Mortgage, Advanced Calculator
Mortgage
Price =
Down Payment = 0
Down Type = 0
Interest/Year =
Term = 30
Payment =
Payment Timing = 12
Loan Type = 12
Amortization
Begin Period = 1
End Period = 1
Interest Paid =
Principal Paid =
Payment Paid =
End Balance =
Amortization Table =
PITI/Escrow
Insurance = 0
PMI = 0
Property Taxes = 0
Tax Type = 1
Other = 0
PITI =
Balloon
Balloon Year =
Balloon Payment =
Summary/Analysis
Points = 0
Fees/Closing Costs = 0
Loan Amount =
Down Payment =
Cash to Close =
Total Interest =
Total PI =
Total PITI =
APR =
Help
Performs fixed-rate mortgage calculations, PITI/Escrow, amortizations and summary analysis. Includes both conventional and Canadian mortgages.
Rows
Mortgage
- Price: Negotiated price of the home.
- Down Payment: Mortgage down payment entered as an amount or percentage to match Down Type.
- Down Type: indicates whether Down Payments is an Amount or Percentage
- Interest/Year: Annual interest rate for the mortgage expressed as a percentage.
- Term: Number of years or months for the mortgage.
- Payment: Amount to be paid based on the Payment Timing. For example, if Payment Timing is set to Monthly then Payment is the monthly payment amount.
- Payment Timing: How often payments are made. Options include Weekly (payments every week); Bi-Weekly (26 payments per year); 2x/Month (payments on 15th and 30th); 24 payments per year); Monthly (12 per year); Quarterly (4 per year); 2x/Year (2 per year); Yearly (1 per year). Payments are always made at the end of the period.
- Loan Type: Perform Conventional (12 compounding periods per year) or Canadian (2 compounding periods per year) mortgage.
Amortization
- Begin Period: Starting period to calculate the amortization information.
- End Period: Ending period to calculate the amortization information.
- Interest Paid: Total interest paid over the amortization period.
- Principal Paid: Total principal paid over the amortization period.
- Payment Paid: Total payments made over the amortization period.
- End Balance: Balance at the end of the amortization period.
- Amortization Table: Select to display a table of amortization results. Pinch to zoom and see larger numbers. In addition, the amortization table is attached to any emails sent. (Available on iOS devices only.)
PITI/Escrow
- Insurance: Annual amount paid for home owner's insurance.
- PMI: Annual amount paid for mortgage insurance (commonly referred to as PMI).
- Property Taxes: Amount paid for taxes and entered base on Tax Type.
- Tax Type: Sets how Property Taxes are used in the calculation. Tax/Year is the total amount of yearly taxes; Tax is the taxes based on a percentage of the home price; Tax1000 is the amount of taxes per thousand of the home price.
- Other: Annual amount paid for other obligations (i.e., association dues, condo fees).
- PITI: PITI amount. This is the payment including taxes, insurance and other expenses. Often, this is the amount paid to escrow.
Balloon:
- Balloon Year: Year of the balloon payment. Balloon is paid at the end of the year.
- Balloon Payment: Payment amount at the end of the Balloon Year.
Summary/Analysis
- Points: Points associated with the mortgage. These are paid up-front at closing.
- Fees/Closing Costs: Loan or origination fees plus pre-paid escrow items. These are paid up-front at closing.
- Loan Amount: Actual loan amount after the down payment is removed from the price.
- Down Payment: Down payment expressed as a percentage of price.
- Cash to Close: Up-front cash needed to close the loan. This is the sum of points, fees and down payment.
- Total Interest: Total Interest paid over the life of the mortgage.
- Total PI: Total principal + interest paid over the life of the mortgage.
- Total PITI: Total PITI payments made over the life of the mortgage.
- APR: Annual percentage rate displayed as a percentage. This is the real interest rate for the mortgage, when points and fees are also considered as a cost of attaining the mortgage.
Examples
Mortgage, Part 1: Payments
Your clients want to purchase a $350,000 home with 20% down. Current rates are 4&5/8%. The loan is for 30 years. What would be the monthly payment?
- Loan Type: Conventional
- Price: $350,000.00
- Down Payment: 20.00
- Down Type: Percent
- Interest/Year: 4.625%
- Payment Timing: Monthly
- Years: 30
Select "=" on Payment row. The monthly payment is $1,439.59.
Mortgage, Part 2: Home Price
The same clients as in Part 1 realizes that they only have $1,000/month to spend on a mortgage instead. How much house can they afford if they still plan on 20% down?
- Payment: $1,000
Select "=" on Price row. Your client can afford a $243,124.67 home.
Mortgage, Part 3: Balloon Payment
The same clients in Part 2 believes they will stay in the house for five years and then sell. How much would be owed to the bank?
- Begin Period: 60
- End Period: 60
Select "=" on Interest Paid row. The Ending Balance is $177,635.24.
Mortgage, Part 4: PITI/Escrow
Continuing Part 2, the bank requires principal, interest, taxes and insurance (PITI) to be paid to Escrow. What would the monthly escrow payment be if insurance is $1000/year and taxes are $3500/year?
- Insurance: $1,000
- Property Taxes: $3,500
Select "=" on PITI row. The Escrow payment is $1,375 per month.
Mortgage, Part 5: APR
If the mortgage in Part 2 requires 1 point and $3,000 in fees, what is the APR for the loan?
- Points: 1
- Fees: $3,000
Select "=" on Loan Amount row. The APR, the rate used for comparing loans, is 4.849%.
Bi-Weekly Payments
What's the bi-weekly payment of a $100,000 home with 20% down at 6% interest paid off over 30 years?
- Price: $100,000
- Down Payment: 20
- Down Type: Percent
- Interest/Year: 7.0%
- Years: 30
- Payment Timing: Bi-Weekly
- Loan Type: Conventional
Select "=" on Payment row. The payment is $221.08 every two weeks.
Canadian Mortgage
What's the monthly payment on a CA$150,000 home with a CA$30,000 down payment? The loan is for 30 years with an interest rate of 5.75%.
- Loan Type: Canadian
- Price: $150,000.00
- Down Payment: $30,000.00
- Down Type: Amount
- Interest/Year: 5.75%
- Payment Timing: Monthly
- Years: 30
Select "=" on Payment row. The monthly payment is CA$695.14.
Keywords
Price
Down Payment
Down Type
Interest/Year
Term
Payment
Payment Timing
Loan Type
Begin Period
End Period
Interest Paid
Principal Paid
Payment Paid
End Balance
Amortization Table
Insurance
PMI
Property Taxes
Tax Type
Other
PITI
Balloon Year
Balloon Payment
Points
Fees/Closing Costs
Loan Amount
Down Payment
Cash to Close
Total Interest
Total PI
Total PITI
APR
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Principal
Interest
Taxes
Insurance
Amortization
Canadian Mortgage
Conventional Mortgage
US
United States
Escrow
Balloon Payment
