Mortgage Calculator with Current Rates – Calculate Mortgage Payments with Ease from, mortgage payments.#Mortgage #payments


Mortgage Calculator

Calculate your monthly mortgage payment using the free calculator below. A house is the largest purchase most of us will ever make so it’s important to calculate what your mortgage payment will be and how much you can afford. Estimate your monthly payments and see the effect of adding extra payments.

Choose a lender below and lock in your estimated payment of $ or less

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About our Mortgage Rate Tables

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our “Advertisers”). Other lenders’ terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a “Next” button that can be used to click-through to the Advertiser’s own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertiser’s phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $424,100 May Have Different Loan Terms: If you are seeking a loan for more than $424,100, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

Consumer Satisfaction: If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.

Mortgage Calculator Help

Using an online mortgage calculator can help you quickly and accurately predict your monthly mortgage payment with just a few pieces of information. It can also show you the total amount of interest you’ll pay over the life of your mortgage. To use this calculator, you’ll need the following information:

The dollar amount you expect to pay for a home.

The down payment is money you give to the home’s seller. At least 20% down typically lets you avoid mortgage insurance.

If you’re getting a mortgage to buy a new home, you can find this number by subtracting your down payment from the home’s price. If you’re refinancing, this number will be the outstanding balance on your mortgage.

Mortgage Term (Years)

This is the length of the mortgage you’re considering. For example, if you’re buying new, you may choose a mortgage loan that lasts 30 years. On the other hand, a homeowner who is refinancing may opt of a loan that lasts 15 years.

Estimate the interest rate on a new mortgage by checking Bankrate’s mortgage rate tables for your area. Once you have a projected rate (your real-life rate may be different depending on your overall credit picture) you can plug it into the calculator.

Mortgage Start Date

Select the month, day and year when your mortgage payments will start.

Mortgage Calculator: Alternative Use

Most people use a mortgage calculator to estimate the payment on a new mortgage, but it can be used for other purposes, too. Here are some other uses:

1. Planning to pay off your mortgage early.

Use the “Extra payments” functionality of Bankrate’s mortgage calculator to find out how you can shorten your term and net big savings by paying extra money toward your loan’s principal each month, every year or even just one time.

To calculate the savings, click “Show Amortization Schedule” and enter a hypothetical amount into one of the payment categories (monthly, yearly or one-time) and then click “Apply Extra Payments” to see how much interest you’ll end up paying and your new payoff date.

2. Decide if an ARM is worth the risk.

The lower initial interest rate of an adjustable-rate mortgage, or ARM, can be tempting. But while an ARM may be appropriate for some borrowers, others may find that the lower initial interest rate won’t cut their monthly payments as much as they think.

To get an idea of how much you’ll really save initially, try entering the ARM interest rate into the mortgage calculator, leaving the term as 30 years. Then, compare those payments to the payments you get when you enter the rate for a conventional 30-year fixed mortgage. Doing so may confirm your initial hopes about the benefits of an ARM — or give you a reality check about whether the potential plusses of an ARM really outweigh the risks.

3. Find out when to get rid of private mortgage insurance.

You can use the mortgage calculator to determine when you’ll have 20 percent equity in your home. This percentage is the magic number for requesting that a lender wave private mortgage insurance requirement.

Simply enter in the original amount of your mortgage and the date you closed, and click “Show Amortization Schedule.” Then, multiply your original mortgage amount by 0.8 and match the result to the closest number on the far-right column of the amortization table to find out when you’ll reach 20 percent equity.


Halifax Mortgage Calculator – Online Mortgage Rate Calculator, monthly mortgage payments.#Monthly #mortgage #payments


Mortgage Calculator.

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Outstanding Mortgage 0.00

Additional Borrowing 0.00

Total Loan Amount 00.00

What do these numbers mean?

REPRESENTATIVE EXAMPLE

A MORTGAGE OF 127,450 PAYABLE OVER 30 YEARS , INITIALLY ON A FIXED RATE FOR 5 YEARS AT 3.14% AND THEN ON OUR VARIABLE RATE OF 3.99% FOR THE REMAINING 25 YEARS , WOULD REQUIRE 24 MONTHLY PAYMENTS OF 547.99 FOLLOWED BY 300 MONTHLY PAYMENTS OF 598.99 .

THE TOTAL AMOUNT PAYABLE WOULD BE 212,872.60 MADE UP OF THE LOAN AMOUNT, PLUS INTEREST ( 85,422.60 ) AND A VALUATION FEE ( 355 ).

WHAT IS A REPRESENTATIVE EXAMPLE?

THIS IS AN ILLUSTRATION OF A TYPICAL MORTGAGE AND ITS TOTAL COST.

THE RATES AND MONTHLY PAYMENTS SHOWN ARE FOR ILLUSTRATIVE PURPOSES ONLY. THIS IS NOT A MORTGAGE OFFER. BEFORE AGREEING A LOAN A CREDIT SEARCH AND FULL APPLICATION ARE REQUIRED AND OUR LENDING REQUIREMENTS MUST BE MET.

REPRESENTATIVE EXAMPLE

A MORTGAGE OF 153,000 PAYABLE OVER 25 YEARS , INITIALLY ON A FIXED RATE FOR 5 YEARS AT 2.28% AND THEN ON OUR VARIABLE RATE OF 3.99% FOR THE REMAINING 20 YEARS , WOULD REQUIRE 60 MONTHLY PAYMENTS OF 669.56 FOLLOWED BY 240 MONTHLY PAYMENTS OF 780.71 .

THE TOTAL AMOUNT PAYABLE WOULD BE 227,974.00 MADE UP OF THE LOAN AMOUNT, PLUS INTEREST ( 74,974.00 ) AND A VALUATION FEE ( 430 ).

WHAT IS A REPRESENTATIVE EXAMPLE?

