Want to figure out how much your monthly mortgage payment will be? For the mathematically inclined, here's a formula to help you calculate mortgage payments manually: Equation for mortgage payments
Mortgage insurance: If your down payment is less than 20 percent of the home's purchase price, you'll probably be on the hook for mortgage insurance, which also is added to your monthly payment. As with property taxes, you pay one-twelfth of your annual insurance premium each month, and your lender or servicer pays the premium when it's due. If you live in a flood zone, you'll have an additional policy, and if you're in Hurricane Alley or earthquake country, you might have a third insurance policy. Homeowners insurance: Your insurance policy can cover damage and financial losses from fire, storms, theft, a tree falling on your home and other hazards. If you have an escrow account, you pay about one-twelfth of your annual tax bill with each monthly mortgage payment. 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. You can edit these amounts (or even zero them out) as you're shopping for a loan - those costs might be bundled with your mortgage payment for escrow, but they don't affect your principal and interest. It can also account for homeowners association fees, if applicable. AMORTIZATION MORTGAGE CALCULATOR WITH QUARTERLY PAYMENTS ZIP
Note the rate varies depending on whether you’re buying or refinancing.Īs you enter these figures, a new amount for principal and interest will appear to the right.īankrate's calculator also estimates property taxes and homeowners insurance premiums based on your zip code, home price and other factors. Our calculator defaults to the current average rate, but you can adjust the percentage.
Interest rate: Type in the rate you expect to pay. Loan term: Select the term - often 30 years, but maybe 20, 15 or 10 - to adjust the repayment schedule. You can enter either a dollar amount or a percentage. 
A down payment is the cash you pay upfront for a home, and home equity is the value of the home, minus what you owe. Down payment: Input the amount of your down payment (if you're buying) or the amount of equity you have (if you're refinancing).Home price: Enter the price of the home (if you're buying) or the current value of your home (if you're refinancing).The calculus behind mortgage payments is complicated, but Bankrate's Mortgage Calculator makes this math problem quick and easy.
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