Mortgage Calculator With PMI



Mortgage calculator with PMI, property taxes, insurance, extra payments, with a simple and a compound method of interest calculation, the calculation of the effective interest rate, HOA-Fee, Bi-Weekly payments.


Annuity Calculator

Enter your data, push the button “Calculate”. Wait a while and you’ll find tables and graphs.


$Select the currency. Home ValueEnter the value of house or apartment you intend to buy. Mortgage AmountEnter the amount of the loan. This is the amount from which installments will be calculated and amortization table will be made. Interest rateEnter the annual interest rate for which you have agreed with the bank. Amortization PeriodRepayment period in Years or Months.
Mortgage start dateMortgage start date is usually one month before the first payment (depends on repayment interval).

Acc – Accelerated


Accounting methodSimple method is the one that is usually used. Compound is added only for specific needs.
simple
compound

Taxes insurance PMI and HOA
Property Taxes (yearly)The amortization table can also include property taxes. The tax depends on the value of the property. Annual tax amount is calculated and then divided by the number of payments per year. If you are paying monthly, the amount is divided by twelve. Be cautious, because the tax rate may change.
Insurance (yearly)The majority of lenders demand that the property is insured. Insurance usually covers fire, lightning strikes, burglary, storms, explosions etc. You can also include this insurance to amortization table and take it into account of every payment.
PMI (yearly)**Mortgage insurance is usually required until 20% of property value is paid. PMI can be avoided if 20% deposit is paid.
HOA (yearly)Homeowner association.
*Mark this if you want to take into account when calculating the effective interest rate
**Once the principal is reduced to 80% of value, the PMI is often no longer required.

Extra paymentsAmortization table can include special payments, depending on your requirements. If you expect higher inflow of money in the coming years and you want to use it to pay off the mortgage, or if you want to repay the loan quicker, enter that amount in “One-time” row and specify the month and year in which you would like to include it in amortization table. If you have regular annual inflow of money and you want to include it in repayment, enter the value in “One-time yearly” row. Specify the month in which the amount should be taken in account. If you would like to add some extra money in every instalment, enter amount in “For each payment” row. All these additional payments will shorten the age of paying off the mortgage and reduce the interest.
One-time
One-time yearly
For each payment


Click on this button will do the report.

OR

Find out how much you’ll save with different methods of payment: Monthly, Accelerated Monthly, Semi-monthly, Bi-weekly, Accelerated Bi-weekly, Weekly, Accelerated Weekly



Printable amortization schedule

Why do you need a printable amortization schedule?

Before you arrange the best loan scheme for you, it is good to calculate all expenses, fees, interest rates and everything else about it. It is crucial to have as many information as possible before you sign in the contract with the bank or some other financial institution. Without this information it is almost impossible to compare different loan schemes, so it is very important that you make a printable amortization schedule that will help you and give you a full picture of your yearly and monthly payments and costs.

It is not enough only to create an amortization schedule online, but it is really smart that you print it and take it with you to the bank, because it will certainly help you in the loan negotiation process. It is also good to have that kind of schedule for your own evidence, in case that you would like to look, when your payoff date is or when you would become a 20 % owner of your real estate – after that, you do not need to pay private mortgage insurance (PMI) anymore. Using printable amortization schedule you will always know the amount of principal and interest that are included in your payments, which is also definitely essential information for every person that poses the loan.

Printable amortization schedule

Printable amortization schedule

What a good printable amortization schedule shows you?

Every amortization schedule should include all information about your loan and give you a complete and detailing view of periodic loan payments. Even that all payments are the same, the percentage of interest early in the schedule is bigger than later on, when you basically pay only for the principal. That means that in the beginning you will pay the majority of each periodic payment only for interest, so it is crucial that you know that and that the interest is as low as possible.

Printable amortization scheme do not show you only the amount of principal and interest for each monthly payment, but also costs of taxes, insurance (PMI) and dues for homeowners’ association (HOA-Fee) that are an important part of expenses that you pay for your debt. You can see the amount of money you would have to pay for principal, interest and loan costs yearly or monthly for each payment. One-time or on-time yearly extra payments can be also included in printable amortization scheme.

A graphical representation of all payments

A graphical representation of all payments


Property Taxes

With this mortgage calculator you can find out your obligations which will also include tax.
The printable amortization schedule can also include property taxes. The tax depends on the value of the property. Annual tax amount is calculated and then divided by the number of payments per year. If you are paying monthly, the amount is divided by twelve. Be cautious, because the tax rate may change.

Insurance

The majority of lenders demand that the property is insured. Insurance usually covers fire, lightning strikes, burglary, storms, explosions etc. You can also include this insurance to printable amortization schedule and take it into account of every payment.
List of United States insurance companies

Mortgage insurance (PMI)

Mortgage insurance is usually required until 20% of property value is paid. PMI can be avoided if 20% deposit is paid.
Lenders mortgage insurance

Extra payments


Mortgage Calculator with PMI and Extra payments

Mortgage Calculator with PMI and Extra payments


Amortization schedule can include special payments, depending on your requirements.

If you expect higher inflow of money in the coming years and you want to use it to pay off the mortgage, or if you want to repay the loan quicker, enter that amount in “One-time” row and specify the month and year in which you would like to include it in printable amortization schedule.

If you have regular annual inflow of money and you want to include it in repayment, enter the value in “One-time yearly” row. Specify the month in which the amount should be taken in account.

If you would like to add some extra money in every instalment, enter amount in “For each payment” row.

All these additional payments will shorten the age of paying off the mortgage and reduce the interest.

Simple and a compound method of interest calculation

Simple method is the one that is usually used. Compound is added only for specific needs.

