This free mortgage calculator gives you an ability to calculate your average monthly payment toward your mortgage loan including the average hazard insurance, property taxes and private mortgage insurance (or PMI, if applicable).
We are working hard to make the calculations be as close to the real values as possible, but there is a number of details that could not be accounted in our calculations.
First Assumption: Taxes, Insurance and PMI Fees Would Stay the Same
First of all, we are assuming, that your property taxes, private mortgage insurance and flood and hazard insurance will stay the same, which is incorrect, of course. Those would fluctuate from time to time depending on your area weather conditions (i.e. frequent storms could significantly increase your property insurance), property condition, property location, HOA fees and even your health condition.
Aso, we are calculating average monthly property taxes, flood and hazard insurace and PMI, but typically you’ll have to make these payments once or twice per year.
Second Assumption: Scheduled Payout
Second assumption made to this mortgage calculator is that you would strictly and precisely pay out your mortgage loan using your payment schedule. Most people rounding their payments to the nearest tens and sometimes to the nearest hundreds. Some people making extra payments toward their morgage loan body, pushing their final payout to the sooner date.
Third Assumption: There are No Other Fees
Last, but not least is that we are not counting the late payment fees, repair/maintanance expences and HOA fees. All of these could dramatically increase your monthly obligations and the total cost of home ownership.
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