Estimate Monthly Principal, Interest, Taxes & Insurance may vary from area to area.
Mortgage Payment is made up of:
- Principal (P) - The total money borrowed from lender.
- Interest (I) - The money lender is charging to make the loan.
- Taxes (T) - Property Tax.
- Insurance (I) - Hazard Insurance, Flood insurance and if applicable, Private Mortgage Insurance (PMI).
If down payment is 20% less of the value of the property, lender may charge Private Mortgage Insurance. Or borrower can obtain a second loan(stand-alone second or Home equity line of credit (HELOC)).
* Yearly Property Tax
Monthly Property Tax = Property Value X Yearly Property Tax Rate / 12
* Monthly Homeowners Insurance/HOA
Monthly Homeowners Insurance = Insurance Rate X Property Value / 12
Homeowners Insurance estimated at 0.012%, may vary from area to area
HOA - Home owners association fee, some Condo/Townhouse HOA fees include homeowners insurance
* PMI estimated at following rates: (LTV > 80%)
Monthly PMI = Yearly PMI Rate X Loan Amount / 12
PMI estimated at following rates, may vary from area to area
- 95.01-100% LTV = 1.03%
- 90.01-95% LTV = 0.875%
- 85.01-90% LTV = 0.625%
- 80.01-85% LTV = 0.375%
* Federal Income Tax Rate
Consult a tax advisor to determine what your tax rate will be and weather deductions may be possible.
* Insurance
Homeowners insurance and possible private mortgage insurance.
* Monthly Tax Saving
Monthly Tax Saving = ( Monthly Mortgage Interest + Monthly Property Tax ) X Tax Bracket.
Note: The information provided on or through this site and all mortgage calculators is for purposes of general consumer education only.
and is not intended as a substitute for advice from a qualified professional.
Mortgage Payment Calculator