- Financial Calculators
- Mortgage Calculator

# Online Mortgage Calculator

MiroCalc.net brings to you a new Free Online Mortgage Calculator. Now you can easily calculate all your mortgage payments, interest amount and total amount (month-to-month or year-to-year). You can also include your annual property taxes, annual hazard insurance and PMI (Private Mortgage Insurance) and check the monthly total out-of-pocket amount.

To use the mortgage calculator first fill out all the necessary fields in 'Mortgage Loan Information" section. Enter the following information:

**Mortgage Loan Amount** - an amount that your lender, most often the bank, has lent you for a certain period of time on specific terms for a certain charge (interest). Do not confuse the loan amount with the property price. It excludes the downpayment or any other expenses that you have payed. Enter the exact amount that you have borrowed.

**Interest rate** - is a charge or a fee that you as a borrower agree to pay to the lender for using the amount that you have borrowed. Most commonly the interest is a percentage rate of a principal amount that you have borrowed. Enter the agreed upon interest rate.

**Amortization (in months)** - refers to a repayment schedule that you agreed upon with the bank. MiroCalc.net allows you to enter the amortization period in months. So if for example your agreed upon time period for mortgage is 30 years then please enter 360 (months) in the 'Amortization' field.

5 years = 60 months

10 years = 120 months

15 years = 170 months

20 years = 240 months

25 years = 300 months

30 years = 360 months

**Payment Frequency** - refers to the time intervals or how often you will make the mortgage payments. Usually the most popular payment frequency intervals are yearly payments, monthly payments and bi-weekly payments. Please select the payment frequency that you agreed upon with your financial institution.

This is a typical mortgage calculator for fixed-rate mortgage loans. This calculator has graphing capabilities and can also display either monthly or annual amortization schedules based on the loan starting date. You can also add property taxes, PMI costs, HOA fee, insurance, and other related costs to estimate your total monthly out-of-pocket cost.

After filling out all the details simply hit **"Calculate"** at the bottom. You will see 'Results' appear. The system will show you how much you will pay on the agreed upon time intervals, including the interest. Also it will show how much interest you will pay in total over the whole amortization period. For example if you borrowed 200,000.00 at 5% interest rate for 30 years and picked monthly payments as payment frequency the system will tell you: "Your Monthly loan repayment will be $1073.64, and your total interest cost for the loan term will be $186510.4."

Below is the **"Loan Information"** Section. It shows you the table with the summary of your loan. The table includes 'Monthly property taxes', 'Monthly hazard insurance' and 'PMI' information. If you would like MiroCalc.net to estimate annual taxes and annual hazard insurance please enter the Property Price in the 'Property Information' section before hitting 'Calculate' button. For your convenience you could either let system estimate the annual property taxes, hazard insurance and PMI or alternatively you could it manually.

In this case the **'Loan Information'** table will display this information and will add it to the 'Total monthly Payment' row.

## What is PMI?

PMI is a Private Mortgage Insurance is an insurance that protects the lender in case the can no longer pay the loan.

## What is Hazard Insurance?

Hazard Insurance is an insurance that protects that protects the property owner (you) against loss in case of any damage caused to your property by any natural events (fires, storms etc.). In case this happens you will receive the compensation to cover the damage caused to your property.

## What is an APR?

APR (Annual Percentage Rate) - refers to the annual interest rate as opposed to monthly interest fee. It is an amount that you will pay as an interest rate for the entire year including various charges.

To see your full payment schedule for the entire amortization period, simply click on the red button below the 'Loan Information' table. The table will open that will tell you exactly how much you will pay each two weeks, month or yearn depending on your payment frequency. The column with 'Interest' tells you how much interest you will and the payment column tells you how much in total you will pay principal+interest. The 'Remaining Balance' column tells you the remaining amount you still owe after you make each payment.

Also, **MiroCalc.net** Mortgage Calculator displays your mortgage information in a graph.