What is a good rule of thumb when trying to figure out what a monthly payment would be given x dollars borrowed for y years and z in taxes? Should I use an online ammoritization schedule? I don’t like the online loan calculators, they all seem to lowball it quite a bit. Thanks for any help.
build your own mortgage calculator with an excel spreadsheet,
1.) To figure the mortgage payment use the "=PMT(rate, nper,pv,)" formula…. rate= interest rate, nper= number of period pmts ..ie for a 30 year loan it would be 30 or 360…. pv= present value or initial amount of the loan. To figure the monthly payment, make sure you divide rate by 12, and use the number of monthly payments (ie 360) for "nper".
2.) Tax rates vary by jurisdiction, so make sure you contact the local taxing authority for the tax rate. Keep in mind in many jurisdictions, the assessed value used for tax calculations is different than the "market value" or amount you’ll pay for the house, but usually, its pretty close
3.) Make sure you include insurance as part of your payment calculation, many lenders will escrow that as well.
Your online amortization will give you the correct calculation for principal and interest. For taxes and insurance, it depends on the location. Some places only have county taxes; some also have municipal taxes so that the owner has access to the local fire dept, police dept, water and sewer and other public services.
References :
There are millions of on line mortgage calculators. Use one of them.
References :
build your own mortgage calculator with an excel spreadsheet,
1.) To figure the mortgage payment use the "=PMT(rate, nper,pv,)" formula…. rate= interest rate, nper= number of period pmts ..ie for a 30 year loan it would be 30 or 360…. pv= present value or initial amount of the loan. To figure the monthly payment, make sure you divide rate by 12, and use the number of monthly payments (ie 360) for "nper".
2.) Tax rates vary by jurisdiction, so make sure you contact the local taxing authority for the tax rate. Keep in mind in many jurisdictions, the assessed value used for tax calculations is different than the "market value" or amount you’ll pay for the house, but usually, its pretty close
3.) Make sure you include insurance as part of your payment calculation, many lenders will escrow that as well.
References :