This loan calculator is provided by:
http://www.mlcalc.com/
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Purchase price – This is
total sales price of your new home in whole
dollars. This amount, less any down payment,
will be the amount you borrow from your
bank.
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Down payment – Enter the
percentage of the Purchase price that
you plan to pay upfront. If, for example, you
plan to make a $25,000 down payment on a
$250,000 home, enter 10 here.
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Mortgage term – Determine
the number of years over which you'd like to
pay your mortgage and enter it here. Common
values are 10, 15, and
30.
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Interest rate – Enter the
actual interest percentage your bank will apply
to the amount you borrow. Do not include any
Private Mortgage Insurance (PMI) percentages
your bank may require.
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| Property tax –
Enter the yearly tax you'll pay on the value of
your property. |
| Property
insurance – Determine the yearly
amount to insure your property and enter it
here. |
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PMI – If your down payment
is less than 20% of your home's purchase price,
your bank may require you to pay an additional
yearly percentage of your home's purchase price
in the form of Private Mortgage Insurance
(PMI). If so, enter the PMI percentage
here.
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| First payment
date – From these drop-down menus,
select the month and year that your mortgage
payments will begin. |
| Amortization –
Choose whether you'd like to see your mortgage
payment schedule, including principal,
interest, tax, insurance, PMI, and balance, on
a yearly or monthly basis. If you don't want to
see a detailed amortization schedule, choose
don't show. |
Read more about mortgage loan and
mortgage calculator at Wikipedia.
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