![]() Property taxes : Local authorities assess an annual tax on your property.Interest rates are expressed as an annual percentage. Interest: This is what the lender charges you to lend you the money.Principal: This is the amount you borrowed from the lender.Your lender also might collect an extra amount every month to put into escrow, money that the lender (or servicer) then typically pays directly to the local property tax collector and to your insurance carrier. The principal is the amount you borrowed, while the interest is the sum you pay the lender for borrowing it. The major part of your mortgage payment is the principal and the interest. Typical costs included in a mortgage payment This can help you decide whether to prepay your mortgage and by how much. In addition, the calculator allows you to input extra payments (under the “Amortization” tab). You can edit these amounts, or even edit them to zero, as you're shopping for a loan. In the ZIP code field, input your zip code.īankrate's calculator also estimates property taxes, homeowners insurance and homeowners association fees. Our calculator defaults to the current average rate, but you can adjust this percentage. In the Interest rate field, input the rate you expect to pay or are currently paying. In the Loan term field, enter the length of your loan - usually 30 years, but could be 20, 15 or 10. You can input either a dollar amount or percentage. In the Down payment field, input the amount of your down payment (if you're buying) or the amount of equity you have (if you're refinancing). ![]() In the Home price field, input the price of the home you’re buying (or the current value of your home if you’re refinancing). Here’s how to use our mortgage calculator to easily estimate payments:
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