“Finally, simple mortgage calculators that anyone can use.”
The mortgage calculators on this website can help home buyers estimate how much their monthly payments will be when they purchase a home. To use the calculator, enter the following information and then click “Calculate.” It’s that simple.
- Home Value
- Loan Amount
- Interest Rate
- Loan Start Date
- A Percentage for Property Tax
- A Percentage for Private Mortgage Insurance
In addition, there is information to help homebuyers compare a 30-year and a 15-year mortgage, make a rent or buy decision, and valuable information about other home purchase decisions.
For more information, click here.
Teaching Suggestions
You may want to use the information in this blog post and the original article to
- Stress the importance of finding the right mortgage when purchasing a home.
- Calculate monthly home mortgage payments when different interest rates are chosen.
- Illustrate the difference for the total repayment amount and monthly payment amount when the home buyer chooses a 15 year or 30 year mortgage.
Discussion Questions
- How important is choosing the right mortgage when you buy a home?
- Using the mortgage calculator at http://www.mortgagecalculator.org, determine the monthly payment for a 30-year loan for $180,000 if the interest rate is 5 percent. Assume the home purchase price is $210,000, property tax is 1.5 percent, and the PMI is 0.5 percent.
- What is the monthly payment for the above loan if the interest rate decreases to 4 percent? Over the 30-year period, how much did you save if the interest rate is 4 percent compared to 5 percent?
kapoormoneyminute 