Home Ownership Expense Calculator
Mortgage Information and Assumptions
Purchase Price (Value) Down Payment Length of Mortgage (years) Yearly Mortgage Interest Rate Yearly Property Tax Yearly Homeowners Insurance Monthly Private Mortgage Insurance (PMI) Yearly Maintenance Yearly Improvements Income Tax Rate $ $ 300,000 5,000 30 6.50% 1.80% 0.40% 150 700 1,300 33.0%
$ $ $
Monthly Housing Payment
Loan Amount Mortgage Payment (PI) Property Tax (T) Insurance (I) Monthly Housing Payment (PITI) $ 295,000.00 $1,864.60 $450.00 $250.00 $2,564.60
Maintenance and Improvements
Maintenance Improvements Monthly Home Ownership Expense $58.33 $108.33 $2,731.27
Estimated Tax Adjustment Note: This section only applies if you are itemizing your tax deductions
Estimated Monthly Mortgage Interest Monthly Tax Adjustment Monthly Expenses (tax-adjusted) $1,590.62 $673.40 $2,057.86
Note: The calculations in this spreadsheet are only estimates, and we do not guarantee the results. Please consult your financial advisor or lending institution before making any final financial decisions.
What home can I afford? First, decide what monthly expense you can afford.
Make comparisons
Amortization Table
Loan Amount Annual Interest Rate Term of Loan (years) Loan Date
$400,000
$295,000 6.50% 30 4/9/2005
$350,000 $300,000
Loan Balance Cumulative Principal Cumulative Interest
$250,000
$200,000
Mortgage Payment Total Interest Paid
$1,864.60 $ 376,256.24
$150,000
$100,000
Month
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
Due Date
5/9/2005 6/9/2005 7/9/2005 8/9/2005 9/9/2005 10/9/2005 11/9/2005 12/9/2005 1/9/2006 2/9/2006 3/9/2006 4/9/2006 5/9/2006 6/9/2006 7/9/2006 8/9/2006 9/9/2006 10/9/2006 11/9/2006 12/9/2006 1/9/2007 2/9/2007 3/9/2007 4/9/2007 5/9/2007 6/9/2007 7/9/2007 8/9/2007 9/9/2007 10/9/2007 11/9/2007 12/9/2007 1/9/2008 2/9/2008 3/9/2008 4/9/2008
Cumulative Interest Interest
1,597.92 1,596.47 1,595.02 1,593.56 1,592.09 1,590.62 1,589.13 1,587.64 1,586.14 1,584.63 1,583.11 1,581.59 1,580.06 1,578.52 1,576.97 1,575.41 1,573.84 1,572.27 1,570.68 1,569.09 1,567.49 1,565.88 1,564.26 1,562.64 1,561.00 1,559.36 1,557.70 1,556.04 1,554.37 1,552.69 1,551.00 1,549.30 1,547.59 1,545.87 1,544.15 1,542.41 1,597.92 3,194.39 4,789.41 6,382.97 7,975.06 9,565.67 11,154.81 12,742.45 14,328.58 15,913.21 17,496.33 19,077.92 20,657.97 22,236.49 23,813.45 25,388.86 26,962.70 28,534.97 30,105.65 31,674.74 33,242.23 34,808.11 36,372.37 37,935.01 39,496.01 41,055.37 42,613.07 44,169.11 45,723.48 47,276.16 48,827.16 50,376.46 51,924.05 53,469.93 55,014.08 56,556.49
$50,000
$Principal
Cumulative Principal
0 50 100 $
Balance
150 200 295,000.00
Month 250
300
350
400
266.68 268.13 269.58 271.04 272.51 273.99 275.47 276.96 278.46 279.97 281.49 283.01 284.54 286.09 287.64 289.19 290.76 292.33 293.92 295.51 297.11 298.72 300.34 301.97 303.60 305.25 306.90 308.56 310.23 311.91 313.60 315.30 317.01 318.73 320.45 322.19
266.68 534.81 804.39 1,075.43 1,347.94 1,621.93 1,897.40 2,174.36 2,452.82 2,732.79 3,014.28 3,297.29 3,581.83 3,867.92 4,155.56 4,444.75 4,735.51 5,027.84 5,321.76 5,617.27 5,914.38 6,213.10 6,513.44 6,815.41 7,119.01 7,424.25 7,731.15 8,039.71 8,349.94 8,661.86 8,975.46 9,290.76 9,607.77 9,926.50 10,246.95 10,569.14
294,733.32 294,465.19 294,195.61 293,924.57 293,652.06 293,378.07 293,102.60 292,825.64 292,547.18 292,267.21 291,985.72 291,702.71 291,418.17 291,132.08 290,844.44 290,555.25 290,264.49 289,972.16 289,678.24 289,382.73 289,085.62 288,786.90 288,486.56 288,184.59 287,880.99 287,575.75 287,268.85 286,960.29 286,650.06 286,338.14 286,024.54 285,709.24 285,392.23 285,073.50 284,753.05 284,430.86