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Purchase price – This is total sales price of your new home in whole dollars.
This amount, less any down payment, will be the amount you borrow from your bank.
Down payment – Enter the percentage of the Purchase price that you plan to pay
upfront. If, for example, you plan to make a $25,000 down payment on a $250,000 home, enter 10
here.
Mortgage term – Determine the number of years over which you'd like to pay your
mortgage and enter it here. Common values are 10, 15, and 30.
Interest rate – Enter the actual interest percentage your bank will apply to the
amount you borrow. Do not include any Private Mortgage Insurance (PMI) percentages your bank may
require.
Property tax – Enter the yearly tax you'll pay on the value of your property.
Property insurance – Determine the yearly amount to insure your property and
enter it here.
PMI – If your down payment is less than 20% of your home's purchase price, your
bank may require you to pay an additional yearly percentage of your home's purchase price in the
form of Private Mortgage Insurance (PMI). If so, enter the PMI percentage here.
First payment date – From these drop-down menus, select the month and year that
your mortgage payments will begin.
Amortization – Choose whether you'd like to see your mortgage payment schedule,
including principal, interest, tax, insurance, PMI, and balance, on a yearly or monthly basis.
If you don't want to see a detailed amortization schedule, choose don't show.
Read more about mortgage
loan and mortgage calculator at
Wikipedia.
