This calculator quickly estimates a monthly payment based upon entering a purchase price, the down payment amount, the loan term & the APR of the laon. It will also figure the "all in" mortgage payment which includes property insurance, property tax &PMI.
We also offer the unique feature of allowing homebuyers to optionally see their cost per square foot & create a printable amortization schedule.
Usage tip: In rows with a percent-based dropdown if the "$" value is selected then the user can input the down payment amount directly, or if they select a specific percentage then the equivalent dollar amount is automatically calculated based on the purchase price of the home.
The average cost of building a house in the United States is about $125 per square foot, but that cost does not include the costs associated with financing a purchase or maintaining a home. This calculator allows home buyers to see their cost per square foot inclusive of borrowing, taxes, fees & other costs when buying a home.
To figure the annual cost per square foot of a property divide the annual rent by the square footage. For exmple, a propert which costs $30,000 to lease each year & is 1,200 square feet would have an annual cost per square foot of $25. To determine the monthly rate simply divide the annual rate by 12, which would yield a monthly cost of $2.08 per square foot.
Keep in mind when estimating costs to factor in associated fees to get a more complete view of the total cost.
US 10-year Treasury rates have recently fallen to all-time record lows due to the spread of coronavirus driving a risk off sentiment, with other financial rates falling in tandem. Homeowners with a steady payment history may benefit from recent rate volatility.