Mortgage Payment calculator An easy to way to calculate monthly payment of home loan

Mortgage Payment calculator An easy to way to calculate monthly payment of home loan. This video will help you to understand your monthly payment of your home loan and what other payment included with your home loan.

Hello guys welcome to my channel my dreamland usa all right so uh what i’m trying to do every day i’m trying to give some kind of information so that could help you guys to get some knowledge um so i i’m not expert in specific thing um but what i’m trying to do what i’m using everyday life and i’m trying to give you access for those access to those so that um

You guys can get an idea so um you know like um people are looking for um or like uh looking for houses house to buy so uh the first thing they would like to check like and how much they can afford you know and how much should be their uh monthly payment so uh what i’m trying to do with this video i’m just trying to give you a quick outlook um a quick uh outlook

Uh uh based on a calculator i got from zillow and you can use it uh you don’t have to log in but if you log in you have more options from zillow zillow is one of the best um best uh application actually you can use to hunt your house so uh i’m gonna give you uh the mortgage mortgage calculator mortgage calculator i’ll link uh in the description of my video uh

So if you’re in my channel news make sure uh don’t forget to subscribe for more videos um so i actually um went to that website and then select more mortgage calculator uh this is very simple uh what i’m trying to do i’m gonna put 100 thousand dollar uh just so we can understand easily okay so uh if you look at the calculator and the first one says home price

So we just put 100 000 and we put down payment is given like 20 percent uh we’re gonna put like you know five percent for example like we’re going with fha loan um and uh long loan program like they were talking about how how long you’re gonna use that mortgage or how long you go for it you can go 30 15 you know i’m gonna just pick uh 30 years and and they’re

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Talking about interest rate so this is actually based on your insurance okay i’m sorry based on your uh credit score um if you have really really good score that might be a good rate for you but um at this time being i’m gonna put like 4.5 i know this is not accurate but i can just put it um they’re talking include pmi what is pmi is private mortgage insurance

Like when you go for a fha loan whatever you pay below 20 of your total house purchase cost you have to pay some um interest rate for that or some some some form of insurance uh that if semi-chance you got bankrupt or anything and they will cover whatever left uh to get 20 of the home loans so so you have to have pmi uh include taxes and insurance and when you

Were talking about texas they’re talking to mutex actually uh the property tax the house you bought for um and also um it really depends but for one hundred thousand we can put in one thousand for forty dollars like one point zero four percent home insurance is really depends on what area you do live in so we’re gonna put like um at least eight no i’ll put six

Hundred dollars first this is this is not accurate but uh just trying to see how impact your um payment so if you’d like to buy a house like hundred thousand dollar it your payment would be 678 which would include your pmi your uh insurance like property insurance taxes like uh property tax and p and i so if i claim p and i what is talking about principal and

Interest this is actually your mortgage payment this is actually more insurance part in text parts so all together it’s going to be 678. now let’s let’s say we change the value so we go up to 200 000. you see the payment went up to eleven eleven um hundred eighty three dollars however we kept home insurance six hundred dollars it could be great but it is hard to

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Tell and also it changed the interest rate but you can you can change those things to see how it actually impact your uh mortgage calculator or like a monthly payment so um you feel like if you like to check like the schedule so you can check when when you have it actually which which month 2026 month i i believe 223 months uh it will be break even kind of uh

If you’d like to see full report you can actually see it uh what do you have to just click on full report and that’s what i did and when you’re gonna apply for like house and once you get approved for it and the they will actually break down everything um so you’re gonna see estimated payment and they’re gonna say loan amount you’re gonna see down payment you’re

Gonna see interest rate for this uh actual loan amount and loan term taxes and insurance included yes so now they will say yes it depends on the situation um property taxes just for one person per year but it could it could be different homeowners insurance i put 600 but it really depends um mortgage insurance 120 months it’s really it depends it goes with your

Um credit score so payment breakdown it’s going to talk about how we’re going to like you know what what portion they charge so pmi 120 insurance 50 tax 173 and p and i which principle and interest of your payment so total is gonna be eleven hundred eighty three dollars if you scroll down it will tell you over the time period how we’re gonna pay off your mortgage

Like the loan house loan or home loan so the blue actually shown principal and interest showing the green one so beginning of the loan you’re gonna see they are taking more interest from you and taking less principle that’s how business works they would like to get their money back first can you change it no you cannot change it only one way you can change it if

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You buy your house at cash money i believe if you have enough money of course you can go for it but more likely most of the people they go they go by the loan so it’s gonna tell you 360 months and how much insurance interest you’ll pay the first month the principal and interest would be 840 dollars your principal with 306 and more interest as time goes if you

Scroll down and pay more month and you see your principal amount actually increasing and your interest amount is going down so over the time period your interest rate interest payment will go down and principal will go up they would like to take interest amount first because they invested money on you and they would like to take that money back so this is all

About it actually so if you if you have a plan to buy a house you can actually use a simple calculator just to see where you are where you are at of hunting your new house based on your income and on your credit score and based on your uh budget so hopefully that should that will that this video will help you and uh if you have question please uh make a comment

Below my video and i would like to give that calculators um link as well so let me know if you have any question and let me know what kind of videos you’re looking for and i’ll come up with another video until then take care and stay safe take care bye bye

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Mortgage Payment calculator An easy to way to calculate monthly payment of home loan By My Dreamland USA