FivePoint Federal Credit Union
www.5pointcu.org

Mortgage Payment Calculator

Budgeting for a new home can be challenging. Use this calculator to help you estimate what your monthly mortgage payments will be.

Mortgage Information

Loan Amount:
Mortgage Type:
Mortgage Term (Years):
Interest Rate:
Discount Points:
Origination Points:
Closing Costs:
(not including points)
Property Value:
 

Property Information

Years to Sell or Refinance:
Yearly Property Taxes:
Yearly Property Insurance:

Loan Amount

Enter the amount of your mortgage.

Interest Rate

Enter the annual interest rate on the mortgage.

Mortgage Term

Enter the term of your mortgage in years.

Discount Points

Discount points are a form of pre-paid interest that you can pay as a means of obtaining a lower mortgage interest rate. One point equals 1% of the loan amount. Enter the discount points for your mortgage.

Origination Points

Origination points are a fee that a lender charges for originating the mortgage. The average origination fee equals one percent of the loan amount. You don't necessarily have to pay origination points, but if you don't pay this upfront fee, you can expect to get a higher interest rate on your mortgage. Enter the origination points for your mortgage.

Closing Costs

Enter any closing costs including appraisals, settlement fees, etc. Do not include origination or discount points.

Years to Sell or Refinance

Enter the number of years you plan to hold this mortgage before you either sell the property, refinance or pay it off.

Yearly Property Taxes

Enter your estimated yearly property taxes for this mortgage. Property taxes are usually calculated as a percentage of your home's assessed value. For example, if you pay 0.5% in property taxes of the assessed value, a home assessed at $270,000 would have a yearly property tax bill of $1,350.

Yearly Property Insurance

Enter your estimated property insurance. Lenders require that you carry home owners insurance on the property to protect their investment should a catastrophic accident occur.

Property Value

Enter the value of your property. This value is used to determine if you need to pay mortgage insurance. Lenders require mortgage insurance if your loan to value ratio is less than 20%.

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