This Mortgage Calculator is a tool that 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. You can also factor in PMI (Private Mortgage Insurance). Also taken into consideration are an estimate of the area’s property taxes, and their effect on the total monthly mortgage payment.
An important step in the Home Buying process it get a Lender’s Pre-Approval letter in hand before you find your dream home and make an offer. Call Elaine for a list of lender referrals.
Note: The cost for homeowner’s insurance is not included with this tool.