Mortgage Calculator

DESCRIPTION:

The Standard Mortgage Calculator computes the total monthly payment required to pay down your home loan based on the purchase price, down payment, mortgage term, interest rate, property tax, and property insurance

Simply enter your loan information in the "Input" tab and click calculate, and your total monthly payment information along with your total loan cost and total interest paid will populate in the "Results." In the "Charts" tab you can see a visual breakdown of your mortgage and monthly payments, and in the "Payments" tab you can see your amortization table showing you how much of your monthly goes toward principal and interest each month.

Definitions:

Mortgage amount:

Original or expected balance for your mortgage.

Interest rate:

Annual interest rate for this mortgage.

Term in years:

The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.

Monthly payment:

Monthly principal and interest payment (PI).

Property taxes:

We've assumed a 1.5 percent property tax on the purchase price. Your rate, and ultimate tax bill, may differ significantly. For a more accurate total payment, enter your own estimated annual taxes.

Homeowner's insurance:

Uses an annual premium of $481, the national average according to the Insurance Information Institute.

Total payments:

Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.

Total interest:

Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.