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Calculator Help


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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