How to Use This Mortgage Calculator
Using this calculator, you can compute the monthly payment amount you can expect for a hypothetical mortgage. This can help you make decisions about buying a home. If you already own a home, it can help you to discover the potential cost-saving benefits of refinancing.
1To get the principle and interest monthly payment amount, start by inputting the purchase price of the property you are interested in.
2Then, input the down payment you are thinking about making.
3Next, put in the interest rate and the amortization period in years.
4You can then click on “Calculate,” and the principle and interest monthly will be displayed.
**It doesn’t include HOA or any extra special taxes that may be required for that particular property.
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Keep in mind that the number you see does not include taxes or insurance.
You will need to calculate those separately and account for them when figuring out your monthly budget. After you get your initial calculation, you can start playing with the numbers to bring your monthly payment up or down.
For example, you can input a different down payment amount to see what the impact will be on what you owe every month. You can also play with the overall amount, the interest rate, or the amortization period to see what you get. The more you play with the calculator and adjust the inputs, the better you will understand the budgeting involved with paying off a mortgage.