| What is the best mortgage calculator to use? One | | | | least give you a payment including principal, interest, |
| that is designed to keep you out of trouble by including | | | | taxes, and p.m.i. In my area of the country, tax rates |
| all the hidden fees. | | | | run about 1% of the home's assessed value. The |
| Most mortgage payments include five parts: principal, | | | | taxes on a $200,000 home are about $2000 a year. |
| interest, taxes, insurance (PITI), private mortgage | | | | On a good internet mortgage calculator, there will be a |
| insurance (p.m.i.) Most on-line calculators only give you | | | | box for the tax rate so that your property taxes can |
| estimated principal and interest payments. The lender | | | | be figured into your payment. If you do not know the |
| will likely collect the other three parts as well. These | | | | tax rate in your area, call your county tax assessor's |
| other three can add up to hundreds of dollars. So, | | | | office or find a copy of your last tax bill. |
| when calculating house payments, to get a really | | | | Finally, having accounted for principal, interest, taxes, |
| accurate estimate of your total house payment, you | | | | AND p.m.i., you will want to add an amount to cover |
| must include all five parts. | | | | your home owner's insurance. A $200,000 home in |
| You will not have to pay p.m.i if you put 20% down, | | | | America can be well insured for around $600-800 a |
| (read that again...it can save you a ton) or if refinancing, | | | | year depending on location. This will add $50-70 a |
| you have at least 20% equity in your home. P.M.I. | | | | month onto your mortgage payment. |
| averages anywhere from $50 to $250 a month | | | | I searched hard but could not find an internet mortgage |
| depending on your loan amount. | | | | calculator that will give an estimated payment that |
| The best mortgage calculator to use is one that will at | | | | includes all five parts. |