Customer Service: (310) 780-4000
My Account|About Us| Contact Us

Mortgage Calculator

$
%
%
YEARS
$
The assessed value is used to compute property taxes. On average, properties are assessed at about 85% of their selling price. If you know the actual assessed value for this property, enter it here. If not, leave zero and we'll use 85% of the sale price.
Property tax rates vary between states and towns. The US average is about $13.80 for every $1000 of the assessed home value.
$

YOUR TOTAL MONTHLY PAYMENT IS

$15,813.69

YOUR TOTAL MONTHLY PAYMENT

  • $1,137.72
  • $99.00
  • $181.33
  • $0.00
  • $15,813.69

MORTGAGE PAYMENT INFORMATION

  • $20,000.00
  • $180,000.00
  • $1,137.72

Since you put less than 20% down, you will pay Private Mortgage Insurance. PMI tends to be about $55 per month for every $100,000 financed (until you have paid off 20% of your loan). This adds $99.00 to your monthly payment.

Your property tax rate is $12.80 per $1000. Your home's assessed value is $170,000.00. This means that your yearly property taxes will be $2,176.00, or $181.33 per month.

MORTGAGE PAYMENT INFORMATION

To figure out the monthly payment, we need to know (1) how much you're financing; (2) your monthly interest rate; and (3) how many months you're financing for.

Financials are typically quoted in yearly or annual numbers (i.e.) a 30-year mortgage or a 6% annual interest. However, you pay your mortgage every month. A lot of the calculations involve translating those yearly numbers to their monthly equivalents.

1. FINANCE PRICE

First, we need to figure how much you're financing.
We can do this based on the sale price of the home ($200,000.00) and the percent that you put down (10%). Start by calculating the down payment. Divide the percentage down by 100, then multiply by the sale price of the home. (10 / 100) x $200,000.00 = $20,000.00, your down payment
Now we can calculate how much you're financing and how much you need to borrow. That's just the sale price minus your down payment.

$200,000.00 - $20,000.00 = $180,000.00, your financing price

2. MONTHLY INTEREST RATE

That 6.5% interest rate percentage you secured is an annual percent.
We'll need to convert that from a percentage to a decimal rate, and from an annual representation to a monthly one.
First, let's convert it to a decimal, by dividing the percent by 100.
6.5 / 100 = 0.065, the annual interest rate
Now convert the annual rate to a monthly rate by dividing by 12 (for 12 months in a year).

0.065 / 12 = 0.0054166666666667, your monthly interest rate

3. MONTH TERM

Now for an easy calculation is the month term. That's just the number of months you'll be paying off your loan.

You have a 30 year mortgage x 12 months = 360 months, your month term.

FINAL. YOUR MONTHLY MORTGAGE PAYMENT

Using the three numbers above, we can now calculate your monthly payment.
(financing price) x (monthly interest rate / (1 - ((1+monthly interest rate)-(monthly term))))

$180,000.00 x (0.0054 / (1 - ((1 + 0.0054)-(360)))) = $1,137.72, your monthly payment*

*Principal & Interest only. See total monthly payment for a your mortgage plus taxes, insurance, and fees. See amortization for a breakdown of how each monthly payment is split between the bank's interest and paying off the loan principal.

AMORTIZATION

Amortization for monthly payment, $1,137.72, over 30 years. Mortgage amortization only includes your monthly principal and interest payments. Property taxes, PMI, and condo fees are ignored when amortizing your mortgage.
Years1-n

PRINCIPAL AND INTEREST COSTS FOR FULL 2 YEARS OF THIS MORTGAGE TOTAL WILL BE...

$409,580.08
ccmb
CALIFORNIA CAPITAL MORTGAGE BANK
                                 1081 Westwood Boulevard, Suite 212 Los Angeles, CA 90024
phonePhone. (310)780-4000  efaxeFax. (310) 760-4060
FDIC All loans are made in compliance with Federal, State, and Local laws. California Capital Mortgage Bank is a California Finance Lender under DBO license #60DBO45483 | NMLS #1469907 . California Capital Mortgage Bank is an equal opportunity lender.