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Investment Calculator

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Savings and Investment Calculator
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Calculating your mortgage payments involves several factors

Mortgage Calculator simplifies the process. Here’s how to do it:

Home Price or Current Home Value

In the “Home price” field, enter the price of the home you’re buying or the current value if you’re refinancing.

Down Payment or Home Equity

In the “Down payment” section, input the down payment amount if you’re buying a home or the equity amount you have if you’re refinancing. Your down payment is the cash you pay upfront, and equity is the home’s value minus what you owe. You can enter a dollar amount or a percentage of the purchase price.

Loan Term

Select the “Length of loan” by choosing a term, typically 30 years, but you can opt for 20, 15, or 10 years. The calculator will adjust the repayment schedule accordingly.

As you enter these details, the calculator will provide you with the monthly principal and interest payment. Additionally, it may estimate other costs such as property taxes, homeowners insurance, and homeowners association fees. These extra costs can be adjusted or ignored if they are included in your escrow payment, as they don’t impact your principal and interest payment.

Typical costs included in a mortgage payment:

  • Principal: The amount borrowed from the lender.
  • Interest: The fee charged by the lender for lending you the money, expressed as an annual percentage rate.
  • Property Taxes: Annual taxes assessed by local authorities on your property. If you have an escrow account, you pay a portion of this tax with each monthly mortgage payment.
  • Homeowners Insurance: Coverage for damage and financial losses from various hazards. You pay a portion of your annual insurance premium each month if you have an escrow account, and your lender or servicer pays the premium when due.
  • Mortgage Insurance: If your down payment is less than 20 percent of the home’s purchase price, you might need to pay for mortgage insurance, which is added to your monthly payment.

This breakdown helps you understand the components of your mortgage payment and how they contribute to the overall cost of homeownership.

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