How much will my monthly mortgage payment be? That’s a common question asked by people who want to buy a home or refinance a mortgage. Fortunately, the answer can be easily found by using our Mortgage Calculator. This type of calculator helps determine the amount of your monthly mortgage payment based on the size of your mortgage, the interest rate of your mortgage and the term of your mortgage.
A mortgage payment calculator is useful in a wide variety of situations. You can use this type of calculator when discussing a loan modification with your lender or for other types of loans, such as an auto loan or personal loan. Regardless of the situation, the mortgage payment calculator will give you helpful information and determine much your mortgage or loan payment will be.
How a mortgage payment calculator works?
To use a mortgage payment calculator, you’ll need to know a few details about the proposed mortgage. First, you’ll need to know whether the interest rate will be fixed or adjustable and you’ll need to enter that into the payment calculator. Remember that a fixed rate means your payment won’t change while an adjustable rate means your payment could change after you get your loan.
Next, you’ll need to know your loan amount and you’ll need to enter that into the payment calculator. Remember; do not include your down payment in the loan amount. For example, if you want to buy a $300,000 house and you have a $15,000 down payment, your loan amount will be $285,000.
Finally, you’ll need to know the interest rate and term of your mortgage, and you’ll need to enter that into the payment calculator. Most mortgages have terms of 15 or 30 years, but some have a term of 20 or 25 years. If you’re not sure about current interest rates, please call us at 866-720-3229 and one of our Mortgage Consultants will assist you.
Payment might not include taxes, insurance (PITI)
After you enter the information into the mortgage payment calculator, the calculator will display your mortgage payment. The payment calculated will include principal and interest, which may be referred to as “PI.”
The payment calculator’s result might not include private mortgage insurance (PMI), which you may have to pay if your down payment is less than 20% of the purchase price of your home or the equity in your home is less than 20% of your home’s current value.
The mortgage payment that’s calculated by the mortgage payment calculator will not include property taxes or insurance. A payment that includes principal, interest, taxes and insurance may be referred to as “PITI”. Ask your Mortgage Specialist for more details.
**** These calculations are estimates and are not guaranteed for any particular loan.
Disclosure: Calculators produce estimates only. Consumers should not rely upon them and are not an invitation to apply for credit or an offer to lend