![]() ![]() If you have an escrow account, you pay about one-twelfth of your annual tax bill with each monthly mortgage payment. Property taxes: Local authorities assess an annual tax on your property.Interest rates are expressed as an annual percentage. Interest: This is what the lender charges you to lend you the money.Principal: This is the amount you borrowed from the lender.Simply enter in the original amount of your mortgage and the date you closed, and click "Show Amortization Schedule." Then, multiply your original mortgage amount by 0.8 and match the result to the closest number on the far-right column of the amortization table to find out when you'll reach 20 percent equity. That's the magic number for removing PMI premiums. Finding out when to get rid of private mortgage insurance (PMI): You can use the mortgage calculator to determine how much you’ve paid down your balance at various points in the repayment schedule, including the all-important 20 percent equity mark.Then, compare those payments to the payments you get when you enter the rate for a 30-year fixed mortgage. To get an idea of how much you'll really save at the outset, enter the ARM’s introductory rate into the mortgage calculator, leaving the term set to 30 years. Deciding if an ARM is worth the risk: While an ARM might be appropriate for some borrowers, others might find that the lower initial interest rate won't cut their monthly payments as much as they think.To calculate the savings, click the "Amortization” tab and enter an amount into one of the payment categories (monthly, yearly or one-time). Planning to pay off your mortgage early : Use the "Extra payments" function to find out how you can shorten your term and save more money with additional payments.Most of us use a mortgage calculator to estimate the payment on a new loan, but it can be used for other purposes, too, including: Alternative uses of Bankrate’s mortgage calculator You can edit these amounts (or even zero them out) as you're shopping for a loan - those costs might be bundled with your mortgage payment for escrow, but they don't affect your principal and interest. It can also account for homeowners association fees, if applicable. Note the rate varies depending on whether you’re buying or refinancing.Īs you enter these figures, a new amount for principal and interest will appear to the right.īankrate's calculator also estimates property taxes and homeowners insurance premiums based on your zip code, home price and other factors. ![]() ![]() Our calculator defaults to the current average rate, but you can adjust the percentage. Interest rate: Type in the rate you expect to pay.Loan term: Select the term - often 30 years, but maybe 20, 15 or 10 - to adjust the repayment schedule.You can enter either a dollar amount or a percentage. A down payment is the cash you pay upfront for a home, and home equity is the value of the home, minus what you owe. Down payment: Input the amount of your down payment (if you're buying) or the amount of equity you have (if you're refinancing).Home price: Enter the price of the home (if you're buying) or the current value of your home (if you're refinancing).The calculus behind mortgage payments is complicated, but Bankrate's Mortgage Calculator makes this math problem quick and easy. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |