Eastbay Mortgage Calculator
Want to figure out your monthly payments on a home mortgage loan? Based on the home’s sale price, the term of the loan, buyer’s down payment percentage, and the loan’s interest rate, this calculator can help estimate what you’ll need to pay out monthly for your new home.
This calculator factors in PMI (Private Mortgage Insurance) for loans with less than a 20% down payment, as well as town property taxes and its effect on the total monthly mortgage payment.
[Mortgage Calculator Goes Here]
PAYMENT (Principle and Interest Only)
|$33,500.00||10% Down Payment:|
PAYMENT (Principle, Interest, and PMI)
|$2,051.73||Since you are putting LESS than 20% down, you will need to pay PMI (Private Mortgage Insurance), which tends to be about $55 per month for every $100,000 financed (until you have paid off 20% of your loan). This could add $165.83 to your monthly payment.|
PAYMENT (Principle, Interest, PMI, Home Owners Insurance, and taxes)
The average residential tax rate (plus insurance) usually ranges from $7 to $10 per year for every $1,000 of your property’s assessed value. For this example we will use a rate of $9. Check with your insurance and real estate agents for a more accurate value.
Let’s say that your property’s assessed value is 85% of what you actually paid for it – $284,750.00. This would mean that your yearly residential taxes will be around $2,562.75 This could add $213.56 to your monthly payment.
Disclaimer: All figures are estimated and for informational purposes only. They do not serve as a quote and you should always seek the help of a Professional Mortgage Loan Officer to calculate your accurate figures.