Mortgagecalculator.org Website Review

Buy or Refi: Select Buy Refi Credit Rating: Select Excellent (720+) Good (620 - 719) Fair (580 - Monthly vs bi-weekly payments Show annual amortization table Lock in low rates currently available in and save for decades to come! The Federal Reserve is expected to lift rates again soon, but if you secure a fixed mortgage rate in advance your payments won't be impacted by rising rates. By default we show purchase rates for The above tool estimates monthly mortgage payments with taxes, insurance, PMI, HOA fees & more. Click on the define & more tabs for a description of each input & how they are used in calculations. If property tax is 20 or below the calculator treats it as an annual as*essment percentage based on the home's price. If property tax is set above 20 the calculator presumes the amount entered is the annual as*essment amount. HOME VALUE: the appraised value of a home. This is used in part to determine if property mortgage insurance (PMI) is needed. LOAN AMOUNT: the amount a borrower is borrowing against the home. If the loan amount is above 80% of the appraisal then PMI is required until the loan is paid off enough to where the Loan-to-value (LTV) is below 80%. INTEREST RATE: this is the quoted APR a bank charges the borrower. In some cases a borrower may want to pay points to lower the effective interest rate. In general discount points are a better value if the borrower intends to live in the home for an extended period of time & they expect interest rates to rise. If the buyer believes interest rates will fall or plans on moving in a few years then points are a can help home buyers figure out if it makes sense to buy points to lower their rate of interest. For your convenience we also PUBLISH LOAN TERM: the number of years the loan is scheduled to be paid over. The 30-year fixed-rate loan is the most common term in the United States, but as the economy has went through more frequent booms & busts this century it can make sense to purchase a smaller home with a