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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Price of home:
Purchase
price of the home you wish to buy. |
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Cash on hand:
Cash you have
for the down payment and 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. |
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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 year for
homeowner's insurance. |
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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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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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Total closing costs:
Total
up front costs to close your loan. This is the sum of the loan origination fee,
amount paid for points and other closing costs. |
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Total for down
payment:
Total funds remaining for down payment. |
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Mortgage amount:
Total
amount of loan. |
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Investment return:
Annual
percentage return you would receive if you invested your closing costs and down
payment instead of purchasing a home. |
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Monthly rent payment:
Amount
you currently pay for rent per month. |
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Income tax rate:
Your
current marginal income tax rate. |
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Expected inflation
rate:
Inflation rate used to adjust amounts subject to annual increases.
This includes rent, insurance and tax payments. |
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Home appreciates at:
Annual
appreciation you expect in the home you are purchasing. |
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Future sales commission:
The
percent of your homes selling price you expect to pay to a broker or real
estate agent when you sell your home. |
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House payment:
Total of
principal, interest, taxes and insurance paid per month for your home.
Insurance includes PMI and homeowner. |
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Principal payment:
Total of
principal paid per month on your mortgage. |
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Tax savings:
The value of
the tax deduction you receive on your mortgage's interest and home's property
taxes. For example, if you have $900 in interest and $100 property taxes per
month, the value of the tax deduction would be $280. (At a tax rate of
28%) |
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Net house payment:
Your
house payment minus the value of the tax deduction and principal
payment. |
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Net home price:
Net selling
price of your home after subtracting any sales commissions. |
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Monthly PI:
Monthly
principal and interest payment. |
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Monthly PMI:
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. |
- NUMBER1EXPERT™ 
