This calculator is used to compute your monthly mortgage payments. It displays principal and interest charges, property taxes, hazard insurance and PMI. Straightforward and easy to use; just enter your basic mortgage information.
The default entries provided in the calculator show a $300,000 house with a $250,000 mortgage at 4.75% interest for 30 years. The total monthly payment would be $1,783.29 -- comprised of monthly principal and interest of $1,304.12, monthly real estate taxes of $250, and monthly insurance of $125, with a loan-to-value ratio of 83.33%. PMI premiums of $104.17 would last for 30 months.
To use the calculator, enter the following information:
Loan Information: Amount (of mortgage), Interest Rate and Length (in years).
Property Information: Home Value.
Taxes and Insurance Information (choose dollars or percentage): Annual Taxes, Annual Insurance and Annual PMI.
The calculator will compute the following information:
Monthly Principal and Interest
Monthly Real Estate Taxes
Months with PMI
Total Monthly Payments
The calculator can also produce a PDF output file for download, and you can click the check box to view the Schedule Table for the time frame selected. The Schedule Table fields include: Number (of payment month), Interest, Principal, PMI and Balance. It also shows totals for every field after each year of the mortgage.