myLoanCalc
Mortgage Calculator
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Mortgage Information
Purchase Price:
Current Property Value:
This is base value of your home which will be used to calculate the equity.
Down Payment:
The is the amount of the purchase price you plan to pay as a down payment. You can enter by percent or dollar amount.
Current Loan Balance:
Loan Amount:
This is the total amount you will be borrowing from the lender for your mortgage.
For a home purchase, the amount is the home price minus the down payment.
For a refinance, the amount is usually the remaining balance of your current mortgage.
Equity:
This is the equity of the home with new loan amount.
Loan Term:
The number of months before your loan is paid off. For a 30 year mortgage, this would be 360 months, for a 15 year, 180, etc.
Loan Interest Rate:
The interest rate of your loan as a percentage e.g. 3.875.
The primary loan will be used as the basis for comparison for all other loans.
Primary Loan
Basic
Purchase
Refinance
Mortgage Payment Information
Principal & Interest:
This is the calculated monthly cost of principal and interest. Principal and interest make up the "P" and the "I" of the acronym "PITI".
Annual Real Estate Taxes:
This is the total amount of real estate taxes you pay in a year. Taxes are the "T" in "PITI".
Annual Homeowners Insurance Premium:
This is the total amount of homeowners insurance you will pay in a year. Homeowners insurance is also sometimes referred to as hazard insurance. Insurance is the second "I" in "PITI".
Estimated Mortgage Insurance:
This is the estimated monthly cost of private mortgage insurance (PMI). This is generally only applicable if your loan to value (LTV) is greater than 80%. PMI is usually included in the monthly "PITI" total.
Homeowners Association Dues:
The monthly cost of Home Owners Association (HOA) dues. This mostly only applies to condominiums. HOA is usually included in the monthly "PITI" total.
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Total Monthly Payment
Loan Costs
Total Interest Paid:
This is the total interest you will pay over the life of the loan.
Total PMI Paid:
This is the total mortgage insurance you will pay before you can drop PMI at 22% equity.
Fees
Loan Type:
Conventional
FHA
Loan Rate Discount:
Origination Fees:
Closing Costs
Loan Discount Fee:
Other Fees:
Prepaid Items/Reserves:
Total:
Amortization
Monthly
Yearly
Interest:
Principal:
Total Interest:
Remaining Balance:
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Add a new mortgage calculator for side by side comparison.
(side-by-side comparison)
Total Interest:
Remaining Balance:
Total PMI:
Equity: