Are you interested to know the individual amount you will spend as principal, interest, tax, and insurance payment? If so, this calculator can be of your assistance by segregating the monthly payment of principal plus interest (PI), and monthly payment of principal, interest, tax, and insurance (PITI) all together. Therefore, you will be able to get a better insight to analyze a mortgage finance option.
Amount of loan generated from the mortgage.
Term in years
Allowed number of years over which you must complete the repayment.
Rate of interest charged annually on the mortgage.
Monthly payment (PI)
The amount you spend every month as a repayment of principal and interest.
Monthly payment (PITI)
Total amount of dollar you spend every month for principal, interest, tax, and insurance payment.
Annual property taxes
Amount of taxes paid every year on the mortgage property.
Annual home insurance
The amount of dollar you pay over 12 months on home insurance.
Total amount of payment throughout the amortization term.
Total amount that will paid only as interest expenses.
How regular the prepayments will crop up.
Size of early payments.
Start with payment
When the prepayment will initiate. Suppose, you want to start prepayment with the 5th scheduled payment. In this case, you must enter 5 in this field. If you want to make prepayment immediately before any repayment made, you should enter zero here.
Interest expenses that will be saved by your planned prepayments.
The way you want the reports to show amortization plan.