monthly mortgage payment will be applied towards the interests on the loan and how much will be applied towards principal balance on a month to month and yearly basis.
Rate of Return Calculator
Use this calculator to determine your house’s average annual appreciation (or depreciation) since you bought it. This calculator does not determine the rate of return on your home investment. It shows you what was the average percentage gain or loss per the number of years of your home ownership.
Home Equity Calculator
How much equity do you have in your home? This calculator will help you determine how much equity you have in your home and it may help you to determine how much you can borrow against.
Loan amount – Enter the amount you’re borrowing from your bank in whole dollars.
Loan term – Input the number of years you’ll need to pay back your loan.
Interest rate – Enter the interest percentage your bank will charge on your loan.
First payment date – Determine the month and year that you’ll begin paying for your loan and select them from these drop-down menus.
Amortization – If you’d like to view a comprehensive loan payment schedule, choose show by year or show by month. To display only a simple payment graph, choose don’t show.