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You can use this calculator to determine the
size of your payments or how much you can borrow all with an
easy to use interface. To determine one of these values, simply
enter the other one in the spaces provided and hit the Calculate
button.
If the calculator is arrived at via a Detail Information
page the fields will be filled in with reasonable initial
values (down payment of 20%, yearly insurance of 0.5%).
- Selling Price
-
This is the amount paid for the house.
This will be computed if the field is left blank and a Payment
Amount is supplied.
- Payment Amount
-
This is the amount payed to the bank every
month. It includes the Principal, Interest, Taxes and Insurance.
This will be computed if the field is left blank and a Selling
Price is supplied.
- Down Payment
-
The part of the purchase price of a property
that you pay in cash and do not finance with a mortgage.
- Interest Rate
-
The rate of interest in effect for the
monthly payment due.
- Yearly Insruance
-
The yearly insurance refers to the amounts
that are paid into an escrow account for mortgage (insures
the lender against loss caused by a mortgagor's default
on a government mortgage or conventional mortgage) and hazard
insurance (insurance coverage that compensates for physical
damage to a property from fire, wind, vandalism, or other
hazards).
- Yearly Property Taxes
-
The amount of taxes paid on the property.
- Loan Life
-
The length of time allowed to repay the
loan.
- Show Amortization
-
A switch allowing you to see the first
three years payments. The display includes the amount applied
to the principal, the amount of interest paid (per month)
and the balance after each payment.
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