Shethar Real Estate
33 Meeting House Lane, Little Compton, RI 02837
Phone: 401-635-8590 Fax: 401-635-2276

Mortgage Payment Calculator w/Amortization V1.1

This calculator will compute a mortgage's monthly payment amount based on the principal amount borrowed,
the length of the loan and the annual interest rate. This calculator will also compute your total mortgage
payment which will include your property tax, property insurance and PMI payments.
Then, once you have computed the monthly payment, click on the "Create Amortization Schedule"
button to create a report you can print out.
Mouseover text for more info.
Mortgage loan amount:
The total amount you would be borrowing to purchase the home.
Annual interest rate (APR):
The annual interest rate you expect to pay on this mortgage (e.g. enter 6% as 6).
Mortgage loan term (# years):
The number of years you will be financing the home loan for.
Annual real estate taxes:
The annual property tax payment you expect to pay. As a rule of thumb, you can expect to pay 1.1% (home price X .011) of the purchase price per year.
Annual homeowners insurance:
The annual homeowner insurance payment you expect to pay. As a rule of thumb, you can expect to pay 1.5% (home price X .015) of the purchase price per year.
Monthly PMI (Private Mortgage Insurance):
The monthly Private Mortgage Insurance (PMI) you expect to pay. If your downpayment is less than 20% of the value of the home you are buying, you may be required to pay mortgage insurance of somewhere between 0.02% and 0.07% of your principal balance each month (e.g, principal balance X .00043).
Monthly Principal and Interest Payment:
This how much your monthly principal and interest payment will be.
Monthly Taxes, Insurance and PMI payment:
This is the total of your other monthly payments (taxes, insurance & PMI).
Total monthly mortgage payment:
This the total of all monthly payments related to your mortgage.
Mortgage Payment Calculator w/Amortization V1.1, Copyright © 2003 - 2011, Daniel C. Peterson, All Rights Reserved.
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