Mortgage Calculator


Back to previous page

Purchase & Financing Information

This mortgage calculator can be used to estimate the monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the property taxes, and their effect on the total monthly mortgage payment.

 

Sale Price of Home:

(In Dollars)

Percentage Down:

%

Length of Mortgage:

years

Annual Interest Rate:

%

 

Mortgage Payment Information

 

Down Payment:

$4,500.00

Amount Financed:

$40,500.00

Monthly Payment:

$255.99 (Principal & Interest ONLY)

 
 

Since you are putting LESS than 20% down, you will need to pay PMI (Private Mortgage Insurance), which tends to be about $55.00 per month for every $100,000.00 financed (until you have paid off 20% of your loan). This could add $22.28 to your monthly payment.

 

Monthly Payment:

$278.26 (Principal, Interest & PMI)

 
 

Property Taxes are a little more difficult to figure out... The 2006 Idaho average urban tax rate seems to be around $12.05 per year for every $1,000.00 of your property's assessed value.

Let's say that your property's assessed value is 85% of what you actually paid for it -- $38,250.00. This would mean that your yearly property taxes will be around $460.91. This could add $38.41 to your monthly payment.

 

Total Monthly Payment:

$316.67 (Principal, Interest, PMI & Property Tax)

Note: Property taxes on bare land and ranch properties can fluctuate significantly based on agriculture and timber exemptions. Please contact Creed Noah Real Estate for more information on these property tax rates.