Please try my Java loan and mortgage calculators. They take a minute to load, but they are worth it! Each calculator has dynamic graphs and charts that change - right before your eyes - as you enter different information. Each financial calculator also includes a View Report option. The mortgage repayment schedule and other reports are fully customizable. These reports are designed for you to print out and keep...
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Definitions |
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Annual income
Your annual
income. For married couples this is your total combined annual
income. |
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Purchase price
The price of
the home you wish to purchase. This is the actual price you'll pay, not
including any closing costs. |
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Total monthly payment
Total
monthly payment that you can qualify for. This is the total of principal,
interest, taxes and insurance paid each month. Often called
PITI. |
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Cash on hand
Cash you have
for the down payment and all closing costs. |
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Interest rate
The current
interest rate you can receive on your mortgage. |
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Term in years
The number of
years over which you will repay this loan. The most common mortgage terms are
15 years and 30 years. |
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Property tax rate
Your
property tax rate. 1% for a $100,000 home equals $1,000 per year in property
taxes. |
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Home insurance rate
Your
homeowner's insurance rate. 0.5% for a $100,000 home equals $500 per in for
homeowner's insurance. |
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Monthly car payment(s)
Total
monthly payment for your car loan(s). |
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Credit card payments
Total
monthly minimum payments for your credit cards. |
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Other loan payments
Any
other installment loan payments, such as student loans or unsecured
loans. |
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Total closing costs
Total up
front costs to close your loan. This is the total of your loan origination fee,
points paid and other closing costs. |
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Loan origination rate
The
percentage the lending institution charges for its origination fee. 1% for a
$100,000 home equals $1,000. |
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Number of points paid
The
total number of points paid to reduce the interest rate of your mortgage. Each
point costs 1% of your mortgage balance. |
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Other closing costs
Estimate
of all other closing costs for this loan. This should include filing fees,
appraiser fees and any other misc. fees paid. |
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Monthly PMI payment
Monthly
cost of Principal Mortgage insurance (PMI). For loans secured with less than
20% down, PMI is estimated at 0.5% of your loan balance each year. Monthly PMI
is calculated by multiplying your starting loan balance by this percent and
dividing by 12. When your loan balance exceeds 20% of the original purchase
price, your PMI payment drops to zero. |
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Monthly PI payment
Monthly
principal and interest payment. |
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Total for down payment
Total
funds remaining, after closing costs, for down payment. |
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Limit down payment to
20%
Limit down payment to 20% of the purchase price. Even if you have
more cash on hand than required for closing costs and a 20% down
payment. |
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Show schedule by
month
Display the payment schedule by month when you press the Payment
Schedule button. |
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Show schedule by
year
Display the payment schedule by year when you press the Payment
Schedule button. |
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Total debt percent of annual
income
Not shown. This is the percent of your annual income your
financial institution allows you to use for installment payments debt. This
includes car payments, credit card payments, other loan payments and your
"Principal, Interest, Tax and Insurance" payment for your home. The default
rate is 36%. |
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PITI percent of annual
income
Not shown. This is the percent of your annual income your
financial institution allows you to use for your "Principal, Interest, Tax and
Insurance" payment for your home. The default rate is 28%. |
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Qualify amount
Shown as
"Total monthly payment." This is the total amount you qualify for per month.
This amount is the total of "Principal, Interest, Tax and Insurance" for your
home. |
- NUMBER1EXPERT™ 
