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StepbyStepMortgage.com’s calculators provides you with all of the data you need. From loan payment amounts to a full amortization schedule you’ll be prepared for taking the next step. Use the “Mortgage” tab if you are purchasing a new home and use the “Loan” tab if you are refinancing.
Once you enter the information requested, click the “calculate” button and a wealth of information will appear on your screen!
You will find each category associated with the jumbo mortgage calculator explained below:
The “purchase price” is the amount you plan on paying for the home. If you are refinancing this amount is not needed when using the mortgage calculator.
The “loan amount” is used when you are either purchasing a new home or refinancing your existing mortgage. For a purchase loan, this is the amount you will be buying the home for, minus the down payment you plan on making. For a refinance loan, this is the amount you plan on borrowing to pay off your existing mortgage plus any additional money you may want to receive.
The “down payment” is the amount of money you plan on putting toward the purchase price of your new home. Keep in mind that your down payment is separate from the closing costs you may have to pay when buying a new home. A 20% down payment on a $100,000 home means you will need $20,000 plus any closing fees that may be involved with purchasing the new home. (The down payment does not apply to refinance loans)
Your “mortgage term” is the length of the loan you are looking to get. Typical mortgage terms are 30 years, 20 years, 15 years, and sometimes 10 year loans.
The “interest rate” can be entered based on the current interest rate environment. You can use the “current rates” link at the top of the page to get an estimate of where rates are currently positioned.
Your “property taxes” can be estimated based on the property and the county/state you home or prospective home is in. This will help determine a more accurate payment figure for your budgeting estimates.
The “property insurance” is also known as your homeowners insurance. This amount varies depending on the value and location of the property. If you are unsure you can estimate this figure to be approximately $1200 per year.
The “PMI” figure is automatically determined for you. PMI stands for Primary Mortgage Insurance and is typically mandatory on loans where less than a 20% down payment was made. If you have over a 20% down payment, or more than 20% in equity, you will most likely not need to pay this amount.