Use this calculator to figure out what you will pay each month for your mortgage — the amount of money you intend to borrow to buy your new home. Use the sliders to change the number for each item. Your monthly payment will appear on the right.
That monthly payment includes repaying what you’ve borrowed (the principal) as well as the bank’s fee for borrowing the money (the interest).
Enter the amount you will put down from your own savings. The more you put down, the less you will need to borrow, which will lower your monthly costs.
Enter the interest rate, or the bank’s fee for loaning you money, expressed as a yearly percentage of the amount of the loan.
Choose the mortgage term. For example, a 15-year fixed mortgage will have a higher monthly payment because you will be paying back more of the loan each month than you would if the loan lasted 30 years. But you will pay more interest overall with a 30-year loan.
These are the yearly taxes you will owe on the property. If you are buying a cooperative, this amount is included in the monthly maintenance.
Condominiums have monthly common charges, or homeowners association fees, which cover various common expenses, like heat and security. Cooperatives charge monthly maintenance. Enter the appropriate number here.
Mortgage Insurance (also known as mortgage guarantee and home-loan insurance) is an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan. Mortgage insurance can be either public or private depending upon the insurer
Home Insurance/year
P&I is the common abbreviation for your monthly payments on your principal and interest. The principal is the amount you’ve borrowed from the bank to buy your home; the interest is the fee the bank charges you to borrow the money.
