![]() Principal: This is the amount you borrow to buy your home.This mortgage calculator shows you how much you'll pay toward your principal and interest each month, but your actual mortgage payment will likely include a couple other charges. You'll also get some tips on exactly how you can save on interest. With these inputs, you can use the calculator to help determine how much house you can afford and what your monthly payments and overall expenses will be.Ĭlick on "more details" to see how much you might pay in interest over the life of your loan, and how different rates and term lengths can impact that amount. Interest rate: The amount your mortgage lender charges you for borrowing the money to purchase your home. The calculator uses a 30-year mortgage term as the default. Length of the loan: Your loan term, or the amount of time it takes to pay off your mortgage. ![]() ![]() The calculator's default is 20%, which is the amount you'll need to put down if you want to avoid paying for private mortgage insurance if you're getting a conventional loan. A down payment on a house may be as low as 3%, or even 0%, depending on the loan type. The purchase price of the home: This is the amount you agree to pay the seller.ĭown payment: How much of your own cash you'll be bringing to the transaction. To see your mortgage payment with our calculator, here's what you'll need to provide: Paying an additional $500 each month would reduce the loan length by 146 months.Lowering the interest rate by 1% would save you $51,562.03.Paying a 25% higher down payment would save you $8,916.08 on interest charges.
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