Personal Finance
Homeowners Monthly Payment Estimator
It is often useful, when comparison shopping for a mortgage or determining the appropriate price range of houses to consider, to be able to quickly estimate the monthly payment given the purchase price, tax rate per $1000, percent down, interest rate and term of the loan.
The calculation assumes that the assessed value is 100% of the sales price and does not take into account financing of the closing costs.
A simple keystroke procedure may be used to calculate the monthly payment:
1.Press 
and press 
CLEAR 
.
2.Key in the annual interest rate and press 
.
3.Key in the term of the loan (in years) and press 
.
4.Key in the purchase prices and press 
1.
5.Key in the percent down and press 
.
6.Key in the tax rate in dollars per thousand and press 
1 
12000
. ( A negative sign is the convention for cash paid out).
Example: What would your monthly payments be on a $65,000 house in a neighborhood with a $25 per thousand tax rate and a 10 3/4 % interest rate on a 35 year loan with 10% down?
Keystrokes Display
CLEAR |
| 0.90 | Monthly interest rate. | |
|
|
| ||
10.75 |
|
|
|
|
35 |
|
| 420.00 | Months of loan. |
|
|
|
| |
65000 |
| 1 | 65,000.00 | Purchase price. |
|
|
| ||
10 |
|
| 58,800.00 | Mortgage balance. |
|
|
|
| |
25 | 1 |
| Approximate monthly taxes. | |
|
|
| ||
12000 |
|
|
|
|
