Mortgage Calculator

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Rates Under 4%

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Mortgage Calculator

Sale Price of Home:

Please enter a valid amount.

Percentage Down:

Please enter a valid percentage down.

Length of Mortgage:

Years

Please enter number of years under mortgage.

Annual Interest Rate:

Please enter a valid rate.

Show me the calculations and amortization.

Mortgage Payment Information

Down Payment:
Amount Financed:
Monthly Payment:	(Principal + Interest ONLY)
Monthly PMI:	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.
Monthly Residential Taxes	Residential (or Property) Taxes are a little harder to figure out... In Massachusetts, the average resedential 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:	(Principal + Interest + PMI + Residential Taxes)

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

3

The monthly interest rate = The annual interest rate divided by 12 (for the 12 months in a year)
= / 12

4

The month 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 montly payment is figured out using the following formula:
Monthly Payment = * ( / (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.

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Mortgage Calculator

Mortgage Calculator

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Rates Under 4%

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