Mortgage Calculator - The Olear Team

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

Take steps to safeguard from fraud in everyday life

Aug 3, 2023

Take a quick look at your email spam folder. If it’s anything like ours, you probably have at least a half-dozen emails telling you that you’ve won an exciting prize, or maybe even a couple from banks saying there is a problem with one of your accounts. It’s an easy...

When is it appropriate to rent back the property you are selling?

Jul 13, 2023

Imagine this scenario: You’re selling your house and purchasing another. You’re told you need to be out of your home by a specified closing date. Unfortunately, your new destination experiences a construction delay and isn’t going to be ready by the closing date....

Selling your home? Do you know your neighborhood’s absorption rate?

Jun 30, 2023

There are many things to consider when selling a home, but here’s a term that you may have never heard of: absorption rate. And, it’s important to know the absorption rate for your property before you list it for sale! Allow us to explain … The National Association of...

Before making the big move, do your homework

Apr 28, 2023

Whether you’re moving down the street or to a new city or state, the physical act of moving can be stressful and, at times, overwhelming. So before you embark on the big move, do a little homework to ensure it’s as seamless as possible. When looking for movers, choose...

Be prepared to talk with your parents about selling the family home

Jan 26, 2023

Have you sat down and had “the talk” yet with your parents? No, not the talk about the birds and the bees. This conversation — with an aging parent or parents — focuses on their changing needs and the possibility of moving on from the family home. At one point in...