THIS IS AN ILLUSTRATION OF A TYPICAL MORTGAGE AND ITS TOTAL COST.

THE RATES AND MONTHLY PAYMENTS SHOWN ARE FOR ILLUSTRATIVE PURPOSES ONLY. THIS IS NOT A MORTGAGE OFFER. BEFORE AGREEING A LOAN A CREDIT SEARCH AND FULL APPLICATION ARE REQUIRED AND OUR LENDING REQUIREMENTS MUST BE MET.

REPRESENTATIVE EXAMPLE

A MORTGAGE OF 125,000 PAYABLE OVER 20 YEARS , INITIALLY ON A FIXED RATE FOR 2 YEARS AT 2.24% AND THEN ON OUR VARIABLE RATE OF 3.99% FOR THE REMAINING 18 YEARS , WOULD REQUIRE 24 MONTHLY PAYMENTS OF 646.66 FOLLOWED BY 216 MONTHLY PAYMENTS OF 746.25 .

THE TOTAL AMOUNT PAYABLE WOULD BE 176,709.84 MADE UP OF THE LOAN AMOUNT, PLUS INTEREST ( 51,709.84 ).

WHAT IS A REPRESENTATIVE EXAMPLE?

THIS IS AN ILLUSTRATION OF A TYPICAL MORTGAGE AND ITS TOTAL COST.

THE RATES AND MONTHLY PAYMENTS SHOWN ARE FOR ILLUSTRATIVE PURPOSES ONLY. THIS IS NOT A MORTGAGE OFFER. BEFORE AGREEING A LOAN A CREDIT SEARCH AND FULL APPLICATION ARE REQUIRED AND OUR LENDING REQUIREMENTS MUST BE MET.

REPRESENTATIVE EXAMPLE

A MORTGAGE OF 91,870.00 PAYABLE OVER 20 YEARS , INITIALLY ON A FIXED RATE FOR 2 YEARS AT 1.69% AND THEN ON OUR VARIABLE RATE OF 3.99% FOR THE REMAINING 18 YEARS , WOULD REQUIRE 24 MONTHLY PAYMENTS OF 451.39 FOLLOWED BY 216 MONTHLY PAYMENTS OF 545.83 .

THE TOTAL AMOUNT PAYABLE WOULD BE 128,732.64 MADE UP OF THE LOAN AMOUNT, PLUS INTEREST ( 36,862.64 ).

WHAT IS A REPRESENTATIVE EXAMPLE?

THIS IS AN ILLUSTRATION OF A TYPICAL MORTGAGE AND ITS TOTAL COST.

THE RATES AND MONTHLY PAYMENTS SHOWN ARE FOR ILLUSTRATIVE PURPOSES ONLY. THIS IS NOT A MORTGAGE OFFER. BEFORE AGREEING A LOAN A CREDIT SEARCH AND FULL APPLICATION ARE REQUIRED AND OUR LENDING REQUIREMENTS MUST BE MET.

REPRESENTATIVE EXAMPLE

A MORTGAGE OF 91,870.00 PAYABLE OVER 20 YEARS , INITIALLY ON A FIXED RATE FOR 5 YEARS AT 2.09% AND THEN ON OUR VARIABLE RATE OF 3.99% FOR THE REMAINING 15 YEARS , WOULD REQUIRE 24 MONTHLY PAYMENTS OF 468.68 FOLLOWED BY 180 MONTHLY PAYMENTS OF 534.91 .

THE TOTAL AMOUNT PAYABLE WOULD BE 124,404.60 MADE UP OF THE LOAN AMOUNT, PLUS INTEREST ( 32,534.60 ).

WHAT IS A REPRESENTATIVE EXAMPLE?

THIS IS AN ILLUSTRATION OF A TYPICAL MORTGAGE AND ITS TOTAL COST.

THE RATES AND MONTHLY PAYMENTS SHOWN ARE FOR ILLUSTRATIVE PURPOSES ONLY. THIS IS NOT A MORTGAGE OFFER. BEFORE AGREEING A LOAN A CREDIT SEARCH AND FULL APPLICATION ARE REQUIRED AND OUR LENDING REQUIREMENTS MUST BE MET.

REPRESENTATIVE EXAMPLE

A MORTGAGE OF 91,870.00 PAYABLE OVER 20 YEARS , INITIALLY ON A FIXED RATE FOR 5 YEARS AT 2.09% AND THEN ON OUR VARIABLE RATE OF 3.99% FOR THE REMAINING 15 YEARS , WOULD REQUIRE 24 MONTHLY PAYMENTS OF 468.68 FOLLOWED BY 180 MONTHLY PAYMENTS OF 534.91 .

THE TOTAL AMOUNT PAYABLE WOULD BE 124,404.60 MADE UP OF THE LOAN AMOUNT, PLUS INTEREST ( 32,534.60 ).

WHAT IS A REPRESENTATIVE EXAMPLE?

THIS IS AN ILLUSTRATION OF A TYPICAL MORTGAGE AND ITS TOTAL COST.

THE RATES AND MONTHLY PAYMENTS SHOWN ARE FOR ILLUSTRATIVE PURPOSES ONLY. THIS IS NOT A MORTGAGE OFFER. BEFORE AGREEING A LOAN A CREDIT SEARCH AND FULL APPLICATION ARE REQUIRED AND OUR LENDING REQUIREMENTS MUST BE MET.

THE RATES AND MONTHLY PAYMENTS SHOWN ARE FOR ILLUSTRATIVE PURPOSES ONLY. THIS IS NOT A MORTGAGE OFFER. BEFORE AGREEING A LOAN A CREDIT SEARCH AND FULL APPLICATION ARE REQUIRED AND OUR LENDING REQUIREMENTS MUST BE MET.

