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, your down payment, and the loan’s interest rate. This calculator factors in PMI (Private Mortgage Insurance) which is only applied where less than 20% is put down, and must be payed until 20% of the principal of the house is covered.
There is a field to account for Property Tax. It is very difficult to estimate this as it is based on the county’s assessment of the value of the home, and some neighborhoods are not reassessed often, so in many cases the county assessment is grossly out of date. Therefore, if you are looking at a specific home, you can look up the property taxes with the county assessor’s website, and add that to your calculations.
The numbers displayed below are considered typical values or good starting points; however, every transaction is unique and at least some of your values will differ. You should always speak to a lender for an accurate idea of what you can afford.