Mortgage Rates in California

This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.

// If the form has already been calculated, the $down_payment // and $monthly_payment variables will be figured out, so we // can show them in this table if ($form_complete && $monthly_payment) { ?> if ($down_percent } ?> $assessed_price = ($sale_price * .85); $residential_yearly_tax = ($assessed_price / 1000) * 14; $residential_monthly_tax = $residential_yearly_tax / 12; if ($pmi_per_month) { $pmi_text = "PMI and "; } ?> } ?>


Purchase & Financing Information
Sale Price of Home:	(In Dollars)
Percentage Down:	%
Length of Mortgage:	years
Annual Interest Rate:	%
Explain Calculations:	> Show me the calculations and amortization

Mortgage Payment Information
Down Payment:	echo "\$" . number_format($down_payment, "2", ".", ","); ?>
Amount Financed:	echo "\$" . number_format($financing_price, "2", ".", ","); ?>
Monthly Payment:	echo "\$" . number_format($monthly_payment, "2", ".", ","); ?> (Principal & Interest ONLY)
	Since you are putting LESS than 20% down, you will need to pay PMI (Private Mortgage Insurance), which tends to be about $55 per month for every $100,000 financed (until you have paid off 20% of your loan). This could add echo "\$" . number_format($pmi_per_month, "2", ".", ","); ?> to your monthly payment.
Monthly Payment:	echo "\$" . number_format(($monthly_payment + $pmi_per_month), "2", ".", ","); ?> (Principal & Interest, and PMI)
Residential (or Property) Taxes are a little harder to figure out... In Massachusetts, the average resedential tax rate seems to be around $14 per year for every $1,000 of your property's assessed value. Let's say that your property's assessed value is 85% of what you actually paid for it - echo "\$" . number_format($assessed_price, "2", ".", ","); ?>. This would mean that your yearly residential taxes will be around echo "\$" . number_format($residential_yearly_tax, "2", ".", ","); ?> This could add echo "\$" . number_format($residential_monthly_tax, "2", ".", ","); ?> to your monthly payment.
TOTAL Monthly Payment:	echo "\$" . number_format(($monthly_payment + $pmi_per_month + $residential_monthly_tax), "2", ".", ","); ?> (including echo $pmi_text; ?> residential tax)

// This prints the calculation progress and // the instructions of HOW everything is figured // out if ($form_complete && $show_progress) { $step = 1;?>

echo $step++; ?>	The down payment = The price of the home multiplied by the percentage down divided by 100 (for 5% down becomes 5/100 or 0.05) $ echo number_format($down_payment,"2",".",","); ?> = $ echo number_format($sale_price,"2",".",","); ?> X ( echo $down_percent; ?> / 100)
echo $step++; ?>	The interest rate = The annual interest percentage divided by 100 echo $annual_interest_rate; ?> = echo $annual_interest_percent; ?>% / 100
The monthly factor = The result of the following formula:
echo $step++; ?>	The monthly interest rate = The annual interest rate divided by 12 (for the 12 months in a year) echo $monthly_interest_rate; ?> = echo $annual_interest_rate; ?> / 12
echo $step++; ?>	The month term of the loan in months = The number of years you've taken the loan out for times 12 echo $month_term; ?> Months = echo $year_term; ?> Years X 12
echo $step++; ?>	The montly payment is figured out using the following formula: Monthly Payment = echo number_format($financing_price, "2", "", ""); ?> * ( echo number_format($monthly_interest_rate, "4", "", ""); ?> / (1 - ((1 + echo number_format($monthly_interest_rate, "4", "", ""); ?>)^{-( echo $month_term; ?>)}))) The amortization breaks down how much of your monthly payment goes towards the bank's interest, and how much goes into paying off the principal of your loan.

// Set some base variables $principal = $financing_price; $current_month = 1; $current_year = 1; // This basically, re-figures out the monthly payment, again. $power = -($month_term); $denom = pow((1 + $monthly_interest_rate), $power); $monthly_payment = $principal * ($monthly_interest_rate / (1 - $denom)); print("

Amortization For Monthly Payment: \$" . number_format($monthly_payment, "2", ".", ",") . " over " . $year_term . " years
\n"); print("\n"); // This LEGEND will get reprinted every 12 months $legend = "\t\n"; $legend .= "\t\t\n"; $legend .= "\t\t\n"; $legend .= "\t\t\n"; $legend .= "\t\t\n"; $legend .= "\t\n"; echo $legend; // Loop through and get the current month's payments for // the length of the loan while ($current_month \n"); print("\t\t\n"); print("\t\t\n"); print("\t\t\n"); print("\t\t\n"); print("\t\n"); ($current_month % 12) ? $show_legend = FALSE : $show_legend = TRUE; if ($show_legend) { print("\t\n"); print("\t\t\n"); print("\t\n"); $total_spent_this_year = $this_year_interest_paid + $this_year_principal_paid; print("\t\n"); print("\t\t\n"); print("\t\t\n"); print("\t\n"); print("\t\n"); print("\t\t\n"); print("\t\n"); $current_year++; $this_year_interest_paid = 0; $this_year_principal_paid = 0; if (($current_month + 6) \n"); }?>

Month	Interest Paid	Principal Paid	Remaing Balance
" . $current_month . "	\$" . number_format($interest_paid, "2", ".", ",") . "	\$" . number_format($principal_paid, "2", ".", ",") . "	\$" . number_format($remaining_balance, "2", ".", ",") . "
Totals for year " . $current_year . "
	\n"); print("\t\t\tYou will spend \$" . number_format($total_spent_this_year, "2", ".", ",") . " on your house in year " . $current_year . " \n"); print("\t\t\t\$" . number_format($this_year_interest_paid, "2", ".", ",") . " will go towards INTEREST \n"); print("\t\t\t\$" . number_format($this_year_principal_paid, "2", ".", ",") . " will go towards PRINCIPAL \n"); print("\t\t