The Ultimate Loan Calculator
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Welcome to the ultimate mortgage calculator.
This calculator shows you, not only the monthly principal and interest payment, but also the monthly net payment. The monthly net payment is the money you
must have available each month to be able to buy a home. We have also included additional fees, like private mortgage insurance, property tax and HOA fees, into the calculation to show you the real cost of your home.
The big secret, is really not a secret at all if you think about it, it just is the fact that making a small extra payment every month will drastically decrease the
payback time and total interest you pay.
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- Home value
- Appraisal value of the home. This value is used to calculate the property tax and PMI.
- Loan amount
- Total amount of loan taken for the home.
- Loan length in years
- Length of loan as number of years.
- Annual interest
- Interest of loan as percent, for example 7 or 5.125, etc.
- Monthly additional payment
- An additional payment you plan to make each month. This payment is applied directly to the principal of the loan.
- Annual additional payment
- An additional payment you plan to make one a year. This payment is applied directly to the principal of the loan.
- Property tax
- Property tax as percentage, for example 1.1 or 1.4, etc.
- PMI
- Private Mortgage Insurance (PMI) is an insurance you must pay if the down payment is less than 20%. Typical values for PMI are from 0.5% to 1.0% of the loan amount.
- Annual home insurance
- Amount of home insurance per year. In California the average home insurance in 2009 is about \$670 per year.
- Annual HOA fee
- Homeowners' association (HOA) fees are used to take care of the common property and amenities.
- Income tax bracket
- Your income tax bracket. This value is used to calculate your net monthly payment. Normally mortgage interest and property tax are tax deductible.
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