Mortgage Calculator

First New Mexico Bank, Las Cruces
Mortgage Loan Calculator

Real Estate Price?:

Down Payment Pct?:

Amount of Loan?:

Enter a "0" (zero) for one unknown value above.

Monthly Payments?:

Annual Interest Rate?:

Points?:

Annual Prop. Taxes?:

Annual Insurance?:

Mortgage Ins. (PMI)?:

Payment Method?:

Monthly Payment:

Down Payment:

Total Interest:

Total P & I:

Original Size

Mortgage Calculator Help

You can calculate the mortgage loan amount from the price of the real estate by providing the down payment percentage.

If you know the mortgage amount you can afford and the cash down payment percentage required, you can calculate the affordable real estate price.

Or if you know the price of the real estate and the loan amout and enter "0" for the down payment percentage, the calculator will calculate the down payment amount and percentage.

Points, Annual Property Taxes, Annual Insurance and Private Mortgage Ins. (PMI) are all optional. If you enter values, the periodic portion of each will be calculated and shown on the schedule. Property taxes and insurance are combined under escrow.

If a borrower does not have cash to cover at least 20% of the purchase price, some lenders will require the borrower to purchase private mortgage insurance (PMI) to cover against a possible default. Premiums are typically 0.5% to 2.0% of the original loan amount. The borrower can drop the insurance coverage once the mortgage balance is less than 80% of the original purchase price. The calculator handles this automatically. (There may be other conditions as well under which the lender will no longer require PMI. One such case might be apprciation of the real estate.)

Points are charges that are normally due at closing. Borrowers (normally only in USA) may select to pay a lender "points" up front in exchange for a lower interest rate. Points are expressed in percent and are calculated on the amount borrowed. 3 points on a $200,000 mortgage equals $6,000. If the user enters points, this calculator includes their value in the summary and as part of the total payment at loan origination on the payment schedule.

The term (duration) of the loan is expressed as a number of months.

60 months = 5 years
120 months = 10 years
180 months = 15 years
240 months = 20 years
360 months = 30 years

Need more options including the ability to solve for other unknowns, change payment / compounding frequency and the ability to print an amortization schedule? Please visit, https://AccurateCalculators.com/mortgage-calculator

"Can we become homeowners?"

Not only will this calculator calculate the monthly payment amount for a given mortgage, it can also help you determine what price home you can afford or calculate the down payment percentage. Or if you provide a house price and down payment percentage, the calculator will calculate the mortgage amount that is required. The calculator can also consider loan points, property taxes, hazard insurance and private mortgage insurance (PMI). It will also create an amortization schedule and useful charts.

Using This Calculator

"Price of Real Estate": Enter the price of the real estate you are considering.
"Down Payment Pct?": Enter the percentage down payment required by the lender.
"Amount of Loan?": This will be automatically calculated from the "Price of Real Estate" and "Down Payment Pct" fields.
- If you enter zero for the down payment, you will need to enter the same number here as you did in "Price of Real Estate".
"Monthly Payments?": How long you want to take to repay the loan.
- Some common values are:
  - 180 = 15 years
  - 300 = 25 years
  - 360 = 30 years.
"Annual Interest Rate?": Enter what you estimate your APR will be or the loan.
- This value will vary based on current rates and your credit worthiness, etc. So adjusting this number will allow you to see the effect of different rates on your payments and total costs.
"Points?": Enter the number of points for this mortgage.
- Points are fees paid directly to the lender at the time of closing in exchange for a reduced interest rate. One point generally costs one percent of your mortgage amount.
"Annual Property Taxes?": Estimate the amount of taxes you will be required to pay each year.
- Tax payments, home owner's insurance and mortgage insurance payments are all generally added to your monthly mortgage payments and held in escrow until those payments are due.
"Annual Insurance?": Enter the estimated amount of your homeowner's insurance premium.
- Tax payments, home owner's insurance and mortgage insurance payments are all generally added to your monthly mortgage payments and held in escrow until those payments are due.
"Mortgage Insurance (PMI)?": Enter the estimated amount of any required mortgage insurance annual premium.
- Private Mortgage Insurance (PMI) is insurance to protect the lender, not you the consumer. It is required by some lenders under some circumstances. You should carefully weigh your options before deciding whether a mortgage with or without PMI is right for you.
"Payment Method?": When you want to make your monthly payments.
- Making payments at the beginning of each statement period can reduce the amount of interest you pay over the life of the loan. Adjusting this setting will allow you to see how much of a difference it can make.
Press the "Calc" button and the remaining fields will be calculated.
Press the "Schedule" button to see a date-based schedule of payments with information about how much of each payment gets applied to principal and interest among other information.
Press the "Charts" button to see informational charts based on the current calculations.

*The information provided by these calculators is for illustrative purposes only. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. The calculated results are intended for illustrative purposes only and accuracy is not guaranteed.