The fields highlighted in yellow are "open" for input - the fields
highlighted in white are "view-only" and display the results of the
calculations.
Our calculator comes "pre-set" with this example: a home is
sold for $250,000 with $2,500 in annual property taxes, a $50,000 down payment
which is 20% of the selling price, and the buyers obtain a 30 year mortgage at
6.25% for the remaining $200,000 of the selling price.
After you change any of the amounts in the yellow fields, all of the other
fields will immediately be recalculated based on the new information. The
recalculation only takes a fraction of a second and will start as soon as you click
anywhere outside of the current field, or when
you click on the "Calculate Payment" button - whichever you prefer.
Your down payment information is shown two ways - as a dollar amount and also
as a
percentage of the selling price. If you make a change in either field, the other
field will
automatically recalculate.
Please don't enter any punctuation - no commas, dollar signs or percent signs
- just pure numbers - if you enter
any punctuation, you may get errors. It is OK to enter a decimal point in
the interest rate field.
PMI stands for Private Mortgage Insurance - it's required by lenders when the
down payment on a home is less than 20%. If the down payment is 20% or
more, our calculator will automatically show zero as the PMI amount.
The Monthly Property Taxes amount is 1/12 of the number you enter in the
Annual Property Taxes field. If you don't know the annual taxes, you must
enter 0 in that field.
The homeowner's insurance premiums are an estimation based on industry
averages in this area - your actual insurance premiums may be more or less
depending on a wide variety of factors.
New! Joan's home-buying and selling tips - a new one every week!
Tip #1 - Get Your Mortgage Pre-Approved - The Lender
Commitment Letter
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