Loan Calculator

This loan calculator is an easy-to-use program for calculating your mortgage amortization payments.

Mortgage

Purchase price: The full amount of the house mortgage.

Down payment: A percentage of the full mortgage due at closing, often between 3% and 10%.

Mortgage term: The length, in years, of the monthly payments, often 30 years.

Interest rate: The percentage rate charged for each period, often an annual basis.  A 6% rate means 1/2% each month.

Property tax: In dollars per year, and sometimes referred to as millage tax, the amount of tax you pay based on the value of your property.

Property insurance: In dollars per year, the amount you pay for insurance for your home.

PMI: Private Mortgage Insurance, also known as Lenders Mortgage Insurance (LMI), is the insurance paid to the lender to offset losses in cases where mortgagors are not able to repay the loan.

First payment date: The date of… your first payment.

Loan

Loan amount: The full amount of the loan.

Loan term: The length, in years, of the monthly payments, often 30 years.

Interest rate: The percentage rate charged for each period, often an annual basis.  A 6% rate means 1/2% each month.

First payment date: The date of… your first payment.

Disclaimer: This loan calculator is an information and educational tool only, and is provided as an approximation of payments.  Do not take this as official financial advice.  Make sure you consult a professional that can help you make the best choice possible for you.  And remember: numbers can change, interest rates vary and tax laws are different in each state.  We are not responsible for the consequences as a result of any action taken because of the fun numbers this loan calculator throws at you.