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Purchase Price and Down Payment Mortgage Calculator
If you’re buying a home, the down payment will be the portion of the cost of the house that you pay up front. After the down payment, the remaining balance of the cost of the home is generally lent to the buyer by a bank or mortgage company and then paid off over time by the buyer. While a common down payment amount is 20% of the purchase price of a home, down payments are often more or less than 20% of the purchase price. The percent of the purchase price of a home that is paid as a down payment will impact the monthly payment amount on your mortgage. By using the house down payment calculator below you’ll be able to determine what your monthly mortgage payment will be based on your down payment amount under scenarios you select, using a fixed rate mortgage loan.
Please note that the calculator tool provided is for informational purposes only and does not reflect any specific mortgage or home equity line of credit offered by Leader Bank or any specific terms that may be available for such products. For information on available Leader Bank products and services, please contact a Leader Bank loan officer directly. Examples of monthly payment amounts shown in calculators may not include taxes, insurance or any condominium or HOA fees applicable; as such your total monthly housing payment would be higher.
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By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.
Financial Calculators from
Dinkytown.net
**FIG_GRAPHTITLE** Stacked Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.
**FIG_GRAPHTITLE** Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.
Financial Calculators from
Dinkytown.net
Purchase Price and Down Payment Mortgage Calculator | Leader Bank
Loan information: |
Loan amount:
Monthly payment (PI):
Total monthly payment:
Report amortization:
Prepayments: |
Total Payments KJE1 |
Mortgage Term KJE1 |
Definitions
Purchase price
Purchase price of the home you wish to buy.
Down payment
Amount you have for the down payment on your purchase.
Mortgage amount
Original or expected balance for your mortgage.
Term in years
The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
Interest rate
Annual fixed interest rate for this mortgage. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.
Monthly payment (PI)
Monthly principal and interest payment (PI).
Total monthly payment
Monthly payment including principal, interest, homeowners insurance, property taxes and home owners association (HOA) fee.
Monthly HOA fee
Monthly home owners association (HOA) fee. Enter your monthly amount if you have a home owner association fee or any additional required monthly fee you would like to include in your payment.
Annual property taxes
The annual amount you expect to pay in property taxes. This amount is divided by 12 to determine the monthly property tax included in PITI.
Annual home insurance
The annual amount you expect to pay in homeowners insurance. This amount is divided by 12 to determine the monthly home owners insurance included in PITI.
Total payments
Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
Total interest
Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
Prepayment type
The frequency of prepayment. The options are none, monthly, yearly and one-time payment.
Prepayment amount
Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
Start with payment
This is the payment number that your prepayments will begin with. For a one-time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation. If you choose to prepay with a one-time payment for payment number zero, the prepayment is assumed to happen before the first payment of the loan.
Savings
Total amount of interest you will save by prepaying your mortgage.
Report amortization
Choose how the report will display your payment schedule. Annually will summarize payments and balances by year. Monthly will show every payment for the entire term.
What is a Down Payment on a House?
As mentioned above, a down payment is the portion of the total purchase price of a home that is paid by the buyer up front. The down payment amount is commonly expressed as a percentage of the total purchase price.
What are Closing Costs When Buying a Home?
Closing costs when purchasing a home are the other up front payment buyers have to make besides the down payment. As the name suggests, closing costs are paid at closing and usually include a range of fees and costs including homeowner’s insurance, title insurance, inspection fee, appraisal fee, survey fees, and any points the homebuyer is paying on their loan. When determining how much money you have available to put down on a home it’s important to include closing costs in your calculation in addition to your down payment.
How to Use Our Home Down Payment Calculator
Want to get a sense of your monthly payment will look like based on your down payment amount? Simply enter the expected purchase price of your home, down payment amount, loan term, interest rate, annual property taxes, annual home insurance and any monthly HOA fees if applicable, and you’ll receive a full report outlining your total monthly payment and more.
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