This **mortgage calculator** can be used to figure out monthly payments of a home mortgage loan, based on the home’s sale price, the term of the loan desired, buyer, ‘s 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 town property taxes and their effect on the total monthly mortgage payment.

Having own home is the dream of every human being, but unfortunately, it is not so easy to come true for the majority of the people. Most of us work so hard for our whole life just to have or afford our own home, but now it is possible to have your dream home even if you can’t pay the lump sum amount of the home, you can still have your dream home.

The mortgage is one such way by which you can make your dream of having your own home come true. In the mortgage contracts, you can have the home loan by paying a fraction of the whole principal value of the home, and for the rest of the amount, you can pay it over a period of time in the form of installments.

Today in this article we are going to discuss the concept of this mortgage calculator home loan in a detailed way.

**Mortgage Calculator with Taxes and Insurance**

A mortgage calculator with the taxes and the insurance is the calculator which shows the respective amount of the taxes and the insurance, that is to be paid monthly along with the principal and the interest amount.

This calculator helps the individuals know the amount of the insurance and the taxes in a different table so that any person who holds the mortgaged property may know about the amount of insurance and the taxes in a different or separate table.

In the United States, it is mandatory to take the insurance policy on the mortgaged property if the down payment of the concerned property is less than 20%.

## Mortgage Calculator with Extra Payments

In the mortgaged property what we generally see is the prevailing concept where the principal amount of the loan is paid in the form of installments, which includes the sum of principal and then it is combined with the interest thereon. As the amount of principal is kept on paying the amount of interest gets diminishing since with each installment the amount of principal gets lower.

Now with the mortgage with the extra payments is the mortgage where the terms of the mortgage have been agreed in such a way, that if the person who has the burden of paying the mortgage amount if willing, they can pay the extra amount of mortgage in the beginning months than what has been actually calculated.

This is generally done by the mortgage property holder in order to keep the interest element lower since with the extra mortgage payments the principal amount of the mortgage gets lower, and it further reduces the interest element as well.

With the mortgage calculator with the extra payments, you can calculate the amount of installment and the interest, which remains left after paying the mortgage with the extra payments. It is a convenient and the wise option of keeping the interest charges lower for the holder of the mortgaged property.

## Mortgage Amortization Calculator

The word amortization simply implies the meaning of paying the amount of loan over a period of time or in other words the amortization means calculating the period of time, within what the amount of loan can be paid off with the given installments and the value of principal amount.

Similarly, in the context of the mortgage, the amortization is used to determine the period of time by which the overall amount of the mortgage can be paid off by the mortgage property holder to the person, who has lent the concerned property on the mortgage.

With the mortgage amortization calculator, you can easily calculate that period of time by which the entire amount of mortgage can be paid off.

## Simple Mortgage Calculator

The simple or the standard mortgage calculator is the calculator which includes the standard information about the mortgage agreements such as the principal amount of the mortgage, amount of the down payment which has been paid, rate and the amount of the interests, period of the mortgage.

Simple mortgage calculator doesn’t include the complicated or the advanced calculations of the mortgage such as the mortgage with the extra payments and other such hectic calculations. You can calculate the simple details of the mortgage by using the simple mortgage calculator.

## Mortgage Calculator with the PMI

In the context of the mortgage, the term PMI stands for the private mortgage insurance and this insurance policy is taken in the mortgage, where the down payment made is less than the 20% of the mortgage principal value.

The whole burden of the insurance is born by the person, who has taken the property on the mortgage and this insurance policy secures the person who has given the loan in the mortgage from any default of the mortgage property holder.

Mortgage calculator with the private mortgage insurance calculates the amount of interest which is paid on the per month basis to the insurance company in order to secure the lender of the mortgaged property.

## Mortgage Affordability Calculator

Mortgages affordability calculator as the name suggests is the calculator, which shows the affordability factor to the person who might be interested in having the mortgaged property. Mortgage affordability calculator shows the detailed factors of the mortgage such as the principal value of the mortgage, the down payment provision, rate of interests and the amortization period, etc.

This mortgage affordability calculator helps the interested individual in knowing that whether the mortgaged property can be afforded by the user or not so that the individual can figure out his/her affordability factor easily.

## Free Mortgage Calculator

Well as they say there is no free lunch similarly the mortgage contracts are all about the interests where the lender seeks to earn the big amount of interest from the borrower of the mortgaged property, however, this concept of the mortgage also makes the property feasible to buy in the small payments of his/her earnings.

There are generally so many costs associated in the mortgage contracts such as the application fees, processing or the underwriting fees but when the lender of the mortgage waives the borrower from all of such costs then it is called as no fee or the free mortgage.

You can calculate the number of installments which is to be paid by using the free mortgage calculator where the other associated cost of the mortgage is discarded.

## VA Mortgage Calculator

VA loans which stand for the Veteran affairs is the official the United States mortgage loan department which offers the loan scheme to the veterans who have served in the military, war, and for some reservists. As per this United States mortgage loan department any person who belongs to the above-mentioned categories can apply for the single-family home loans.

The interested person can visit the official website of the United State’s VA and find out all the schemes of the mortgage loans with all the elements of the loans such as interest, the principal value of the mortgage, period of the mortgage, etc.

## Commercial Mortgage Calculator

A commercial mortgage loan scheme is the scheme which is offered by the commercial mortgage loan agencies, which does the financing business, unlike the government sector mortgage loan schemes.

You can choose any of the commercial mortgage loan agency to take the property on the mortgage and they will provide you with the full scheme of their mortgage loan policy along with all the elements of the mortgage contracts. You can calculate all such elements of the mortgage by using the commercial mortgage loan calculator.

## Mortgage Interest Calculator

Interest is the main element of any mortgage loan policy on the basis of which the lender of the mortgaged property lends the property to the borrower. This amount of interest is paid by the borrower of the mortgaged property to the lender every month in the form of installments which also includes the portion of the principal.

You can calculate this per month paid an amount of interest in the mortgage contact by the mortgage interest Calculator.

## Early Mortgage Payoff Calculator

There is the period of time in which the whole amount of the mortgage is to be amortized and this is called the amortization period. The borrower of the mortgage property is required to pay all the instalments on time for the particular period in order to have the ownership of the mortgage property.

If any mortgage property holder wants to pay off the whole amount of the mortgage before the stipulated period, then it can be done by paying the amount in each installment of the mortgage. The amortization period, in this case, can be calculated by the early mortgage payoff calculator.

## Mortgage Calculator with Down Payment

A down payment is the crucial element of the mortgage contracts since it determines the amount which is to be paid over a period of time. A down payment is an amount which is paid in cash in the contract of mortgage and the rest of the amount is paid by the monthly or weekly installments.

In the mortgage calculator with the down payment, you can calculate the various options of the down payment that you can opt for paying in the mortgage contract.

### 30 Year Mortgage Calculator

Every contract of the mortgage is based on the fixed period of timing during which the whole amount of the mortgage is paid. This period is decided as per the convenience of the mortgage property borrower since that is the person who has to repay the whole amount of the mortgage.

In the 30 years of the mortgage, the whole amount of the mortgage is to be paid in the time span of the 30 years. You can use the mortgage calculator to figure out the number of installments which are to be paid in the 30 years of the time.

### 15 Year Mortgage Calculator

In the 15-year mortgage contract, the whole amount of the mortgage is to be paid in the 15 years of the time. You can calculate the number of installments which are to be paid in this 15 years period by taking the time factor as 15 years.

The mortgage contract will come to an end after the 15 years and the mortgage property’s ownership will be transferred to the borrower of the mortgaged property.