It also can be difficult to understand what you’re paying for-and why. If this is your first time shopping for a mortgage, the terminology can be intimidating. Based on your home’s estimated sale price, down payment and projected interest rate, the calculator can help inform what your payments could look like. Why Should You Use a Mortgage Calculator?Ī mortgage calculator can help you determine how much you’ll pay over the life of your loan. To see the full breakdown, check out our mortgage payoff calculator. It helps homeowners and would-be homeowners see what paying more money would mean for their monthly budget and their overall wealth profile. The formula behind paying down a mortgage is complex, but it can be handy. You can also toggle between the annual and monthly view to see a breakdown of each monthly payment.īreaking Down the Mortgage Payment Formula Navigate to the amortization schedule tab to view how much of your annual payments will go toward interest and principal. This portion of the calculator lets you view your monthly payments as well as your estimated payoff month. Once you enter all of the relevant information on the left side of the screen, the calculator will auto-populate your payment breakdown on the right. If you don’t have these numbers in front of you, some information may be available through your real estate agent or your local property assessor’s website. If you have the information available, plug in your monthly property tax, private mortgage insurance (PMI), homeowners insurance and HOA fees. This portion of the calculator is optional, but it can help give you a more accurate picture of your potential monthly payments.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |