![]() Finally, input your current loan balance (ie.To the right of these buttons, you can input the interest rate increase or decrease.Next, select the ‘Increase by’ button if you want to know how repayments will change if interest rates increase or the ‘Reduce by’ button if you want to know how repayments will change if interest rates decrease.Input the current interest rate of an existing loan, or if you don’t have a mortgage yet, input a rate that you may have been quoted or have seen advertised.To use the rate change calculator on this page, simply: This will give you a cushion in case you’re unable to obtain that lower interest rate for whatever reason.The Westpac home loan rate change calculator, shown above, is designed to show how principal and interest loan repayments could change with increases or decreases in interest rate. You may also want to input mortgage rates slightly above today’s mortgage rates just in cases rates rise in the interim. If it’s a mortgage refinance, you should know your property tax payments and insurance already. It’s often best to get those costs from the source instead of merely ballparking or taking a third-party website’s word for it (or your loan officer’s).Ī mortgage calculator with taxes may just be using some average percentage for all homes, even if they’re actually taxed quite differently.įor example, if it’s a purchase loan, get property tax information directly from the county assessor, HOA dues direct from the Board, insurance premiums from the insurance company, and PMI from the lender once they’ve actually talked to the PMI company.įor FHA loans, make sure both the upfront and annual insurance premiums are factored in to the monthly mortgage payment. If you want an accurate picture of all home loan costs, be sure to include those estimated monthly payments so you know your true total monthly outlay. Note that this mortgage payment calculator doesn’t include property tax, homeowners insurance, mortgage insurance, or any HOA fees that might also be charged to make up your total monthly payments. If possible get these figures direct from the source to avoid any surprises!.Which can greatly increase your total monthly housing expense.Don’t forget about things like property taxes, home insurance, and PMI.This monthly payment calculator only considers the home loan costs.Get Your Third-Party Costs from the Source! If you want to see the amortization schedule, simply tick the “Show payment schedule” box and you’ll see every monthly payment broken down by interest and principal, along with the remaining balance leftover each month, and total interest paid. Once you click compute, it will display your monthly mortgage amount, total amount financed less any down payment, total payments over the entire loan term, and total mortgage interest paid over the life of the loan. So all loan options and loan types can be computed. You can also use the monthly payment calculator for mortgages with adjustable rates, at least for the initial period when they’re fixed. You can enter any amount of years or months and it will compute your monthly mortgage payment properly. It works as both a 30-year mortgage calculator and a 15-year mortgage calculator, as well as anything in between if you happen to have say a 10- or 20-year mortgage. ![]() If you have a 15-year term, simply change that field to “15” instead. The mortgage calculator defaults to a 30-year mortgage term, which the majority of homeowners have. Next, simply enter the mortgage interest rate and hit compute. Or if your refinance loan will have a certain lower loan amount below the original loan amount, enter it there and put zero for down payment. If you’re attempting to compute an existing loan or a potential mortgage refinance, just enter the current/proposed loan amount in the home price field and enter a “0” for the down payment.įor example, if your original loan amount was $340,000, just enter that in the home price field and enter zero for the down payment. A common down payment is 20%, which is required to avoid mortgage insurance, but a lot of home buyers come in with much less.įor example, conventional home loans only require 3% down nowadays, and FHA loans only require 3.5% down if you have a minimum 580 FICO score. If you know the home you’re going to buy will cost $400,000, enter that, then the proposed down payment, either in dollars or by percentage. To start, simply enter the purchase price and down payment. Tick show payment schedule to see the monthly payment breakdown and full amortization of the loan.Then enter the proposed loan term and interest rate.For a refinance enter the remaining loan balance and “0” for down payment.For a home purchase enter the price and down payment.How to Use the Mortgage Payment Calculator
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