Use this simple calculator to better understand your repayment schedule on a home loan given various assumptions on purchase price, down payment amount, and loan interest rate.
The cost of the home you wish to purchase.
The amount of money you expect to borrow. This is the difference between the home value and your down payment.
This is the Annual Percentage Rate or the interest rate you will pay for your loan.
This is the number of years over which you will repay your loan.
This is an estimate of much you can expect to pay in property taxes each year as a percentage of your home’s value.
The estimated amount of homeowners insurance you’ll pay annually as a percentage of your home’s value.
If you are putting down less than 20% of your home value, you may need to purchase Private Mortgage Insurance (PMI).
Any cash you will have to pay out-of-pocket when your loan funds. Your lender can explain closing cost details.
If you have questions about the inputs in this calculator or seek other information related to financing your home purchase, don’t hesitate to reach out to me for a free consultation.