Want to live in your dream house? If you have cash, that’s great! But if you have no budget to buy the house, don’t worry, you still have a chance to own your dream house. You can apply for a housing loan; give a down payment and get the computation of your monthly amortization using the Mortgage Calculator with taxes and PMI.
The Mortgage Calculator with taxes and PMI will help you get the total amount that you should pay per month. The total amount includes the principal, interest, taxes and the homeowner’s insurance or the mortgage redemption insurance. The Mortgage Calculator can compute for the monthly amortization inclusive of the taxes. It has an amortization table which includes computation of the property taxes. The tax is based on the total value of the property and can be paid annually or monthly.
All housing loans are covered by insurance. This is also required by the lenders to give security to the amount they have disposed to finance your housing loan. Coverage of the amount insured includes: fire insurance, lighting strikes, burglary, storms, explosions and any calamities or disasters that can destroy the properties. The amount covered can be added to the monthly or yearly amortization that the borrower would like to adapt.
The PMI or the Mortgage Insurance depends on the payments or deposits made by the borrower. For instance, the mortgage calculator with PMI can compute for the mortgage insurance required if the borrower has not yet paid up to 20% of the property value. However, if the borrower pays 20% deposit, the borrower need not pay the mortgage insurance.
You can give extra payments to shorten your payment period and reduced interest. The extra payments include payments that you would like to give aside from your regular monthly amortization.
The Mortgage Calculator with taxes and PMI can compute simple and compound interest method in your amortization or payment scheme. It can help you compute the effective interest rate which can help you decide if you will really pursue your housing loan with a particular lender. If you consider 2 or 3 lenders, their respective interest rate will help you decide which lenders to close the deal.
Another important thing to consider if you want to buy a property is the HOA Fee or Homeowners Association Fee. Some fees could be higher and will most likely affect your budget.