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MORTGAGE CALCULATOR

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MONTHLY PAYMENT BREAKDOWN

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  • How to Easily Calculate Your Mortgage Payments

    Calculating mortgage payments may seem complex, but with Haliburton Gold Group's Mortgage Calculator, it's a breeze.


    1. Home Price

    Start by entering the price of your prospective home (if you're buying) or the current value of your home (if you're refinancing) in the "Home Price" field.


    2. Down Payment or Equity

    In the "Down Payment" section, input the amount of your down payment (if you're purchasing a home) or the amount of equity you currently have (if you're refinancing). A down payment is the initial cash you invest in your home purchase, while home equity is your home's value minus your outstanding debt. You can enter either a dollar amount or a percentage of the purchase price you plan to put down.


    3. Length of Loan

    Select the loan term, which is typically 30 years but can also be 20, 15, or 10 years. Our calculator will instantly adjust the repayment schedule accordingly.


    4. Interest Rate

    Enter the expected interest rate in the "Interest Rate" box. Our calculator provides a default current average rate, but you can customize it based on your circumstances. Keep in mind that your rate may vary depending on whether you're buying or refinancing.


    As you input these details, you'll see a real-time calculation of your principal and interest payments on the right-hand side. Additionally, Bankrate's calculator offers estimates for property taxes, homeowners insurance, and homeowners association fees. While shopping for a loan, you can adjust or disregard these figures as they may be included in your escrow payment, but they won't impact your principal and interest calculations as you explore your financing options.

  • Typical Costs Included in Your Mortgage Payment

    Your monthly mortgage payment consists of several components, with the primary ones being:


    1. Principal: This is the amount you borrowed from the lender when you obtained your mortgage.

    2. Interest: The lender charges you interest as compensation for lending you the money. Interest rates are usually expressed as an annual percentage.


    In addition to the principal and interest, your lender may also collect the following expenses to manage on your behalf:


    1. Property Taxes - Local authorities levy an annual tax on your property's assessed value. If you have an escrow account, a portion of your annual tax bill is included in each of your monthly mortgage payments.

    2. Homeowners Insurance - This insurance policy safeguards you against various risks, such as fire, storms, theft, or damage caused by falling trees. If your home is located in a flood-prone area, you might require an additional flood insurance policy. Similarly, if you reside in regions prone to hurricanes or earthquakes, a third insurance policy may be necessary. Like property taxes, you pay one-twelfth of your annual insurance premium along with your monthly mortgage payment, and your lender or servicer handles the premium payment when it falls due.

    3. Mortgage Insurance - If your down payment is less than 20 percent of the home's purchase price, you will likely be required to pay for mortgage insurance. This additional cost is also incorporated into your monthly mortgage payment.

  • Calculating Your Monthly Mortgage Payment

    Are you looking to determine your monthly mortgage payment with ease? You don't need to be a math expert to figure it out! We've got a user-friendly formula that can help you calculate your monthly mortgage payment step by step.


    Here's the equation for mortgage payments:


    M=P⁢⁢⁢⁢⁢⁢⁢⁢r⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢⁢(1+r)⁢ⁿ-1 


    Let's break it down:


    M: This is your total monthly mortgage payment.

    P: Represents the principal loan amount.

    r: This is your monthly interest rate. Lenders typically provide an annual interest rate, so you'll want to divide it by 12 (the number of months in a year) to get your monthly rate. For instance, if your annual interest rate is 5 percent, your monthly rate would be 0.004167 (0.05/12 = 0.004167).

    n: Denotes the number of payments over the loan's lifetime. To find this, simply multiply the number of years in your loan term by 12 (the number of months in a year). For example, a 30-year fixed mortgage would result in 360 payments (30 x 12 = 360). 


    Calculate your payment now!


    Using this formula, you can easily determine how much house you can afford. But if you prefer a hassle-free experience, consider using the Haliburton Gold Group's mortgage calculator. It takes the guesswork out of the equation and helps you decide whether you should adjust your down payment or loan term. Remember, it's always a wise idea to shop around with different lenders to ensure you secure the best possible deal for your mortgage.


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