Mortgage Calculator

The first nifty little gadget to the right is a mortgage calculator. There are a bunch of them out there but I chose this one because it shows you an easy to understand amortization table along with your monthly payment.

Step 1 - Enter your purchase price (or loan amount if you're refinancing)

Step 2 - Enter the down payment (or enter zero if you're refinancing)

Step 3 - Self-Explanatory

Step 4 - Enter your interest rate (you should call me first so I can tell you what to enter!)

Step 5 & 6 - Self-Explanatory

Step 7 - Hint: If you're Loan-to-Value exceeds 80% you will have PMI. It is is calculated at different rates through a variety of mortgage programs. To find out your rate you need to speak with your mortgage professional. (Me)

Presto!

Now a pop-up window will appear with your monthly payment and amortization table. If you have PMI it will also show you the monthly payment when you can drop the PMI assuming the date you will achieve 80% LTV. The amortization table is color-coded too so you can easily read the amount of principle, interest, taxes and insurance.

That's it. Contact me if you've got any questions.