Mortgage payment estimator
DISCLAIMER: There is NO WARRANTY, expressed or implied, for
the accuracy of this
information or it's applicability to your financial situation.
your own financial advisor.
What you think the property will sell for, the seller's
asking price or your
Amount of cash you pay, to reduce the amount you borrow. Enter
dollars or percent
of Sale Price.
The loan interest rate you expect your lender will offer, based
on current rates.
Annual property taxes. Enter dollars or percent of Sale Price.
Default is 1.25%.
Annual Homeowner's Insurance. Enter as dollars or percent
of Sale Price. Default
PMI is Private Mortgage Insurance. If your Down Payment is less
than 20% of the
Sale Price (or appraised value), you must pay PMI. This let's
you qualify for
a lower Down Payment (and borrow more), because the lender is
insured against default.
PMI varies with your Down Payment, but typically costs 0.45%
of the amount borrowed,
per year. When your Equity (Down Payment + Total Principal Paid)
reaches 20% of
the Sale Price (or appraised value), you will stop paying PMI.
The number of years over which you will pay back the loan.