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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.


Purchase & Financing Information
Sale Price of Home:	(In Dollars)
Percentage Down:	%
Length of Mortgage:	years
Annual Interest Rate:	%
Explain Calculations:	Show me the calculations and amortization
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Mortgage Payment Information
Down Payment:	$60,000.00
Amount Financed:	$240,000.00
Monthly Payment:	$1,275.06 (Principal & Interest ONLY)
	Residential (or Property) Taxes are a little harder to figure out... In Massachusetts, the average resedential tax rate seems to be around $14 per year for every $1,000 of your property's assessed value. Let's say that your property's assessed value is 85% of what you actually paid for it - $255,000.00. This would mean that your yearly residential taxes will be around $3,570.00 This could add $297.50 to your monthly payment.
TOTAL Monthly Payment:	$1,572.56 (including residential tax)