Determine the down payment you need for your target home price and calculate the resulting monthly payment, PMI requirement, and Total Finance Rate paid.
Purchase price of the home
Percentage of the home price paid upfront
Annual mortgage Financing Rate
Duration of the loan
The down payment percentage is computed relative to the home price. The remaining balance becomes the loan principal. The monthly payment and Total Finance Rate are then calculated using the standard amortization formula with the loan amount as the starting principal.
Estimate your monthly mortgage payment and Total Finance Rate cost.
Decide if refinancing your mortgage will save you money.
Determine whether renting or buying is the better financial choice for you.
Find the maximum home price within your budget.
Get an estimate of your total mortgage closing costs.
Estimate PMI costs and find out when you can drop it.