THE RATES AND MONTHLY PAYMENTS SHOWN ARE FOR ILLUSTRATIVE PURPOSES ONLY. THIS IS NOT A MORTGAGE OFFER. BEFORE AGREEING A LOAN A CREDIT SEARCH AND FULL APPLICATION ARE REQUIRED AND OUR LENDING REQUIREMENTS MUST BE MET.

THE RATES AND MONTHLY PAYMENTS SHOWN ARE FOR ILLUSTRATIVE PURPOSES ONLY. THIS IS NOT A MORTGAGE OFFER. BEFORE AGREEING A LOAN A CREDIT SEARCH AND FULL APPLICATION ARE REQUIRED AND OUR LENDING REQUIREMENTS MUST BE MET.

THE RATES AND MONTHLY PAYMENTS SHOWN ARE FOR ILLUSTRATIVE PURPOSES ONLY. THIS IS NOT A MORTGAGE OFFER. BEFORE AGREEING A LOAN A CREDIT SEARCH AND FULL APPLICATION ARE REQUIRED AND OUR LENDING REQUIREMENTS MUST BE MET.


FinAid, Calculators, Loan Calculator, calculating mortgage payments.#Calculating #mortgage #payments


calculating mortgage payments

Calculating mortgage payments

Calculating mortgage payments

Calculating mortgage paymentsCalculating mortgage payments

Calculating mortgage payments

Calculating mortgage payments

Calculating mortgage payments

Calculating mortgage payments

Calculating mortgage payments

Calculating mortgage payments

Calculating mortgage payments

Calculating mortgage payments

Calculating mortgage payments

Calculating mortgage payments

Calculating mortgage payments

Calculating mortgage payments

This Loan Payment Calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. This loan calculator can be used with Federal education loans (Stafford, Perkins and PLUS) and most private student loans. (This student loan calculator can also be used as an auto loan calculator or to calculate your mortgage payments.)

This loan calculator assumes that the interest rate remains constant throughout the life of the loan. The Federal Stafford Loan has a fixed interest rate of 6.8% and the Federal PLUS loan has a fixed rate of 7.9%. (Perkins loans have a fixed interest rate of 5%.)

This loan calculator also assumes that the loan will be repaid in equal monthly installments through standard loan amortization (i.e., standard or extended loan repayment). The results will not be accurate for some of the alternate repayment plans, such as graduated repayment and income contingent repayment.

Loan fees are used to adjust the initial loan balance so that the borrower nets the same amount after the fees are deducted.

Some educational loans have a minimum monthly payment. Please enter the appropriate figure ($50 for Stafford Loans, $40 for Perkins Loans and $50 for PLUS Loans) in the minimum payment field. Enter a higher figure to see how much money you can save by paying off your debt faster. It will also show you how long it will take to pay off the loan at the higher monthly payment. You can also calculate private student loan eligibility on comparison sites like Credible.

The questions concerning enrollment status, degree program and total years in college are optional and are designed to evaluate whether the total debt is excessive. The total years in college should include the total number of years in college so far (or projected) corresponding to the loan balance, including previous degrees received.


Mortgage Types Compared – Guide To Your Mortgage Options, calculating mortgage payments.#Calculating #mortgage #payments


Mortgage Types Explained

Not every home buyer and borrower is the same. As such, there are plenty of mortgage programs available out there to meet the needs of various types of borrowers with very different financial backgrounds and needs.

The decision about which type of mortgage you choose is an important one. It’s essential to make sure you understand all your options before making the selection on which mortgage type is right for you.

Fixed-Rate Mortgages

The most popular type of mortgage is the fixed-rate mortgage. With this option, the interest rate is locked in and will remain the same throughout the duration of the term. Fixed-rate mortgages allow borrowers to make the same payment every month without having to worry about any fluctuations in their given interest rate.

It’s important to note, however, that the rate is only locked in and guaranteed for the term, and not the entire amortization period of the mortgage. For instance, if you agree to a 30-year mortgage with a 5-year term, your rate is locked in only for that 5-year period. Once the term expires, you’ll need to renegotiate a new rate at a new term, or opt for a completely different type of mortgage altogether.

The trade-off for such predictability is that these mortgages can often come with higher closing costs. In addition, they can be a little more challenging to get approved for versus some other types of mortgages. However, despite these disadvantages, obtaining a fixed-rate mortgage can make sense for many buyers, particularly first-timers.

Adjustable-Rate Mortgages

Contrary to the fixed-rate mortgage, an adjustable-rate mortgage (ARM) comes with an interest rate that fluctuates as the market dictates. This type of loan traditionally starts off with a low rate and adjusts over time. With ARMs, the rate will change during the term of the mortgage.

Generally speaking, such mortgages are initially set up like a standard loan based on the present interest rate. At regular intervals, the mortgage is reviewed, and should the market interest rate change, the lender will adjust the mortgage repayment plan accordingly. This can be done either by changing the length of the amortization period, the size of the payment, or a combination of both.

A popular variety of an adjustable-rate mortgage these days is the “hybrid ARM,” in which a certain interest rate is guaranteed to stay fixed for a certain time. This initial interest rate is often lower than what you would traditionally be offered with a traditional 30-year fixed loan.

Conventional Mortgages

A conventional – or conforming – mortgage is one that is not insured by the federal government, which means no guarantees are made to the lender should the borrower default on the mortgage payments. As such, they are considered higher risk for lenders. For this reason, borrowers typically need to have a high credit score, a healthy financial history, and a low debt-to-income ratio in order to get approved for a conventional loan.

If less than 20% is put towards a down payment, Freddie Mac and Fannie Mae guidelines stipulate that the lender needs to bring on a private insurer for the loan. Such Private Mortgage insurance (PMI) must be paid for by the borrower. However, once the borrower has paid down at least 20% of the property’s purchase price, payments for PMI will cease.

