Figuring out what you’ll pay monthly for your mortgage is easy. Just fill in the details, using the mortgage calculator above, to get an estimate of your monthly mortgage payment.
Estimated Home Value:
If you are buying a house, enter the price of the property you are considering. If you’re refinancing your home loan, enter your home’s current value.
If you are buying a house, enter the amount of your down payment. If you are refinancing, enter the amount of equity you have in the property.
Equity = Estimated Home Value - Present Loan Balance
This will automatically calculate for you based on your estimated home value and down payment amounts
Loan Amount = Estimated Home Value - Down Payment
Enter the interest rate you estimate you will pay on your mortgage loan. Your interest rate can vary by the type of mortgage you choose, the term of your loan and the rate for which you qualify. If you are wondering about today’s interest rates, or would like to start the preapproval or application process, contact a mortgage loan officer.
This is the number of years it will take to pay off your mortgage. Typically, a mortgage loan is either a 15- or 30-year term, but there are other options. If you are refinancing your home to a shorter or longer term, you can adjust the term length and see the difference it will make to your monthly mortgage payment. Paying additional dollars each month on your mortgage principal may reduce the length of your term.
Annual Property Tax:
Property taxes vary not only by state, but by county, too. You can estimate your annual property taxes by taking the assessed value of your home and multiplying it by your local property tax rate.
For example, if you want to know the amount of your annual property tax for a $100,000 house in Omaha, Nebraska, you would multiply $100,000 by the Omaha property tax rate of 2.38% for a total of $2,388.00. To estimate the property tax in your city/town and state, visit this website.
Annual Property Insurance:
The premium for your annual property insurance can vary depending on your location and the insurance company that underwrites your policy.