Mortgage Center

This is a very basic calculator.  It will tell you what your monthly PRINCIPLE and INTEREST will be, however you will need to add in PROPERTY TAX and HOME INSURANCE to get your true monthly mortgage payment.

This is easy to do -  take the yearly taxes and divide by 12.  Then take the annual  insurance premium and divide by 12.  Add both numbers  to the PRINCIPLE and INTEREST for your monthly payment.

Example:

Home Price:  $200,000        Interest Rate:  5%          30 Year Fixed

PRINCIPLE & INTEREST:  $1,073.64 

PROPERTY TAXES:   $2,500/year ÷ 12 = $208.33/month

HOME INSURANCE: $600/year ÷ = $50.00/month

Add together: 1073.64 + 208.33 + $50.00 = $1,331.97   TOTAL MONTHLY PAYMENT 

 
COMPARE TWO LOANS:  The Mortgage Professor’s link takes you to a very useful calculator that compares two different mortgage scenarios to see which one is better: http://www.mtgprofessor.com/Calculators/Calculator9ci.html