Know Your Monthly Payment In Advance.
Compare Houses & Save!
Although I am not a Mortgage Broker, I will personally calculate the total monthly payment for each
property we are going to see, before we go to see it. This way, when we are in front of a property,
you can easily compare it with other properties you may be considering. This will help you select a
better home, for less money every month. Daring to do some easy math?
Calculate the Payment for any kind of loan in 5 EZ steps!
1. Enter the amount of a mortgage in the "Loan Amount" field, fill in the interest rate and number of
years and click on the "Calculate" button below the "Additional Monthly Payments" field to
determine the monthly payments for the home. This Calculator is only for Principal & Interest
monthly payment.
2. Add on the Hazard & Flood Insurance monthly payment: annual premium divided by 12. The
premium is about 0.75% to 1.2% of the purchase price; depending on the company, coverage and
deductibles you choose.
3. Add on the Private Mortgage Insurance PMI or MIP for FHA loans: FHA is 0.9% of the
purchase price divided by 12;there is no monthly MIP for VA loans, and for conventional there are
no available P.M.I. companies at the moment insuring in the tri-county area. You will have to put
20% or more down.
4. Add on Real Estate Taxes, divided by 12.
5. Add on Homeowners Association/ Condo Association monthly dues.
The result of this additions is your monthly payment, and includes everything.
NOTE: Please keep in mind that all numbers are good educated estimates only, and you should
consult a mortgage broker if you want to know exactly how much the monthly payment is going to
be for any particular house.
Compare Houses & Save!
Although I am not a Mortgage Broker, I will personally calculate the total monthly payment for each
property we are going to see, before we go to see it. This way, when we are in front of a property,
you can easily compare it with other properties you may be considering. This will help you select a
better home, for less money every month. Daring to do some easy math?
Calculate the Payment for any kind of loan in 5 EZ steps!
1. Enter the amount of a mortgage in the "Loan Amount" field, fill in the interest rate and number of
years and click on the "Calculate" button below the "Additional Monthly Payments" field to
determine the monthly payments for the home. This Calculator is only for Principal & Interest
monthly payment.
2. Add on the Hazard & Flood Insurance monthly payment: annual premium divided by 12. The
premium is about 0.75% to 1.2% of the purchase price; depending on the company, coverage and
deductibles you choose.
3. Add on the Private Mortgage Insurance PMI or MIP for FHA loans: FHA is 0.9% of the
purchase price divided by 12;there is no monthly MIP for VA loans, and for conventional there are
no available P.M.I. companies at the moment insuring in the tri-county area. You will have to put
20% or more down.
4. Add on Real Estate Taxes, divided by 12.
5. Add on Homeowners Association/ Condo Association monthly dues.
The result of this additions is your monthly payment, and includes everything.
NOTE: Please keep in mind that all numbers are good educated estimates only, and you should
consult a mortgage broker if you want to know exactly how much the monthly payment is going to
be for any particular house.
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