Estimated monthly payment
Monthly payment / monthly income
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The www.ztid.net mortgage calculator is designed to help calculate your monthly mortgage payment. Estimate your monthly fee by adjusting different variables such as the loan amount, the annual interest due, the duration of the loan and more. This tool will allow you to calculate an appropriate budget for the purchase of your new home.
The down payment is the initial portion of the total amount due, to be paid upfront in cash.
A principal payment is a payment toward the amount of principal owed, in contrast with interest payments, which are usually processed first.
The annual interest rate determines how much interest needs to be paid on the mortgage. Generally, a bank or lender will offer two types of rate - a fixed rate and an adjustable rate (ARM).
The duration of the mortgage; the length of time needed to entirely repay the loaned amount to the lender.
The property tax is a tax levied by the local government on homeowners. The expected payable amount is incorporated in the monthly payment for the duration of the mortgage.
Property insurance protects the homeowner against various perils, such as fires, storms and more. This insurance is often required by lenders, and is added to your monthly payment.
Mortgage insurance partially protects and compensates lenders in case of an eventual default on the loan.
The total monthly payment expected, including interest, principal payments, insurances, and more.
Your monthly net income is the monthly amount you are paid after taxes and various payroll deductions.
A mortgage balance is the total amount owed at a given period of time during the duration of the mortgage loan; it is the sum of the remaining principal to repay.