Mortgage Calculator
Calculate Mortgage Calculator Monthly Estimated Payment, Extra Payment, Insurence, PMI etc.
Online Mortgage Calculator
| Monthly Principal & Interest | $1,461.42 |
| Monthly Extra Payment | $0.00 |
| PMI(till Sep 2022) | $156.77 |
| Property Taxes | $364.58 |
| Home Insurance | $102.08 |
| HOA Fees | $0.00 |
| Estimated monthly payment | $2,084.86 |
| Down payment | $49,000.00 | |
| Extra payments | $0.00 | |
| Total principal paid | $301,000.00 | |
| Total interest paid | $225,111.23 | |
| PMI, Taxes, Insurance & HOA | $175,211.42 |
| Total of all payments | $750,322.65 |
Amortization Schedule
| Payment Date | Payment | Principal | Interest | Total Interest | Balance |
What is Mortgage Calculator?
A mortgage calculator is an online mechanism that helps its user to determine the loan repayment of a property that is been pledges as a security or collateral for a loan.
Peoples use mortgage process to buy real estate using that particular property as collateral. That simply means that the borrower can enjoy the liberty of using the mortgaged property, as long as he continues to repays the loan amount for a pre-determined period and after the payment is fulfilled, the property is free and clear for the borrower.
There are numbers of factors are depending on calculating the Mortgage amount, and doing the calculation manually requires a mathematician. That’s the reason why the mortgage calculator plays a key role. Users can find the amount and all the costs by simply putting the value into these calculators.
Why use a Mortgage Calculator?
There are several factors that need to consider while calculating mortgage amount such as principal, interest, tenure, total number of payouts, etc., and using all these factors manually is nearly impossible and a hectic task for a borrower. On the other hand, an online mortgage calculator effectively determines other hidden costs like homeowners association fees, insurance, etc.
So users can able to understand the financial implications of changes to any of these key variables and have a better view about the total scenario.
Advantages of using an Online Mortgage Calculator :
There are reasons why these calculator is make a huge impact on the market,
- User can able to understand how much it will impact on your payment, if any of the variable changes.
- Adjust the payment structure depending on the tenure.
- Cost management can be effectively done.
- Simple, easy and reliable to use.
- Helps in planning the budget.
Formula of Mortgage Calculator
Just in case if you really wanted t figure it out how much your monthly payment will be all by yourself, here’s the mathematical formula is given ,
M=P[r(1+r)^n/{(1+r)^n} – 1]
here, M= monthly payouts of mortgage payment. P= principal loan amount, r= monthly interest rate.
