1 Stop Mortgage Calculator
- Calculate your Mortgage payments in Seconds!
Monthly mortgage payments
Please select amongst any one of these
Monthly mortgage payments
Monthly mortgage payments system
A monthly mortgage payment is simply a loan repayment system. As everybody knows, a house is one of the most expensive purchases you will make during your lifetime. In order to purchase your house, you will probably need to borrow money.
A mortgage is simply a specialized type of loan used to pay for the purchase of a house or a property. A monthly mortgage payments system is a system used to repay a loan with monthly installments. (You can use anyone of these 4 online mortgage calculators to figure out what your monthly mortgage payments are on a particular loan.)
In order to secure a loan, you must get a loan approval. The loan approval is usually based on your credit rating, the amount of money you have for a down payment (usually a percentage of the house’s value), and your income.
Your monthly mortgage payment will cover the costs associated with your loan, including repayment of the principal (the money you borrowed), and interest charged by the lending organization.
In some cases, insurance, and property taxes are also included in your monthly mortgage payments. It’s for this reason that the monthly mortgage payment is often referred to as PITI (payment, interest, taxes, insurance).
The lending organization use your house as collateral, and failure to make your monthly mortgage payments will result in the lender seizing the house to recover the money they would otherwise lose.
When you decide to take a mortgage, many loan options are available to homebuyers. The main option is the “Fixed Rate”. A fixed rate mortgage loan has set payments and interest rates and is paid off after a set amount of time (normally 15, 20, 25 or 30 years). Monthly mortgage payments remain the same until the amount has been fully repaid. Everything can easily calculated with a monthly mortgage loan calculator.
When you purchase a house you have to estimate the monthly payment you can afford and then the total purchase price of you can manage to pay for that house based on that periodic payment and your down payment. This is accomplished by considering your present income and your actual debt payments.
As great as it is to dream big and look at really nice houses, eventually reality sets in and you must go through the drudgery of determining how much of a house you really can afford. By using anyone of these 2 mortgage calculator, you will know ahead of time exactly how much of a house you can afford.
How to calculate how much of a house you can afford with anyone of the 2 preceding mortgage calculators:
In this mortgage calculator example, when you input your estimated monthly payment in the “Or input payment” text entry box (7) and you click on the “Calculate Principal” button (8), the mortgage calculator will calculate the total amount you can borrow and show the results in (1).
Note: You will also need to input the interest rate (2),
the amortization (3) in
years (30, 25, 20 and 15 years are usual numbers), the term (4)
(1, 3, 5 years are the usual numbers) and the payment type (5)
(usually monthly payments, but a lot of people are starting to use accelerated
bi-weekly mortgage payments instead of the usual monthly payment
© Copyright (C) 2003-2010 by Dominique Peladeau • 1stop-mortgagecalculator.com.
All Rights Reserved