How to Calculate Home Mortgage Loan Payments [mortgageloan-processor.blogspot.com]
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Potential homeowners' number one concern when buying a home is if they can afford the mortgage payments. Most people know that there will be other costs added to the mortgage payment besides the price of the home. The five factors to consider when calculating a mortgage payment are principal, interest, taxes, insurance, and term.
The principal is the amount agreed upon minus any down payment. The down payment can range from zero down to 20% down. This amount is subtracted from the cost of the home.
The interest is the bank's or mortgage company's profit for making the loan. It is determined by the many factor's including the customer's credit rating.
The tax rate is determined by the local government's appraisal on the value of the home.
The lender requires insurance on the home in case of loss due to fire or other catastrophe.
If the customer makes less than a 20% down payment, he must also buy private mortgage insurance. This pays the bankThe term is the most flexible factor in calculating a mortgage payment. The term can be 30 years or longer making the monthly payments smaller, or it can be a 15 or 20-year term, making the payments larger, but also paying off the mortgage faster.
The lender enters these numbers into a mortgage calculator to find the mortgage payment. You can find mortgage calculators that are free to use online. All you'll need are the numbers for each of these five factors to do your home mortgage loan payment.
It is also possible to find an amortization schedule to find the mortgage payment for the principal, interest, and term and then add the insurances and taxes to the total.
Recommend How to Calculate Home Mortgage Loan Payments IssuesQuestion by yp_joe_arlington_887: What is included in a monthly 'home' payment? I'm trying to get an accurate estimate for home much home I can afford. Mortgage calculators only calculate the loan payments. Not including things like cable and electricity, only things releative towards the actual monthly payments of the home like taxes, insurance, pmi, mortgage, etc... Best answer for What is included in a monthly 'home' payment?:
Answer by Ryan M
Monthly payments only include mortgage. Other than that, I am not really sure what you are asking.
Answer by Steve D
There are two parts to affording a house... The monthly payment, which is the mortgage (P&I) plus taxes and insurance. After that, there are the expenses. No one can really estimate these for you since there are too many variables. The common expenses include: telephone, electricity, heat (oil or gas if not electric), water/sewer (unless on well/septic which have other expenses), cable tv (you need to decide what level of service), internet (again, your decision), and of course regular maintenance (yearly heating system checks, lawn care, etc.). To get a handle on the month-to-month things, ask around the neighborhood you plan on buying, or if you have a house in mind, ask the current owner if you can see the past few months bills.
Answer by rsriram_1999
Mortgage - principal, tax, ins, interest tel bill varies check local elec you may get a history from provider water check with utility common areas check with users taxes may be state, county. school, other s such as college cable depends on provider and what you plan to have for each property, these details are different but can be calculated
Answer by Wayne S
There are several costs to owning a home. First is the mortgage payment, which includes principle and interest. Depending on the lender you may have to set up an escrow payment (usually tacked on to the mortgage payment) to cover insurance and taxes. Next you have utilities. This is gas, electricity, and water. This varies depending on your lifestyle and climate. The last set of items are non necasary items. This is usually cable and telephone. The cost is determined by the options you get.
