2/25/2024 0 Comments Home mortgage calculator payoff![]() If the monthly payment is too high for your current budget, you may decide that you need to buy a less expensive home. With our mortgage calculator, you can enter how much you want to spend on a home and the amount you have for a down payment. Determine how much house you can afford.You've entered numbers into the mortgage calculator - so what can you do with this information? If you don't already have these numbers but want to get an idea of what you'll pay total every month, see the average property taxes in your state here and the average cost of homeowners insurance by state and home value here. Once you calculate M (monthly mortgage payment), you can add in the monthly property tax and homeowners insurance payment. If you have a 30-year mortgage, multiply 30 by 12 to get 360 months. To find "n," the number of months required to repay the loan, multiply the number of years by 12. If your interest rate is 4.25%, divide 0.0425 by 12 to find your monthly rate: 0.00354166%. The lender provides the yearly interest rate, so divide that rate by 12 for this equation. This is different than the interest rate you see on your mortgage documents. Prefer to do it by hand? You can calculate your monthly mortgage payment (excluding property taxes and insurance) using the following equation: ![]() You may see this full mortgage payment amount referred to as "PITI." How to calculate a mortgage payment If you made a small down payment or you have an FHA mortgage, a small portion of your monthly payment will also go toward a mortgage insurance premium, which protects the lender.
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