These types of mortgages follow the guidelines set by Fannie Mae and Freddie Mac, and may either be fixed- or adjustable-rate mortgages.

FHA Loans

For those who don’t meet the stringent requirements to get approved for a conventional loan, there are government-backed loan options available, such as FHA loans. These mortgages, which are guaranteed by the Federal Housing Administration, get a lot of attention from first-time home buyers and borrowers with less-than-perfect credit because of their more attractive features and easier lending requirements.

FHA mortgages offer low down payment requirements for those who may be unable to gather a large lump sum of money to put towards their home purchase. While the minimum down payment for a conventional mortgage is 5% of the purchase price of a home, FHA mortgages allow buyers to put down as little as 3.5%.

It should be noted that the Federal Housing Administration doesn’t actually issue the loans. Instead, it supports lenders should borrowers default on the mortgage payments.

Interest-Only Mortgages

Some borrowers choose an interest-only mortgage in an effort to keep their payments as low as possible. A mortgage is considered “interest only” if the monthly mortgage payments consist only of interest. This option lasts for a specified period, typically 5 to 10 years. Borrowers can pay more than interest if they choose to. No principle portion is paid, which means the only way equity can be built up during this interest-only time period is through appreciation.

By only being temporarily responsible for paying the interest portion, monthly payments are substantially less. It’s important to note, however, that reducing monthly mortgage payments will increase the overall interest that will need to be paid over the life of the mortgage, and lowers the amount of home equity that will be gained. That’s why such an option should only be temporary in nature.

Home Equity Loans

Also referred to as second mortgages, home equity loans allow homeowners to borrow money against the equity already built up in the home. They are an attractive option for those who need to cover a large expense, such as a major home renovation where a large sum of money is required up front. With these types of loans, homeowners can borrow up to $100,000 of equity and still be able to deduct all of the interest upon filing their tax returns.

There are two types of home equity loans: fixed-rate loans and lines of credit. Both of these variations typically range from 5 to 15 years, and must be repaid in full when the home is sold.

The fixed-rate variation offers a single lump sum of money to the homeowner, which then needs to be repaid over a certain time period at a specific interest rate.

With a home equity line of credit (HELOC), homeowners can borrow against the equity in their homes similar to the way a credit card works. They are allowed to borrow a set limit, and can withdraw as little or as much as needed at any time, as long as this limit is not exceeded. Only the amount withdrawn is charged interest, and once the money is repaid, it can be borrowed again and again until the end of the loan term is reached.

Related Resources

Calculating mortgage payments

Do you have questions about a mortgage? You have come to the right place. Check here for any topic regarding mortgages answered by our financial experts.

Read More Calculating mortgage payments

Interest Only Calculator

This handy calculator can help you determine what your savings and ultimate cost with an interest only mortgage verses a traditional home loan.

Read More Calculating mortgage payments

Early Pay Off

Our early payoff calculator tells you exactly how much more it will cost per month to pay your mortgage off early based on a shorter payment term.

Read More Calculating mortgage payments

Mortgage Calculator

If you are planning to get a mortgage, our free mortgage calculator tool can provide you with plenty of information in order to make an informed decision.

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Mortgage Calculator: Calculate Your Monthly Mortgage Payment, mortgage payments calculator.#Mortgage #payments #calculator


Mortgage Calculator

  • Monthly Payment (Principal and Interest)

Mortgage calculator for your home loan

This mortgage calculator will show how much your monthly mortgage payment would be, including your amortization schedule. See how much you could save by prepaying some of the principal. Find out your home loan breakdown now by using this simple and free mortgage calculator.

NOTE: This calculator updates automatically as you move from field to field using the “tab” key. If you’re entering prepayment information, click the “calculate” button to see the final results.

A mortgage amortization calculator shows how much of your monthly mortgage payment will go toward principal and interest over the life of your loan. The loan calculator also lets you see how much you can save by prepaying some of the principal.

How to use the loan amortization calculator

With HSH.com’s home loan calculator, you enter the features of your mortgage: amount of the principal loan balance, the interest rate, the home loan term, and the month and year the loan begins.

Your initial display will show you the monthly mortgage payment, total interest paid, breakout of principal and interest, and your mortgage payoff date.

Most of your mortgage loan payment will go toward interest in the early years of the loan, with a growing amount going toward the loan principal as the years go by – until finally almost all of your payment goes toward principal at the end. For instance, in the first year of a 30-year, $250,000 mortgage with a fixed 5% interest rate, $12,416.24 of your payments goes toward interest, and only $3,688.41 goes towards your principal. To see this, click on “Payment chart” and mouse over any year.

Clicking on “Amortization schedule” reveals a display table of the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year. Clicking the “+” sign next to a year reveals a month-by-month breakdown of your costs.

Click “calculate” to get your monthly payment amount and an amortization schedule.

The effect of prepayments

Now use the mortgage loan calculator to see how prepaying some of the principal saves money over time. The calculator allows you to enter a monthly, annual, bi-weekly or one-time amount for additional principal prepayment.To do so, click “+ Prepayment options.”

Let’s say, for example, you want to pay an extra $50 a month. Using the $250,000 example above, enter “50” in the monthly principal prepayment field, then either hit “tab” or scroll down to click “calculate.” Initial results will be displayed under “Payment details,” and you can see further details in either the “Payment chart” or “Amortization schedule” tabs.

You may also target a certain loan term or monthly payment by using our mortgage prepayment calculator. Of course you’ll want to consult with your financial advisor about whether it’s best to prepay your mortgage or put that money toward something else, such as retirement.

HSH.com has developed a host of other free mortgage calculators to help answer your other questions, such as, “Can I qualify for a mortgage,” “Will prepaying my mortgage help me save money,” “How large of a down payment do I really need,” “What s the best way to pay for my refinance,” and “When will my home no longer be underwater?” See all of HSH.com’s mortgage calculators.

