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AA Simple Mortgage Rate Calculator

AA Simple Mortgage Rate Calculator

Simple Mortgage Rate Calculator

We built a simple mortgage calculator to help figure out what your monthly payment would be. We hope it helps save you some time.

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Before you get a loan, it’s important to know just how much debt you can afford. Our simplified loan payment calculator does all the heavy lifting to help you discover what your monthly payment could be. Just input the principal balance of your loan, the interest rate, and the number of years. Having an idea of your monthly payment can help when you’re putting together a budget. You might find that you have enough money left over to make extra payments. In the end, you might even be able to develop a plan to get ahead of your debt. Interest Rate: this is the quoted APR a bank charges the borrower. In some cases a borrower may want to pay points to lower the effective interest rate. In general discount points are a better value if the borrower intends to live in the home for an extended period of time & they expect interest rates to rise. If the buyer believes interest rates will fall or plans on moving in a few years then points are a less compelling option. This calculator can help home buyers figure out if it makes sense to buy points to lower their rate of interest. For your convenience we also publish current local mortgage rates.Property Tax: this is the local rate home owners are charged to pay for various municipal expenses. Those who rent ultimately pay this expense as part of their rent as it is reflected in their rental price. One can't simply look at the old property tax payment on a home to determine what they will be on a forward basis, as the assessed value of the home & the effective rate may change over time. Real estate portals like Zillow, Trulia, Realtor.com, Redfin, Homes.com & Movoto list current & historical property tax payments on many properties. If property tax is 20 or below the calculator treats it as an annual assessment percentage based on the home's price. If property tax is set above 20 the calculator presumes the amount entered is the annual assessment amount.

This calculator requires the use of Javascript enabled and capable browsers. This script calculates the monthly payment of a typical mortgage contract. Enter the dollar amount of the loan using just numbers and the decimal. Next, enter the published interest rate you expect to pay on this mortgage. Finally, enter the number of years to pay on the mortgage. Click on the Calculate button and the monthly payment, principal and interest only, will be returned. You may click on Clear Values to do another calculation. In our example, a loan of $100,000.00 for 30 years at 6% will yield a payment of just less than $600.00 a month for principal and interest. (Source: www.idfpr.com)

 

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