This calculator requires the use of Javascript enabled and capable browsers. Enter the mortgage term length duration (term) in years; the default is 30 years. Enter the interest rate in a whole number of the percent. For instance, if you were to get lucky enough for this rate, 5 percent would be entered as 5 not .05; 5.5 would be 5 and 1/2 percent. The default is 7 percent. Enter the ENTIRE amount of your financed mortgage, including any closing costs or other expenses that will be in the loan. The default is $160,000.00 for the loan. Do not use commas or the dollar sign ($) on any of the entries. Enter the estimated annual taxes and insurance impound; those defaults are $1,500.00 and $1,000.00 respectively. If you are NOT impounding them, enter a zero (0). Click on Calculate Mortgage for results.
If you have calculated your mortgage rate and it appears what you're currently paying is too high, there are loan modification attorney services that will try to help you get your rate reduced.