This is the dollar amount of the mortgage you are borrowing. (Hitting “tab” after entering information in any field will automatically update the calculations.)

The loan’s interest rate. Along with the term, this is the key factor used by the mortgage payment calculator to determine what your monthly payment will be. To see where rates are right now, click on the “See today’s average rates” link to the right of the field, where you can also find offers from our advertising partners.

Mortgage loans come in a range of terms. Fixed rate mortgages are most often found in 30, 20, 15 and 10-year terms; Adjustable Rate Mortgages usually have total terms of 30 years, but the fixed interest rate period is much shorter than that, lasting from 1 to 10 years.

To get the most accurate calculations, use the month and year in which your very first mortgage payment was due (or will be due). If you don’t yet have a mortgage, the current month and year will work just fine.

This display shows the monthly mortgage payment, total interest paid, breakout of principal and interest, and your mortgage payoff date.

This display shows you the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year.

While this display table also shows you the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year, clicking the “+” sign next to a year reveals a month-by-month breakdown of your costs.

In this optional section, you can add in a regular monthly prepayment amount, re-set the calculator to show bi-weekly payments and savings, or even do a one-time prepayment to see how it affects the cost of your home loan.

Mortgage payments calculator


Mortgage Calculator, mortgage payments calculator.#Mortgage #payments #calculator


Mortgage Calculator

Mortgage payments calculator

$1,115.57 / Month

Mortgages

A mortgage is a loan secured by a property usually a real estate property. A real estate mortgage usually includes the following key components:

  • Loan Amount the amount borrowed from a lender or bank. The maximum loan amount one can borrow normally correlates with household income or affordability. To estimate an affordable amount, please use our House Affordability Calculator.
  • Down Payment the upfront payment of the purchase, usually in a percentage of the total price. In the US, if the down payment is less than 20% of the total property price, typically, private mortgage insurance (PMI) is required to be purchased until the principal arrives at less than 80% or 78% of the total property price. The PMI rate normally ranges from 0.3%-1.5% (generally around 1%) of the total loan amount, depending on various factors. A general rule-of-thumb is that the higher the down payment, the more favorable the interest rate.
  • Loan Term the agreed upon length of time the loan shall be repaid in full. The most popular lengths are 30 years and 15 years. Normally, the shorter the loan term, the lower the interest rate.
  • Interest Rate the rate of interest charged by a mortgage lender. It can be “fixed” (otherwise known as a fixed-rate mortgage, or FRM), or “adjustable” (otherwise known as an adjustable rate mortgage, or ARM). The calculator above is only usable for fixed rates. For ARMs, interest rates are generally fixed for a period of time, after which they will be periodically “adjusted” based on market indices. ARMs transfer part of the risk to borrowers. Therefore, the initial interest rates are normally 0.5% to 2% lower than FRM with the same loan term. Mortgage interest rates are normally expressed in Annual Percentage Rate (APR), which is sometimes called nominal APR or effective APR. It is the interest rate expressed as a periodic rate multiplied by the number of compounding periods in a year. For example, if a mortgage rate is 6% APR, it means the borrower will have to pay 6% divided by twelve, which comes out to 0.5% in interest every month.

The most common way to repay a mortgage loan is to make monthly, fixed payments to the lender. The payment contains both the principal and the interest. For a typical 30-year loan, the majority of the payments in the first few years cover the interest.

Costs Associated with Mortgages and Home Ownership

Commonly, monthly mortgage payments will consist of the bulk of the financial costs associated with owning a house, but there are other important costs to keep in mind. In some cases, these costs combined can be more than the mortgage payments. Be sure to keep these costs in mind when planning to purchase a home.

Because the recurring costs perpetuate throughout the lives of mortgages (exception being PMI), they are a significant financial factor. Property Taxes, Home Insurance, HOA Fee, and Other Costs increase with time as a byproduct of moderate inflation. There are optional inputs within the calculator for annual percentage increases. Using these wisely can result in more accurate calculations.

  • Property Taxes a tax that property owners pay to governing authorities. In the U.S., property tax is usually managed by municipal or county government. The annual real estate tax in the U.S. varies by location, normally ranging from 1% to 4% of the property value. In some extreme cases, the tax rate can be 10% or higher.
  • Home Insurance an insurance policy that protects the owner from accidents that may happen to the private residence or other real estate properties. Home insurance can also contain personal liability coverage, which protects against lawsuits involving injuries that occur on and off the property. The cost of home insurance varies according to factors such as location, condition of property, and coverage amount. Typically, the annual cost can range from 0.1% to 5% of the property value.
  • Private Mortgage Insurance (PMI) protects the mortgage lender if the borrower is unable to repay. In the U.S. specifically, if the down payment is less than 20% of the property value, the lender will normally require the borrower to purchase PMI until the loan-to-value ratio (LTV) reaches 80% or 78%. PMI price varies according to factors such as down payment, size of the loan, and credit of the borrower. The annual cost typically ranges from 0.3% to 1.5% of the loan amount.
  • HOA Fee a fee that is imposed on the property owner by an organization that maintains and improves property and environment of the neighborhoods that the specific organization covers. Common real estate that requires HOA fees include condominiums, townhomes, and some single-family communities. Annual HOA fees usually amount to less than one percent of the property value.
  • Other Costs includes utilities, home maintenance costs, and anything pertaining to the general upkeep of the property. Many miscellaneous costs can be deceptively high and it is important to consider them in the big picture. It is common to spend 1% or more of the property value on annual maintenance alone.

While these costs aren’t contained within calculations, they are still important to keep in mind.

