Our Mortgage Calculator is simple to use. All you need to do is enter the details of the loan amount, interest rate and the loan (or repayment) term. The loan amount is how much you will need to borrow, the interest rate is the rate advertised by the lender and the loan (or repayment) term is the amount of time it takes to repay the loan (generally 15 or 30 years).
Our Mortgage Calculator is for educational and informational purposes only. It relies on assumptions and information provided by the user regarding his/her goals, expectations and financial situation. This calculator does not take into account individual circumstances. The user should consult with financial, tax, and legal advisors for any advice relating to his/her personal circumstances.
In addition to the down payment, the user will also have to pay closing costs – miscellaneous fees charged by those involved with the home sale (such as the lender for processing the loan, the title company for handling the paperwork, a surveyor, local government offices for recording the deed, etc.). The range is from 1% to 8% of the price of the home, though more typically 2-3%. The lender will give the user a more accurate estimate of closing costs on the purchase of a particular house. This is called a “Good Faith Estimate”.