This calculator is used to get an idea of your payment schedule. You can play with the numbers to see how they will affect your monthly payments. You can also view the complete amortization schedule for the term of the mortgage.
What do these things mean?
Here’s a quick breakdown of the variables above:
- Price of Home This is the purchase price of the home
- Down Payment This is the percentage of the home value that you will be paying upon closing
- AmortizationThis is the length of time you will take to pay off the mortgage.Assuming you stick to the payment schedule
- Interest RateThis is the interest rate that you secure at the time of the dealThis changes all the time and will have a BIG impact on your affordability
And a note about the results:
- Monthly Payment This is your total monthly payment including principal, interest, and insurance
- Principal & Interest This is your monthly payment towards the principal amount of the loan and the interest
- Mo. Interest This is the average monthly interest
- Down payment This is the dollar value of the down-payment based on the price of the home
- Financed Amount This is the amount that you would have to borrow
Keep in mind that these calculators will give you some rough numbers. The numbers generated are pretty good, but keep in mind that they don’t factor in everything, so please only consider them a guide. Try to be as accurate as possible when estimating your costs.