  • Closing Costs the fees paid at the closing of a real estate transaction. It is not a recurring fee yet it can be expensive. In the U.S., even though not all are applicable, the closing cost on a mortgage can include attorney fee, title service cost, recording fee, survey fee, property transfer tax, brokerage commission, mortgage application fee, points, appraisal fee, inspection fee, home warranty, pre-paid home insurance, pro-rata property taxes, pro-rata homeowner association dues, pro-rata interest, and more. Sellers will share some of these costs. It is not unusual for a buyer to pay $10,000 in total closing costs on a $300,000 transaction.
  • Initial Renovations Some buyers invest money into renovations, features, or updates before moving in. Examples may be changing the flooring, repainting the walls, or even adding a patio.

Besides these, new furniture, new appliances, and moving costs are also common non-recurring costs of a home purchase.

Early Repayment and Extra Payments

For many situations, mortgage borrowers may want to pay off mortgages earlier rather than later, either in whole or in part, for reasons including but not limited to interest savings, home selling, or refinancing. Most mortgage lenders allow borrowers to pay off up to 20% of the loan balance each year but few may have prepayment penalties for one-time payoffs, mainly to prevent refinancing too soon (which will affect the lender’s profit). One-time payoff due to home selling is normally exempt from a prepayment penalty. The penalty amount typically decreases with time until it phases out within 5 years. Few lenders charge prepayment penalties regardless of home-selling or refinancing, but be sure to review the loan terms carefully anyway just in case.

Some borrowers may want to pay off their mortgage loan earlier to reduce interest. Typically, there are three ways to do so. The methods can be used in combination or individually.

  1. Refinance to a loan with a shorter term Normally, interest rates of shorter term mortgage loans are lower. Therefore, borrowers not only repay their loan balances faster, but receive lower and more favorable interest rates on their mortgages. Keep in mind that this imposes higher financial pressure on the borrower due to higher monthly mortgage payments. Also, there may be fees or penalties involved.
  2. Make extra payments the majority of the earliest mortgage payments will be for interest instead of principal on typical long-term mortgage loan. Any extra payments will decrease loan balances, therefore decreasing interest and pay off earlier in the long run. Some people form the habit of paying extra every month, while others pay extra whenever they can. There are optional inputs to include many extra payments, and it can be helpful to compare the results of supplementing mortgages with extra payments and without.
  3. Make biweekly (once every two weeks) payments of half month’s payment instead Since there are 52 weeks each year, this is the equivalent of making 13 months of mortgage repayments a year instead of 12. Utilizing this method, mortgages can be paid off earlier. Displayed in the calculated results are biweekly payments for comparison purposes.

The Calculator has the tools to help evaluate the options. Please be aware that the rates on mortgages tend to be very low compared with other types of loans. Also, mortgage interest is tax-deductible, and home equity accumulated may be counted against borrowers when applying for need-based college aid. Be sure to consider comprehensively before paying off mortgage loans earlier.


Mortgage Calculators: Amortization Tables, Accelerated Payments, Biweekly Payments, mortgage payments calculator.#Mortgage #payments #calculator


mortgage payments calculator

Mortgage payments calculator

Mortgage payments calculator

Mortgage payments calculator

Mortgage payments calculator

Lets you determine monthly mortgage payments and see complete amortization tables.

Mortgage payments calculatorHow Advantageous Are Extra Payments?

By making additional monthly payments you will be able to repay your loan much more quickly. Find out how your monthly, yearly, or one-time pre-payments influence the loan term and the interest paid over the life of loan. Make additional 1/12 of monthly payments (a popular ‘do-it-yourself’ biweekly) or an additional monthly payment once a year.

Mortgage payments calculatorSimple Option ARM Calculator

Computes minimum, interest-only and fully amortizing 30-, 15- and 40-year payments.

Mortgage payments calculatorAdvanced Option ARM Calculator with Minimum Payment Change Cap

Allows you to create a complete option ARM loan amortization table (with standard and neg-am recasts, automatically estimated possible future index changes, various fixed payment periods, interest rate rounding to the nearest 1/8 of one percentage, and more). See what happens if you always select the minimum payment option.

< Please see: Using Pay Option ARM Calculator

Mortgage payments calculatorWhich ARM Index Is Better?

Mortgage payments calculatorMortgage Pre-Qualifier

Mortgage Pre-Qualifier will determine the income required to qualify for the particular loan using the specified qualifying ratios.

Mortgage payments calculatorHow Much Can You Borrow?

The calculator lets you see how various changes to your income, liabilities, and mortgage terms affect the loan amount you can borrow.

Mortgage payments calculatorBlended Rate Calculator

Calculates a first and second mortgage blended rate.

Mortgage payments calculator‘True bi-weekly’ payment calculator

Prints yearly amortization tables. With bi-weekly payments, you pay half of the monthly mortgage payment every 2 weeks, rather than the full balance once a month. This is comparable to 13 monthly payments a year, which can result in faster payoff and lower overall interest costs.

Mortgage payments calculatorAnother ‘true bi-weekly’ payment calculator

Builds complete bi-weekly amortization tables.

Mortgage payments calculatorTrue bi-weekly vs standard bi-weekly

Shows how much you will save if you calculate interest for two-week intervals and apply the bi-weekly payments less the interest to reduce principal every two weeks, instead of having your money withdrawn from your bank account every two weeks by your lender and making a full mortgage payment once a month plus one additional payment once a year out of a special account, managed by the lender. Complete amortization tables are available.

Mortgage payments calculator


Mortgage Payoff Calculator – Extra Payments, figuring mortgage payments.#Figuring #mortgage #payments


Mortgage Payoff Calculator Extra Payments

This mortgage payoff calculator figures the extra payment necessary to cause an early payoff within a specified number of years. Discover how much interest you will save between now and when your mortgage is paid off.

Please Note: You should only enter the principal and interest portion of your regular monthly payment. Do not include tax and insurance escrow accounts.

In other words, use this calculator to define time period and payment amount, and use the other calculator to define optimum early payoff strategy.

