Looking to buy a new home? Knowing your future mortgage payment will help you make better financial decisions. We can help you find out the numbers behind any home loan you’re looking to take out. You’ll want to focus on the monthly payments, but also focus on how much interest you’re paying per month as the larger portion of early loan payments go toward interest. Keep in mind it’s usually a good idea to borrow less than the maximum amount available.
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Loan Detail
| Original Loan Amount $224,000.00 |
Down Payment 10 % |
Interest 5.5 % |
Term 15 Years |
| Total you will repay $201,600.00 |
Down Payment $22,400.00 |
Monthly Payment (P & I) $1,647.24 |
Total Interest 180 |
Since Principal and Interest are not the only factors of a loan we should include an estimate for other costs involved with a loan.
Your down payment was less than 20% of the loan, which means you will be paying PMI. This averages around $55.00 for every $100,000.00 borrowed. An estimate for PMI will be around $110.88 per month.- An average tax figure for your purchase might be about $10.00 for every $1,000.00 assessed value per year. If the assessed value of your home is 85%, this would make your home's assessed value $190,400.00 and your monthly tax around $158.67
- Homeowners Insurance is another factor of a loan. An average estimate of your monthly insurance could be about $56.00
Amortization Schedule (P & I)
| # | Per/Month | Principle | Interest | Balance |
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