15 Year Mortgage Calculator
Getting a new home is one of the best feelings in the world, the feeling of a fresh start and the chance to create something new and unique.
Sometimes the prices on certain homes are too much to pay at once, and most home buyers can pay a hefty amount.
For example, some houses in suburban areas of LA can cost up to $400,000. Our point is that you have to acquire this house and don't have the real money.
But do not worry because there is a solution to this problem:: the mortgage. This means you do not have to pay the whole money at once, and you can cut it into pieces and pay a certain amount every month.
However, there is another problem: imagine you want to purchase a house that costs $100,000, and you don't know how much you will be paying and which factors are included in this payment.
We developed a tool to help you calculate your monthly mortgage payment. However, we must mention that most mortgages are 15 year long.
At the end of the article, we will give you the exact link to the 15 year mortgage calculator but first, let’s get to know how we can use it?
What are a 15 year mortgage calculator?
As we mentioned at the beginning of the article, a mortgage will help you get a house, but our 15 year mortgage calculator tool will help you calculate everything you need to pay the amount every year.
Now let's get into the tool we will use as an example to simplify calculating the amount of money you have to pay.
Let's say that you are walking around in the neighborhood and you see a for sale sign on the lawn of a house, and you are looking for a house, so you ask, and the realtor says that the house is $120,000 in total and it can be paid in 15 years of a mortgage.
Now let’s get to the 15 year mortgage calculator tool and see its parts and how you can build it.
Home price
As the name suggests, this field asks you to input the amount of money the realtor asks for in the house.
In this example, the amount will be 120,000 dollars in total.
Down payment
When buying a house, you cannot pay the mortgage from the base amount money of the house, meaning that you have to pay something called the down payment, which includes the %20 of the whole amount.
You can always pay less than %20, but it will differ the conditions, keep reading to find out more.
Interest rate
Just like a loan, sometimes you have to add an interest fee to the amount of the mortgage that you will pay.
The homeowner defines the added interest rate amount and can differ from %2 to at least %5. This amount will be added to your monthly payment.
Property tax per month
As you know, every property in most countries is taxable, meaning that you have to pay a certain amount of tax every month to organizations like IRS.
The tax amount depends on the property's value; it begins at %0 and goes up to %25.
Home insurance per month
Just like other belongings, you have to ensure your house as well; the amount of the insurance you will be paying every month will be filled in this text box.
PMI insurance per month
The PMI insurance will be set when the down payment is lower than %20, ensuring the homeowner that their money is safe and there is no need to worry.
HOA fee per month
HOA or the homeowners association is a gathering around every neighborhood responsible for caring for the houses and the streets. The fee you are paying for this organization will be used in your area.
Again, the feed rate can differ from one house to another.
Other costs per month
This field should be filled with the extra costs you may encounter then the 15 year mortgage calculator will automatically include it in the monthly payments.
These were all the fields you had to fill to get the answer; after you filled out the forms, click on the diagram to update the information.
Now let’s get to the end.
The end…
Calculating the house cost, especially the mortgage cost, can be pretty intense, and you have to get them right to avoid any trouble or difficulties.
By using this tool, you will be able to get all of your calculations right; in the end, we are glad that you stayed with us until the end of the article; we hope that you get the best experience with this tool.
Let us know your feedback in the comment section or contact page.
Frequently Asked Questions (FAQs)
As we mentioned at the beginning of the article, a mortgage will help you get a house, but our 15 year mortgage calculator tool will help you calculate everything you need to pay the amount every year.
