Mortgage Calculator
Caution: Results are only estimates. Interest rates may vary, values may be off due to rounding, and the calculator does not take into account fees, closing costs, property tax, mortgage insurance, tax deductions, etc.
Calculator terms:
Loan Amount: Balance on a home loan
Annual Interest Rate: The percentage charged while using borrowed money
Term of Loan: The length of time, in years, over the duration of the loan (calculated with 12 payments annually)
Down Payment: Part of the purchase price paid up front to reduce the amount of loan
Annual Property Tax: Required annual tax based on value of a property
Annual Mortgage Insurance: (PMI) Protects lenders against losses that occur when a loan defaults; generally required on loans with low or no down payment
Monthly Payment: The combined principal, interest, and potential property tax & insurance owed on a loan, paid on a monthly basis over the length of the loan
Yearly Payment: Amount due on the loan over 1 year
Total Interest: Total interest paid over life of loan
Total Payments: The combined sum of Principal and Interest (P&I), and potential property taxes & insurance paid over the life of the loan
