Mortgage Calculator
Mortgage
Price =
Down Payment = 20
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 =
Help
Performs fixed-rate mortgage calculations, PITI/Escrow, and amortizations. Includes both conventional and Canadian mortgages.
See the [https://.../t/46efc65815103934cbf5 | advanced mortgage template] to perform what if scenario mortgage calculations, choose between percentage and amount down payments, calculate balloon payments, and review advanced loan analysis.
Rows
Mortgage
- Price: Negotiated price of the home.
- Down Payment: Mortgage down payment entered as a 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.
Examples
Mortgage Payment
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%
- Interest/Year: 4.625%
- Payment Timing: Monthly
- Years: 30
The monthly payment is $1,439.59.
PITI/Escrow
Continuing from above, 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
The Escrow payment is $1,814.59 per month.
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
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
The monthly payment is CA$695.14.
Keywords
Price
Down Payment
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
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Principal
Interest
Taxes
Insurance
Amortization
Canadian Mortgage
Conventional Mortgage
US
United States