Calculation of the effective interest rate

Here you have a mortgage calculator, which can calculate the effective interest rate. The effective interest rate tells how expensive the loan is. It helps to find the most suitable option for the loan. In situation when one lender offers loan with lower interest rate and requires PMI payment and the other one with higher interest rate but without PMI, the effective interest rate tells which loan is better.

Homeowners Association Fee – HOA Fee

HOA contribution pay by property owners. The money is usually used for maintenance of common areas, tennis courts, swimming pools and the like this. You can also charge an additional contribution, if carried out major maintenance, such as replacing the roof or building elevators.
Before buying a property, we must inquire how much is HOA contribution, as it can have an effect on whether we can afford this purchase.

The Importance of Amortization

There are multiple types of mortgage calculators available, however not all of them offer the same things. We can choose between mortgage calculator, mortgage calculator with taxes, mortgage calculator with insurance, mortgage calculator with HOA, mortgage calculator with downpayment, or any other feature that you can think of, it is however hard to include them all in one. It is often difficult to select the one to use. Mortgage Amortization calculator may be the one to pick when trying to design a scheme for your mortgage payments. In order to do the necessary calculations, you will need to set up your amortization schedule or the so-called amortization schedule. An amortization schedule is a plan of paying of the mortgage loan. After the down-payment is complete, the monthly payments that are organized according to the amortization schedule are next in line.
Amortization schedule

Amortization schedule

So how do amortization schedules work?

When paying of the debt, a certain amount of money goes towards the interest and a certain amount of money goes towards the principal. The two amounts do not stay the same the whole time as in the beginning the larger portion of the money is directed towards the interest and later towards the principal. An amortization schedule would denote the numbers and their changes in the process of repaying of the debt. Its primary role is to design and arrange the process of paying off a loan. Another thing that should definitely be taken into consideration, when dealing with amortization schedules, is the method of payment. We have a lot of options: Monthly, accelerated monthly, weekly, bi-weekly, accelerated weekly, accelerated bi-weekly. By choosing the right one, a fairly big percentage of the interest money can be saved. Usually, monthly payments have a higher EIR or Effective Interest Rate than weekly or even accelerated weekly ones and can thus help the money saving process. The exact calculations can be obtained from Mortgage Calculator Bi-Weekly.

Insurance is a significant cost. It must be included in the mortgage calculator with PMI.


The tree structure of all payments

The tree structure of all payments


Although the interest and the principal are responsible for the majority of monthly mortgage expenses, there is another big part that needs to be included in the mortgage calculator with PMI. This is the famous insurance. There has been a lot of talk about PMI (private mortgage insurance) before, but the buyer should also invest in the homeowners insurance. This might seem like unnecessary expense as the mortgage bill with numerous extra payments and HOA fees might be high already, but this can protect the buyer from unexpected circumstances, which could destroy the possibility of keeping the newly-bought facility. If the object is located in the area that is prune to natural disasters (earthquakes, floods, volcano eruptions, etc.) it would be wise to invest a little extra each month to avoid occurrences that would enable more debt. It is better to be safe than sorry!

6 thoughts on “Mortgage Calculator With PMI

  1. Overall I like the tool. It should prove very useful for visitors to your site. Just a few things I would tweak:
    Why do you have simple and compound interest? Structurally, all mortgages are simple interest. I think the compound interest will confuse things.
    Instead of simple vs compound, I would like to see side by side 15 yr vs. 30 yr. That is usually a debate for homebuyers, and I think it would be more useful.
    I tested the calculations and they all seemed to be accurate.
    Down below with taxes and insurance, I would have the PMI default (or force) to yes for the EIR. Most people probably won’t grasp that it is a cost of financing so should be included.
    Could you come up with a way to help visitors estimate the taxes and insurance? First time homebuyers especially have no clue what those costs can be. Not sure how to accomplish this, but I think it would help.
    I like the extra payment calculator. Maybe you could draw more attention to it somehow to emphasize how much of an impact extra payments have on the finance costs.
    You asked me to put this on your site, but I had to deliver it this way also. I will copy and paste to your feedback section now.

    • Steeve69 Thank you for your comment. It will be a great help on this, so I prepared this calculator that will more useful.

      First I should say that I wanted to make a calculator “all in one”, that mean in order to cover all functions and data, as such, it needs only a few people.

      My problem is how to tell users that they have entry to Press the “Calculate”. Many still think that the calculation of annuities everything this calculator provides, but it’s less than 1% of total.

      I please you to tell me your opinion on whether the graphs too much or not? Some think so. I think that the graph is never too much, but every view what suits him the most. How do you find a printable amortization schedule? They are there all the information needed by the user when negotiating with the bank?

      I will be very grateful for the comments of other tools: Bi-Weekly, where the user learns how much will be saved if you will decide on a different way of loan repayment. Even Mortgage Refinance Calculator is looking for the most effective
      way of loan repayment. With your Mortgage Payment Calculator is trying to give the user as much information about his credit. PMI Calculator tool helps the user to determine the PMI Payoff Date in a very simple way. With all the tools
      necessary to use the Calculate button.

      As you can see I have a lot of work to do. Your opinion will be a great help for me and thank you.

  2. I like the bi-weekly function very much. That also has a huge impact on savings and I think you illustrate that effectively.

    As far as the calculate button, the only thing I can think to try is to remove the auto-calc function whenever a number is changed. That way you force the user to push the calculate button each time they make a change.

    Hope that helps.

  3. The multiple different approaches to viewing your mortgage payments, etc. is super helpful. Even extra payments can be calculated in. I’m a big fan of calculators like this – my bank has something similar I like to use to plan out my credit card payments. I’ll be sharing this tool with my friends looking into buying a house!

    • Thank you for your opinion. You gave me great incentive and I will add more options and do this mortgage calculator even more useful.

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