4 Mortgage Calculators that Include Taxes and Insurance

Mortgage calculators can be a great way to ensure the home you are buying is within your budget. Often, new homebuyers look at the advertised monthly payment amount, which does not include property taxes and insurance. Depending on your location and the purchase price, the property taxes and home insurance can sometimes add up to a considerable portion of your final monthly payment. Amortization calculators are similar to mortgage calculators but often exclude everything except principal and interest information, not giving you a clear picture of what your actual expenses might be.

What's My Payment offers various calculators based off of the type of mortgage product you are looking for. The conventional calculator provides all of the standard features such as loan term, interest rate, down payment, taxes and insurance. Once you plug in all of your information, it automatically updates your monthly payment categories.

U.S. Mortgage Calculator is very comprehensive, offering all of the standard mortgage features and private mortgage insurance (PMI) calculations, different amortization periods, property taxes, closing expenses, home insurance and a place to calculate homeowners association (HOA) dues.

In addition, you can opt to add monthly, yearly, quarterly and one-time extra payments on certain dates. The calculator adjusts your payoff date and total interest owed immediately, showing you the benefits of paying down your debt faster. The website presents all of the information in clear and easy-to-read graphics. It breaks down the total of all payments into a chart so you can see what portion of your money goes to each expense over the life of the loan.

The Mortgage Reports offers all of the standard features and has the option for HOA dues. It presents the information in a simple graph that shows you the allocation of your monthly payment amount. A line graph

shows what portion of your payment and interest goes towards principal and interest over the life of the loan. There is an option to view the full report, which opens an additional window to view a breakdown of each monthly principal and interest payment for the life of the loan with the grand total for each category.

Mortgage Loan Calculator offers the same standard features as most other online mortgage calculators, including property taxes and insurance. Your annual principal, interest and PMI are shown in an easy-to-view bar graph. It also calculates these categories on a per-month basis for the life of the loan. It does not offer any additional options.

The Bottom Line

Out of these four websites, offers the most features and is easy to use, with minimal advertising. When performing research with mortgage calculators, it is important to have features such as the overpay option. Paying down your mortgage early can save you a significant amount of interest instead of you having to make the minimum monthly payments for the life of the loan.

Take into account your total liability for taxes and insurance before you enter into a contract on a new home. These are sometimes overlooked expenses, especially with newly constructed homes that are not on the tax roll yet. Research your home's potential appraisal value, and compare that with the property tax millage rate in your area. Use the high estimate for property taxes when you are using the mortgage calculator.

Mortgage calculators offer an easy way to calculate a change in interest rates. If you are shopping for a mortgage and you anticipate an increase in interest rates, plug the difference into the calculator to see how likely it is to affect your monthly payment and the life of the loan.

Category: Buy Insurance

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