A Mortgage Calculator is a helpful tool to assist in predicting affordability and how much it will cost to purchase a piece or real estate. Mortgage Calculators are also helpful at comparing costs interest rates, or payment schedules. The below link will take you to an automated tool that allows you to quickly plug in the the necessary information, such as:
- The home's value or current list price
- The loan amount (amount to borrow for the purchase)
- The desired or planned interest rate
- The loan term (number of years to pay back the loan)
- The estimated property tax and PMI (private mortgage insurance) percentages
Then calculate the estimated monthly mortgage payment and a summary other terms pertaining to the projected loan. This tool also provides an estimated amortization graph, repayment chart, and balance graph for the projected loan.