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Mortgage Calcs 30 yr Fixed 20 yr Fixed 15 yr Fixed 10 yr Fixed 15 vs 30 yr Second Mortgage HELOC Refinance Refi Calculator Refi Advice Refi Costs When to Refi Rates FHA Loans VA Loans USDA Loans Jumbo Real APR ARM Fixed vs ARM 3/1 ARM 5/1 ARM 7/1 ARM 10/1 ARM Pay Option Interest Only Interest Only w Extra Balloon Affordability Rent or Buy Income Requirements Mortgage Qualification Save Money Extra Payments Biweekly Paying Points Tax Benefits Advice Mortgage Qualification Types of Mortgages Improving Credit Industry News Financial Calcs Amortization Personal Loans Car CD Widgets Sidebar Calculators Full Page Calc Wordpress Rate Tables -- Your Mortgage Payment Information View Loan Breakdown Home Value: $ Down payment: $ % Loan Amount: $ Interest Rate: % Loan Term: years Start Date: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec -- Property Tax: $/yr PMI: % Home Ins: $/yr Monthly HOA: $ Loan Type: Conventional FHA VA USDA Buy or Refi: Select Buy Refi Credit Rating: Select Excellent (740+) Very Good (720 - 739) Good (700 - 719) Above Average (680 - 699) Average (660 - 679) Fair (640 - 659) Needs Improvement (620 - 639) Poor ( -- Show Amortization Tables » Draw charts Monthly vs bi-weekly payments Show annual amortization table Show monthly amortization table Hide Ads Copy this url: Mortgage Repayment Summary $1,401.63 Total Monthly Payment PMI not required $60,000.00 Down payment amount 20.00% Down payment % Veterans & Military: Check Your Eligibility for 0% Down Apr, 2051 Loan pay-off date $162,587.15 Total Interest Paid $200.00 Monthly Tax Paid $72,000.00 Total Tax Paid $83.33 Monthly Home Insurance $30,000.00 Total Home Insurance $16,819.57 Annual Payment Amount $504,587.15 Total of 360 Payments Newark Homebuyers Can Refinance at Historically Low Mortgage Rates Today! The spread of coronavirus caused financial market volatility, with the 10-Year Treasury Notes reaching all-time record lows. Mortgage rates tend to follow 10-Year Treasury movements. Savvy homeowners across the country are taking advantage of this opportunity to refinance their homes at today's attractive rates. © 2007 - 2021 www.mortgagecalculator.org | Contact Us As Seen In Intro The above tool estimates monthly mortgage payments with taxes, insurance, PMI, HOA fees & more. Click on the "define" & "more" tabs for a description of each input & how they are used in calculations. Set an input to zero to remove it from the calculation. If property tax is 20 or below the calculator treats it as an annual assessment percentage based on the home's price. If property tax is set above 20 the calculator presumes the amount entered is the annual assessment amount. Define Home Value: the appraised value of a home. This is used in part to determine if property mortgage insurance (PMI) is needed. Loan Amount: the amount a borrower is borrowing against the home. If the loan amount is above 80% of the appraisal then PMI is required until the loan is paid off enough to where the Loan-to-value (LTV) is below 80%. Interest Rate: this is the quoted APR a bank charges the borrower. In some cases a borrower may want to pay points to lower the effective interest rate. In general discount points are a better value if the borrower intends to live in the home for an extended period of time & they expect interest rates to rise. If the buyer believes interest rates will fall or plans on moving in a few years then points are a less compelling option. This calculator can help home buyers figure out if it makes sense to buy points to lower their rate of interest. For your convenience we also publish current local mortgage rates . Loan Term: the number of years the loan is scheduled to be paid over. The 30-year fixed-rate loan is the most common term in the United States, but as the economy has went through more frequent booms & busts this century it can make sense to purchase a smaller home with a 15-year mortgage. If a home buyer opts for a 30-year loan, most of their early payments will go toward interest on the loan. Extra payments applied directly to the principal early in the loan term can save many years off the life of the loan. Property Tax: this is the local rate home owners are charged to pay for various municipal expenses. Those who rent ultimately pay this expense as part of their rent as it is reflected in their rental price. One can't simply look at the old property tax payment on a home to determine what they will be on a forward basis, as the assessed value of the home & the effective rate may change over time. Real estate portals like Zillow, Trulia, Realtor.com, Redfin, Homes.com & Movoto list current & historical property tax payments on many properties. If property tax is 20 or below the calculator treats it as an annual assessment percentage based on the home's price. If property tax is set above 20 the calculator presumes the amount entered is the annual assessment amount. PMI: Property mortgage insurance policies insure the lender gets paid if the borrower does not repay the loan. PMI is only required on conventional mortgages if they have a Loan-to-value (LTV) above 80%. Some home buyers take out a second mortgage to use as part of their downpayment on the first loan to help bypass PMI requirements. FHA & VA loans have different down payment & loan insurance requirements which are reflected in their monthly payments. Homeowners insurance: most homeowner policies cover things like loss of use, personal property within the home, dwelling & structural damage & liability. Typically earthquakes & floods are excluded due to the geographic concentration of damage which would often bankrupt local insurance providers. Historically flood insurance has been heavily subsidized by the United States federal government, however in the recent home price recovery some low lying areas in Florida have not recovered as quickly as the rest of the market due in part to dramatically increasing flood insurance premiums. HOA: home owner's association dues are common in condos & other shared-property communities. They cover routine maintenance of the building along with structural issues. Be aware that depending on build quality HOA fees can rise significantly 10 to 15 years after a structure is built, as any issues with build quality begin to emerge. Our site also publishes an in-depth glossary of industry-related terms here . More Charting: By default the desktop version of this calculator displays an amortization chart along with the ability to view a payment breakdown donut chart. These features are turned off by default on the mobile version to save screen space. Amortization Tables: Clicking on the "show amortization tables" link reveals options to display monthly or yearly amortization tables & to compare monthly versus biweekly payments. By default our calculations set bi-weekly payments to half of the monthly payment. Since there are 52 weeks in a year that means there are 26 biweekly pay periods, which means this payment strategy would be equivalent to paying a 13th monthly payment each year, which can help buyers save $10,000's & years of loan payments. Sharing & Saving Calculations: If you want to send a calculation to a spouse, client, or even send an email or text message to yourself there are buttons to "share this calculation" & a "printer friendly version" which can be used to share a loan scenario or create a page with a white background which makes it easy to print out an amortization chart. Fixed vs Adjustable Mortgages: In most countries home loans are variable (also known as adjustable), which means the interest rate can change over time. The ability for United States home buyers to obtain a fixed rate for 30 years is rather unique. Interest rates are near a cyclical, long-term historical low. That makes a fixed-rate mortgage more appealing than an adjustable-rate loan for most home buyers. ARMs can reset to a higher ...