And if this calculator helped you we’d sure appreciate a “like” or +1. Thanks!

How Much Extra Should You Pay To Payoff Your Mortgage Early?

You dream of paying off your mortgage early.

You long for the day when you are debt free.

But how do you do it?

How much must you pay each month to be out of debt by a certain date?

What if you wanted to pay off your mortgage in 15 years instead of 30? How much would you save?

The good news is this mortgage payoff calculator makes figuring out your required extra payment easy.

You choose how quickly you d like to pay off your mortgage, and the calculator will tell you the required extra monthly payment to get it done. It will also tell you how much interest you ll save!

However, before you start making your extra payments, there are a few factors you ll want to consider first . . . .

Figuring mortgage payments

Factors To Consider When Paying Off The Mortgage Early

Living without any debt is an exciting goal, but paying off your mortgage needs to be done right. Here are some important considerations:

  • Will you incur penalties for overpaying your mortgage?Some mortgage lenders have prepayment penalties or other loan terms designed to prevent you from prepaying. Make sure to contact your lender and read the fine print in your mortgage contract to determine if this applies to you.
  • Do you have credit card or any other debts? Many other types of debt, like credit card debt, have higher interest rates. It s usually more advantageous to pay off any consumer debt before you pay off the mortgage.
  • Have you set aside a sufficient emergency fund? It s generally a good idea to set aside money in an emergency fund to cover expenses that are not included in your budget or to protect from a rainy day. Build a solid financial foundation first!
  • Is your debt oppressing you? Some people feel debt rules their lives. If debt is stressing you out, use the Mortgage Payoff Calculator to calculate how much extra money you need to put toward your mortgage every month to get out of debt sooner.

Once you ve determined that you re ready to pay off your mortgage, it s time to start reaping the benefits!

Benefits Of Paying Off Your Mortgage Early

Owning a home without a mortgage is financially liberating. Here are just a few of the key benefits:

  • You save money. By paying off your mortgage you eliminate interest costs. This lowers your monthly expenses and reduces the total cost to own your home.
  • No interest is better than a mortgage tax deduction. If you keep the mortgage to get the tax deduction then you re paying $1 to the bank to get a $0.25 tax deduction (assuming a 25% tax bracket). You re still out $0.75. If you pay off the mortgage, you pay $0.25 in taxes and have $0.75 in your pocket.
  • You will gain the flexibility of using what had been the mortgage payment to invest in retirement or save toward other financial goals. Imagine! Not only will you avoid paying mortgage interest, but you ll be making money in higher-yielding accounts!

Pitfalls Of Paying Off Your Mortgage Early

Many homeowners think that they should pay off their mortgage early to get out of debt, but does it always make sense?

You do not want to pay off your mortgage and end up low on cash. It s much easier to take cash out of a checking account when needed than it is to refinance by pulling it out of your home loan.

Ask yourself if you ll need liquid cash in the near future. If the answer is yes, you re better off putting your extra money in savings – not toward your mortgage.

Always have a small savings buffer to help you pay for immediate expenses.

Final Thoughts

There are many competing financial goals to consider first before committing to an early mortgage payoff program.

From paying off high-interest credit cards, to starting your retirement contributions, to getting important insurance policies in place, there are many financial goals that should probably take priority over paying off your mortgage early. You must build a solid financial foundation first.

However, if you re ready to pay off your mortgage early then this calculator will help you reach your goal. Pay off your mortgage in 15 years, 10 years, 5 years, or whatever amount of time makes sense for you and your budget!

Mortgage Payoff Calculator Terms Definitions

  • Principal Balance Owed – The remaining amount of money required to pay off your mortgage.
  • Regular Monthly Payment – The required monthly amount you pay toward your mortgage, in this case, including only principal and interest.
  • Number of Years to Pay Off Mortgage – The remaining number of years until you want your mortgage paid off.
  • Principal (Mortgage Loan Amount) – The amount of money you borrowed to buy your home.
  • Annual Interest Rate (APR) – The percentage your lender charges on borrowed money.
  • Mortgage Loan Term – The number of years you are required to pay your mortgage loan.
  • Mortgage Tax Deduction – A deduction you receive at tax time on the interest you pay toward your mortgage.
  • Extra Payment Required – The extra amount of money you ll need to pay toward your mortgage every month to pay off your mortgage in the amount of time you designated.
  • Interest Savings – How much you ll save on interest by prepaying your mortgage.

Figuring mortgage payments


How to Calculate Estimated Taxes and Associated Penalties, figuring mortgage payments.#Figuring #mortgage #payments


Estimated Taxes and the Estimated Tax Penalty

Figuring mortgage payments

Paying estimated taxes is one way to make sure you re giving the Internal Revenue Service enough money during the year to avoid owing a lump sum at filing time – or worse, incurring penalties. Generally, people who have incomes that aren t subject to tax withholding should consider making estimated payments. Types of income without withholding include self-employment income, rental income, investment income and capital gains.

Estimated Tax Deadlines

Estimated tax payments are due quarterly on April 15, June 15, September 15 and January 15. Some taxpayers pay more frequently. You can make payments monthly if you like so a fixed amount of tax is included in your monthly budget. If you have to skip a monthly payment, you can adjust your subsequent estimated payment to cover the shortfall.

The Estimated Tax Penalty

If you don t make estimated payments and end up owing the IRS at the end of the year, a penalty typically applies. The estimated tax penalty is essentially an interest charge for not paying taxes throughout the year. The interest rate for underpayments by individual taxpayers is 4 percent for the 2016 tax year. The IRS sets this rate each quarter.

Figuring Out How Much to Pay in Estimated Taxes

The easiest way to calculate how much you should be making in estimated tax payments is to divide last year s unfunded tax liability by four because estimated payments are made quarterly.

