Mortgage Calculator
Using A Mortgage Calculator
What’s the purpose of a mortgage calculator?
Our mortgage calculator can help you estimate your monthly mortgage payment. This calculator
estimates how much you’ll pay for principal and interest. You can also opt to includes your taxes
and insurance in this payment estimate.
How do I use the mortgage calculator?
Start by providing the home price, down payment amount, loan term, interest rate and location.
If you want the payment estimate to include taxes and insurance, you can input that information
yourself or we’ll estimate the costs based on the state the home is located in. Then, click “Calculate”
to see what your monthly payment will look like based on the numbers you provided.
Adding different information to the mortgage calculator will show you how your monthly
payment changes. Feel free to try out different down payment amounts, loan terms,
interest rates and so on to see your options.
Understanding Mortgages
What is a mortgage?
A mortgage is a loan from a bank or financial institution that helps you purchase a home.
When you get a mortgage, the lender pays for the cost of the home upfront. In exchange,
you agree to pay the lender back with interest, over a set period of time.
What is a down payment?
A down payment is money you pay at closing to decrease the total size of the loan.
The down payment represents your stake in the home.
How much do I need to put down?
A down payment of 20% or more will get you the best interest rates and the most loan options.
But you don’t have to put 20% down to buy a house. There are a variety of low-down-payment
options available for home buyers. You may be able to buy a home with as little as 3% down,
although there are some loan programs (such as VA loans and USDA loans) that require no money down.
What is a loan term?
The term is the length of time you spend paying off the loan. The most popular loan term is the 30-year term.
The terms available to you will depend on your financial situation and the type of loan you choose.
Should I choose a long or short loan term?
It depends on your budget and goals. A shorter term will allow you to pay off the loan quicker, pay less interest
and build equity faster, but you’ll have a higher monthly payment. A longer term will have a lower monthly payment
because you’ll pay off the loan over a longer period of time. However, you’ll pay more in interest.
What’s an interest rate?
Interest is the fee you pay to your mortgage company to borrow the money. The interest you pay is based on a percentage
of the remaining loan amount. This percentage is the interest rate.
What determines my interest rate?
There are several factors that determine your interest rate, including your loan type, loan amount, down payment amount
and credit history. Interest rates are also determined by market trends.
Managing Your Mortgage Payment
What’s included in my mortgage payment?
A typical monthly mortgage payment has four parts: principal, interest, taxes and insurance. These are commonly referred
to as PITI.
The mortgage payment estimate you’ll get from this calculator includes principal and interest. If you choose, we’ll also show
you estimated property taxes and homeowners insurance costs as part of your monthly payment.
This calculator doesn’t include mortgage insurance or guarantee fees. Those could be part of your monthly mortgage payment
depending on your financial situation and the type of loan you choose.
What is principal?
This is the amount you borrow from your lender to buy your home. It’s factored into your monthly payment and paid off
throughout the life of your loan.
What taxes are part of my monthly mortgage payment?
The “taxes” portion of your mortgage payment refers to your property taxes. The amount you pay in property taxes is based
on a percentage of your property value, which can change from year to year. The actual amount you pay depends on several
factors including the assessed value of your home and local tax rates.
What’s a homeowners insurance premium?
A homeowners insurance premium is the cost you pay to carry homeowners insurance – a policy that protects your home,
personal belongings and finances. The homeowners insurance premium is the yearly amount you pay for the insurance.
Many home buyers pay for this as part of their monthly mortgage payment.
Lenders typically require you to purchase homeowners insurance when you have a mortgage. The coverage you’re required
to purchase may vary by location. For example, if you live in a flood zone or a state that’s regularly impacted by hurricanes,
you may be required to buy additional coverage that protects your home in the event of a flood. If you live near a forest area,
additional hazard insurance may be required to protect against wildfires.
Testimonials
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“As first time homebuyers, we were feeling a bit overwhelmed by the process… Hal sat us down and educated us on the real estate market place, and what to look for when we view houses; thus making us “real estate aware”… As two very busy professionals, Hal was able to streamline this process for us, which significantly reduced the stress of such a large purchase…In the end, the process was smooth, there were no surprises, and we are so happy with our home. Hal is an absolute gem in a sea of real estate professionals.”
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- Dave and Michelle M. Orange, CA
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“Over the years Hal has brokered 10 real estate transactions for the Mercier family, many of them being 1031 Exchange Transactions. Each of these transactions were handled with trust, patience and integrity, resulting in very favorable outcomes for both the buyer and the seller.”
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- Tom M. Orange ,CA
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“It is with great pleasure and without reservation that I recommend Hal Schlegel as both a real estate broker and financial advisor. In the years I’ve known Hal, I have never had a reason to question his integrity or his sincerity…, Hal has represented me in multiple transactions and I have found him to maintain a calm demeanor while others panicked , always aware of the transaction status…”
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- M. Safko Grants Pass, OR
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“We can heartily recommend Hal Schlegel to you. His knowledge, experience, attention to details, warm presence and good humor make him a great choice for helping anyone with their real estate needs."
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- Ed and Laurie B. Anaheim, CA
"
Hal Schlegel was recommended to me by a good friend to handle the sale of my Mother’s home. We interviewed several realtors and decided to go with Hal for the transaction. It was the best move we could have made. From the onset Hal was on top of everything keeping me updated at all times. I have been involved in many real estate transactions and this one was by far the easiest. Working with Hal was an absolute joy. He was always professional and answered all my questions with ease. I would highly recommend Hal Schlegel for your next real estate transaction.
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- Jerianne Ekins Orange CA
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