Mortgage Loans Calculator

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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.
Purchase & Financing Information
Sale Price of Home: (In Dollars)
Percentage Down: %
Length of Mortgage: years
Annual Interest Rate: %
Explain Calculations: Show me the calculations and amortization
 


Mortgages

Introduction

There is a lot that people know about mortgages and sadly in most cases a lot that people don't really know. It is important if you wish to have a well rounded knowledge of the financial sector and how it applies to your own life that you understand at least the basics of the different agreements so that you can not only know when an agreement is good for you, but also know when an agreement is coming close to taking advantage of you and your family. You work hard for your money, so you owe it to yourself to make sure that the money that you work hard for and earn happens to be money that you are careful not to waste.

Premise

Mortgages are loans that people undertake for the sole purpose of being able to own a piece of property. When you look at the premise of most of the mortgages around, you see immediately that the premise is such that the mortgages are taken by the person in order to pay for their property but then are required to be paid back with that property as collateral. In other words, if the premise of the mortgage is such that you need to put the property up as collateral, you better have a steady flow of income so that you don't end up losing your property when you fail to pay up.

Interest Rates

The interest rates are perhaps the term that people most look at initially when they are shopping around for mortgages to look at. For example, if you look at the interest rates of many mortgages in the North American market, you can see right away that the vast majority of the interest rates are in the 5-10% range. This is because as one bank lowers their interest rate, other banks need to catch up in order to remain competitive. Free market economics results in a lowering of the interest rates to the point that they are somewhat moderated and kept low.

Length

The length of the mortgage is also important. Based on the length of the mortgage and the amount of money that is being borrowed (as well as the interest rate of course), the monthly payment (discussed below) will be calculated. The length of the mortgage can be anywhere from twenty to forty years depending on a number of different factors and indeed most people usually settle for the 20 to 25 year mortgage; that happens to be the most popular mortgage term in the North American market today.

Monthly Payment

As previously mentioned, based on the length, the interest and the initial loan being handled here, the monthly payment is calculated. This monthly payment, as the name might imply, is the amount that a person needs to pay towards the loan every month in order to avoid defaulting on the loan. Depending on the banks, they are usually able and willing to give you a two or three month window if you should happen to miss a couple of payments, but most of them are not very impressed beyond that time.

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