Mortgage Calculators?

Question

If the mortgage calculators will calculate how much the loan repayment will cost. How do I figure out approx. how much the TOTAL payment will cost? eg. property tax, pmi, insurance, etc?

Thanks

Answer 1

Your mortgage broker can supply most of the information you will need.

If you wanted to do this by yourself consider the following.

You can figure out the mortgage payment with the online calculators.

The property taxes are set by the county and there will be information that they can provide. Depending on how the taxes will be paid it might be something you pay in 2 payments or it might be paid through an escrow (divide by 12 after the account is set up with an initial amount).

The insurance can be obtained by getting a quote from an insurance agent. Monthly or some other payment plan is up to you and the lender.

PMI is only a factor for some loans. The key is the down payment. Best to get a quote from a mortgage broker to see what loans you might qualify for and if PMI is required. There are loan options where you would not have PMI while still having a high loan to value.

Answer 2

If you know the annual amount or know the percentage of PMI, you can input the annual numbers and some calculators will break your payment down monthly. If you don't know the figures, you'll probably have to talk to a local realtor or mortgage analyst to give you a ballpark figure.

Answer 3

Those figures you must have from your other sources ie. Lender, insurance co. Tax bill. The calculator can't calculate those numbers since they are different for each property.

best of luck

Answer 4

Mortgage calculator can simply calculate all details you want, such as monthly repayment, Monthly, yearly capital repayment, interest charge with graph & charts. It is very easy to understand.

For US visit http://moneysavingconcepts.com/Loans_and_Mortgage/uscalculator/index.php

For UK and Europe visit http://moneysavingconcepts.com/Loans_and_Mortgage/ukcalculator/index.php

I hope it will help.