Mortgage CalculatorLearn How To Calculate Your Monthly Mortgage Payment



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House Price:





This is the amount you intend to purchase your future home for. For example you decide to purchase a home for $300,000.





Down Payment:





This is the amount you plan on putting down on the property. For example, 20% down on a $300,000 house would be $60,000.


Years To Payoff Loan:





This is the term in years that you expect to pay off your loan. Most homes are purchased with a 30 year or 15 year loan. The 15 year loan normally is at a lower rate and you will pay a lot less interest over the term of the loan.

You should strongly consider it if you are financially in a position to do so. That means having an adequate emergency fund, proper insurance in all areas, realistic retirement plan in place, education funding in place and little or no revolving or installment debt and financial ratios at an acceptable level.


Interest Rate:





The interest rate that you will be able to obtain will depend on a number of factors. The most important and higher weight will be on your credit situation and credit score as well as the particular area of the country in which you are in. Use a rate that is realistic and that you feel you can obtain based on current market conditions and your current credit situation.


Tax Rate:





In Georgia it normally ranges from 1-2%, however there are exceptions. A rate of 1.5% would be a good starting point for homes in Georgia, however you should check with your local tax office to get a more accurate figure.

In other areas of the United States the rate will vary as the Northeast and West is normally higher---while areas in the Midwest and South are sometimes lower. Contact a realtor or agent in your area if you are unsure of the tax rate. You can also go online to the county tax office to get this figure as most jurisdictions now have online tax information.





Insurance:





This figure too will vary by where you live as well as your credit rating. In Georgia the figure could be---say, $300 for every $100,000 of house and you would enter .30 (.30 * 1) as the insurance rate % in the mortgage calculator listed above or below if you were to purchase a house for $100,000.

If you were to purchase a house for $150,000 you would enter .45 (.30 * 1.5) as the insurance rate % in the mortgage calculator listed above or below.

If you were to purchase a house for $50,000 you would enter .15 (.30 * .5) as the insurance rate % in the mortgage calculator listed above or below.

For example, on a $300,000 house in the example above you would pay $900 and you would enter .90 (.30 * 3) as the insurance rate % in the mortgage calculator listed above or below.

This figure of course depends on which company you choose as well as your credit rating, topography, distance from nearest fire department, your local fire department rating and other factors.

Basically the figure can vary, often substantially from company to company and area to area. To be more precise you can call a local insurer in the area you are considering for your home purchase.


PMI/MIP:





In addition, if you put less than 20% down on a “conventional loan”, it is important that you realize that you will also have to pay upfront PMI (Private Mortgage Insurance) or finance it into your loan.

If you finance it into your loan you will have to pay a monthly fee that will also be calculated---even though it is not included in the mortgage calculators on this page.

In the above example you would be putting 20% down ($60,000 on a $300,000 house which is exactly 20%) so PMI would not apply.

Likewise, if you put less than 20% down on a FHA loan and you financed (did not pay all of the MIP upfront) the MIP (Mortgage Insurance Premium) would also have to be added to the monthly payment. Again, this figure is not included on the mortgage calculators on this page.

PMI/MIP is basically insurance that protects the lender against certain losses in the case of default by the home purchaser.

When you put 20% or more down you normally reduce the risk of loss for the lender to a level they can accept, and hence PMI/MIP is not required.


HOA (Fees) Dues:





Some communities have what are called (HOA) Home Owner Association Dues or Fees. They may in many cases be included in your monthly payment.

If you live or purchase in a community that has HOA fees you will have to budget for them as they would normally be included in your monthly payment.

Some communities bill you quarterly, semi-annually and annually and the payment would not be included in your monthly payment.

HOA Dues are not included in the calculators on this page.



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About This Article:

 

The above article was written by Thomas (TJ) UnderwoodThomas (TJ) Underwood is a former fee-only financial planner, a former top producing loan processor and is currently a licensed real estate broker in the state of Georgia. 


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He is the writer behind The Real Estate & Finance 360 Degrees Series of Books that include The Wealth Increaser, Home Buyer 411, Home Seller 411, and  Managing & Improving Your Credit & Finances for this MILLENNIUM.  

In addition he is also the writer who created The 3 Step Structured Approach to Managing Your Finances, and CREDIT & FINANCE IMPROVEMENT MADE EASY—NEW GUIDE that you can download right now "(at MIMIMAL cost $3.95)" to learn more about his writing style.

He is the creator of TheWealthIncreaser.com where he regularly blogs about helping consumers improve their credit, finance and real estate pursuits in an intelligent, consistent and proactive manner. 

He’s always looking for ways to make intelligent finance improvement happen for those who “sincerely desire” success in their future. He was the first financial planner to coin the phrase "financially alert mind"  and he consistently writes in a style that is designed to provide consumers the ability to take control of their lives and achieve great results.

You can contact him from a number of sources but the most direct way is to contact him through the contact us block that can be found at the bottom of this page.  You can also get highly relevant tips on "living your life more abundantly" and link to TheWealthIncreaser.com and possibly earn revenue by logging on to TheWealthIncreaser.com.


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