Look at last year s tax return to find your total tax liability, then subtract any withholding you expect to pay in for this year. If your withholding will be about the same as last year, you can subtract last year s withholding amount. The difference is the amount of tax that needs to be paid in through estimated taxes.

Although this method is quick and easy, it doesn t take changes in your income into consideration or any changes in your deductions for the current year. You might have more or less income or qualify for different tax deductions. The alternate method is to project a tax calculation based on this year s income. For this, it s helpful to use the worksheets found in Publication 505 and with Form 1040-ES.

The 1040-ES worksheet will help you calculate the minimum amount of estimated tax you should pay to avoid a penalty. The worksheet also includes all the current year figures for standard deductions and tax rates to help you obtain an accurate figure for this year s estimated payments.

An Example of an Estimated Tax Calculation

Shelley is an independent contractor and this is her only sole source of income. She had $25,000 of self-employment income and $7,500 of business expenses in the first three months of the year. This resulted in a net profit of $17,500.

Her business isn t seasonal, so it s safe to say that her income and expenses will be similar through the next nine months of the year. The first three months represent 3/12 – or 1/4 – of her annual income. To project her income for the full year, we need to multiply by the inverse or reciprocal ratio.

The reciprocal of 3/12 is 12/3, which is the same as saying that the reciprocal of 1/4 is four. Multiplying our year-to-date figures by the reciprocal results in an income amount that is projected to be 100 percent of the full year. Multiplying Shelley s net profits of $17,500 for the first three months by the reciprocal ratio of 12/3 tells us that Shelley s net profit for the full year will be $70,000.

Now we can begin a tax calculation. Shelley s income will be subject to both the income tax and the self-employment tax because she s an independent contractor. Here s how the tax calculations would work:

Deduction for half of the self-employment tax 4,945.34

Taxable income (70,000 – 4,945 – 6,100 – 3,900) 50,055

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Now that we ve found Shelley s taxable income, we can calculate her income tax using the 2017 tax rates. As a single person, Shelley s income tax is estimated to be $8,370. This plus her self-employment tax of $9,890.69 equals how much she needs to pay in this year: $18,260.69, or $18,261 after rounding. Shelley would have to pay in at least 90 percent of this amount in order to avoid the estimated tax penalty, but she might also want to pay the full amount of the tax to prevent from owing at tax time.

If she wanted to pay in 90 percent of her current tax due, Shelley would multiply the tax amount by 90 percent then divide by four to find each of her four estimated payments – about $4,109 each. If Shelley wanted to pay 100 percent, she would take the tax amount and divide by four to find each of her four estimated payments of about $4,565 each.

If You Also Have Income That s Subject to Withholding

You can adjust your withholding from your paychecks to cover additional taxes from other income such as interest, dividends or income from side jobs or consulting work. Simply fill out a new Form W-4 and give it to your employer.

There are a couple different ways you can adjust the withholding figures. One is to change the number of withholding allowances you re currently claiming. The other is to indicate an additional dollar amount that you want your employer to withhold each paycheck.

Let s take the second method first. Let s assume that Nancy will owe $4,000 on self-employment income because she freelances in addition to her regular job.

Nancy could take this tax amount and divide it by the number of remaining pay periods in the year. This amount would be entered on Line 6 of Form 1040 as an additional amount to withhold. This additional tax will show up on her W-2 as part of her federal income tax withholding and will be applied to the total tax she owes for the year, including any self-employment tax.

If Nancy wanted to adjust her withholding allowances, she would have to reduce the number of withholding allowances she s currently claiming so that her federal withholding will increase by an amount sufficient to cover the additional tax she s expecting. This often involves trying different withholding allowances using a withholding calculator.

Paying Estimated Taxes

Assuming you can t or don t want to adjust your withholding, you can send in estimated payments by check, pay by credit card, or use the Treasury Department s online bill payment system.


FinAid, Calculators, Loan Calculator, estimate mortgage payments.#Estimate #mortgage #payments


estimate mortgage payments

Estimate mortgage payments

Estimate mortgage payments

Estimate mortgage paymentsEstimate mortgage payments

Estimate mortgage payments

Estimate mortgage payments

Estimate mortgage payments

Estimate mortgage payments

Estimate mortgage payments

Estimate mortgage payments

Estimate mortgage payments

Estimate mortgage payments

Estimate mortgage payments

Estimate mortgage payments

Estimate mortgage payments

Estimate mortgage payments

This Loan Payment Calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. This loan calculator can be used with Federal education loans (Stafford, Perkins and PLUS) and most private student loans. (This student loan calculator can also be used as an auto loan calculator or to calculate your mortgage payments.)

This loan calculator assumes that the interest rate remains constant throughout the life of the loan. The Federal Stafford Loan has a fixed interest rate of 6.8% and the Federal PLUS loan has a fixed rate of 7.9%. (Perkins loans have a fixed interest rate of 5%.)

This loan calculator also assumes that the loan will be repaid in equal monthly installments through standard loan amortization (i.e., standard or extended loan repayment). The results will not be accurate for some of the alternate repayment plans, such as graduated repayment and income contingent repayment.

Loan fees are used to adjust the initial loan balance so that the borrower nets the same amount after the fees are deducted.

Some educational loans have a minimum monthly payment. Please enter the appropriate figure ($50 for Stafford Loans, $40 for Perkins Loans and $50 for PLUS Loans) in the minimum payment field. Enter a higher figure to see how much money you can save by paying off your debt faster. It will also show you how long it will take to pay off the loan at the higher monthly payment. You can also calculate private student loan eligibility on comparison sites like Credible.

The questions concerning enrollment status, degree program and total years in college are optional and are designed to evaluate whether the total debt is excessive. The total years in college should include the total number of years in college so far (or projected) corresponding to the loan balance, including previous degrees received.