This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Mortgage Payment Information
|Monthly Payment:||$2,874.11 (Principal & Interest ONLY)|
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 $237.60 to your monthly payment.
|Monthly Payment:||$3,111.71 (Principal & Interest, and PMI)|
Residential (or Property) Taxes are a little harder to figure out... the average residential 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 - $408,000.00.
This would mean that your yearly residential taxes will be around $5,712.00.
This could add $476.00 to your monthly payment.
|TOTAL Monthly Payment:||$3,587.71 (including PMI and Residential Tax)|