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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
$ 0.00%
Calculations and Amortization
  • The down payment = The price of the home multiplied by the percentage down divided by 100
    (for 5% down becomes 5/100 or 0.05)
  • The interest rate = The annual interest percentage divided by 100
    (The interest rate = % / 100)
  • The monthly interest rate = The annual interest rate divided by 12
    (for the 12 months in a year)
  • The month term of the loan in months = The number of years you've taken the loan out for times 12
    (Months = Years X 12)
  • The monthly payment is figured out using the following formula:
    Monthly Payment = 0.00 * (0.0000 / (1 - ((1 + 0.0000) - )))

The amortization breaks down how much of your monthly payment goes towards the bank's interest, and how much goes into paying off the principal of your loan.