This mortgage calculator can be used to determine monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are property taxes, and their effect on the total monthly mortgage payment.
Purchase & Financing Information
Sale Price of Home:
Percentage Down: %
Length of Mortgage: years
Annual Interest Rate: %
Explain Calculations: Show me the calculations and amortization
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Mortgage Payment Information
Down Payment: $82,400.00
Amount Financed: $741,600.00
Monthly Payment: $3,613.58
(Principal & Interest ONLY)
Since you are putting LESS than 20% down, you will need to pay PMI (Private Mortgage Insurance), which tends to be about $55 per month for every $100,000 financed (until you have paid off 20% of your loan). This could add $407.88 to your monthly payment.
Monthly Payment: $4,021.46
(Principal & Interest, and PMI)
Approximate Tax Calculation:
If a property located in Code Area 01 (Boise) has a total taxable property value of $100,000 the yearly property taxes are figured as follows:
Taxable Value $100,000 X .017617045 = Property Tax $1,761.70

If this property is taxed at 85% of calculated purchase price that would equal: $700,400.00. This would mean that your yearly residential taxes will be around $12,338.98 This could add $1,028.25 to your monthly payment.

TOTAL Monthly Payment: $5,049.71
(including PMI and residential tax)