Mortgage Calculator
Annual Tax & Cost
| Monthly | Total | |
|---|---|---|
| Mortgage Payment | $1,998.06 | $719,300.99 |
| Property Tax | $400.00 | $144,000.00 |
| Home Insurance | $125.00 | $45,000.00 |
| Other Costs | $333.33 | $120,000.00 |
| Total Out-of-Pocket | $2,856.39 | $1,028,300.99 |
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Amortization Schedule
| Year | Date | Interest | Principal | Ending Balance |
|---|---|---|---|---|
| 1 | 9/25-8/26 | $20,320 | $3,657 | $316,343 |
| 2 | 9/26-8/27 | $20,079 | $3,897 | $312,446 |
| 3 | 9/27-8/28 | $19,823 | $4,153 | $308,293 |
| 4 | 9/28-8/29 | $19,550 | $4,426 | $303,866 |
| 5 | 9/29-8/30 | $19,259 | $4,717 | $299,149 |
Mortgage Calculator
A mortgage calculator is a tool that helps estimate the monthly payment amount for a home loan, along with other associated costs. It allows users to factor in additional payments or yearly increases in common mortgage expenses. This calculator is primarily designed for use by people in the United States.
Understanding Mortgages
A mortgage is a type of loan specifically used to purchase property, typically real estate. Essentially, it’s money borrowed from a lender to buy a home. The lender provides the funds to pay the home seller, and the buyer agrees to repay this money over a set period, usually 15 or 30 years in the U.S.
Each month, the buyer makes a payment to the lender. This payment consists of two parts:
- Principal: The original amount borrowed
- Interest: The cost charged by the lender for borrowing the money
Sometimes, an escrow account is set up to cover property taxes and insurance costs. The buyer doesn’t fully own the property until the final payment is made. In the United States, the most common mortgage is the 30-year fixed-rate loan, which accounts for 70-90% of all mortgages. For most Americans, mortgages make homeownership possible.