Mortgage Calculator
Mortgage Calculator
Introduction
A Mortgage Calculator is a financial tool that helps users estimate their monthly mortgage payments based on various parameters, including the loan amount, interest rate, loan term, and additional costs. This article introduces a simple Mortgage Calculator tool designed for easy use.
Features
Input Parameters:
- Home Price: The total cost of the home.
- Down Payment: The initial payment made by the buyer.
- Loan Term: The duration of the loan in years.
- Interest Rate: The annual interest rate on the loan.
- Taxes, Insurance, HOA Fees: Optional fields for additional costs.
Output Results:
- Monthly Payment: The estimated monthly mortgage payment.
- Total Repaid: The total amount repaid over the loan term.
- Total Interest Paid: The total interest paid over the loan term.
- Amortization Schedule: A detailed schedule showing the breakdown of each monthly payment into principal and interest.
How to Use
Enter Property Details:
- Input the Home Price, Down Payment, Loan Term, and Interest Rate.
Optional Parameters:
- Optionally, you can provide the ZIP Code for property location.
- Include additional costs such as Taxes, Insurance, and HOA Fees if applicable.
Calculate Mortgage:
- Click the "Calculate Mortgage" button to generate the results.
Review Results:
- The tool will display the estimated Monthly Payment, Total Repaid, Total Interest Paid, and an Amortization Schedule.
Explore Amortization Schedule:
- The amortization schedule provides a detailed breakdown of each monthly payment, showing how much goes towards principal and interest.
Example
Home Price: $425,000 Down Payment: $85,000 (20%) Loan Term: 30 years Interest Rate: 5% Taxes, Insurance, HOA Fees: Property Tax: $280/month Homeowner's Insurance: $66/month PMI: $0 HOA Fees: $0
Monthly Payment: $1,814.88 Total Repaid: $653,359.15 Total Interest Paid: $228,359.15