Advanced Payment Calculator
Use the Advanced Payment Calculator to calculate your monthly mortgage payment and get a breakdown of principal & interest, taxes, insurance, HOA and PMI. Add Extra payment to see how much time and money you could save compare to just paying the standard monthly payment. Enter the loan amount, borrowing term, interest rate, annual tax rate, annual insurance cost, annual PMI rate and extra monthly payment amount to calculate your estimated monthly payment and time taken to get the loan paid off.
Amount that will be borrowed from the lender.
Amount of money paid upfront to purchase a property. Expressed in dollar amount or percentage of the loan.
Length of the loan expressed in years.
Annual interest rate of the loan.
Annual property taxes collected by the county, expressed in percentage. Check with real estate agent for correct rate.
Estimated annual homeowner's insurance cost. Get this estimate from insurance agent or loan officer.
Annual HomeOwner Association dues. Get this from real estate agent.
Annual Principal Mortgage Insurance rate. Check with loan officer for rate and whether it is required.
Extra money paid toward the loan balance to reduce interests and pay off the property sooner.
Monthly Payment
$1,311.85
Principal & Interest $275.00
Property Taxes $275.00
Insurance $100.00
HOA Dues $60.00
PMI $187.50
Extra $300.00
Loan Amount $240,000.00
Total Principal Paid $166,714.68
Total Extra Paid $73,285.32
Total Interest Paid $81,188.50
Total Paid $321,188.50
Analysis
Based on the data above, by paying extra every month over the life of the loan, you will save in interest and pay off the loan sooner.