So you have been saving to purchase a home or thinking about moving up. The Mortgage Calculator is here to help you make your 'what can we do?' decision. We will be providing a method to estimate your monthly costs along with a projected Amortization Table based on the numbers provided. This can be very helpful in determining what would be best for you based on income and lifestyle.
For a rough payment estimation you are invited to make use of out graphical Mortgage Calculator. Payments are estimated to the nearest dollar. For an Amortization use the MDW Mortgage Calculator.
The following mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are an estimation of possible town property taxes, and their effect on the total monthly mortgage payment.
As stated above this a tool for your use and will likely not exactly match the numbers provided by your lender. Feel free to experiment with changing interest and time to see how the numbers change. Naturally, the lender numbers are the ones which count.
Am working on a way to produce a 'printer friendly' version of the table. Easy to print with Firefox but as usual IE makes things difficult.