Saturday, January 11, 2014

Mortgage Payment Calculator

Mortgage Payment Calculator

The Mortgage Payment Calculator below estimates your monthly mortgage payment.  Enter your home's value, the amount borrowed, and interest rate to find out your monthly payment.  The Mortgage Payment Calculator is written in JavaScript and runs in your web browser.  Find out your mortgage payment right now for free!

If you know your tax or insurance cost, you can enter these costs into the calculator.  If you don't know the tax and insurance costs, the Mortgage Payment Calculator also estimates your property taxes and insurance costs and calculates your monthly payment including principal, interest, taxes, and insurance.

Mortgage Payment Calculator by Dr. Penny Pincher
Calculate monthly home mortgage payments
Copyright (c) 2014. All Rights Reserved
Enter value of home ($):
Enter amount borrowed ($):
Enter interest rate (%):
Enter length of loan (years):
Step 1:

Click to Compute Monthly Principal and Interest Payment
and Typical Taxes and Insurance
Principal + Interest
Monthly payment ($)=
Taxes + Insurance
Enter annual property tax ($): (typically 1.38% home's value)
Enter annual insurance cost ($): (typically 0.35% home's value)
Principal + Interest + Taxes + Insurance
Monthly payment ($)=
Step 2:

Optional: Click to Update Total
If You Want Enter Your Own Tax & Insurance Costs

Mortgage Payment Calculator Instructions

Enter the basic information required to calculate mortgage payment amounts in the top lines of the calculator:

  • Value of your home
  • Amount borrowed
  • Interest rate, for example enter '5' for 5% interest
  • Length of loan in years

Click "Compute" to see your monthly mortgage payment for principal and interest.  The calculator will automatically calculate typical property tax and insurance cost based on the home's value and enter these in the calculator.

The calculator will also calculate your total monthly mortgage payment including principal, interest, taxes, and insurance.

Optional: If you know your actual property tax or insurance costs, you can replace the automatically calculated estimates and enter your own values.  Click "Update" to update the monthly mortgage cost using your own figures for taxes and insurance.

This monthly payment formula is used in the Mortgage Payment Calculator.

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