At Portland Home Loan, we have our very own Mortgage Calculator that is embedded into the framework of the site—it’s on almost every page for your calculating convenience. Aside from the basics, this mortgage calculator was built to include all associated expenses in a mortgage, such as property taxes and home owners insurance. Even if you are not purchasing in the Portland, Oregon area but are looking into some potential real estate purchases, our mortgage calculator can answer everything you need to know.
How to ensure accurate data
For a simple calculation, such as the 20% down purchase, put in the Purchase Price, and then enter "20" into the Down Payment slot. The Mortgage Calculator will then automatically figure your correct loan amount.
If you are unsure of the exact numbers you should default to 1.2% of the Purchase Price. For example, if you are looking at a $200,000 purchase, you can estimate the taxes to be $2,400 per year. Plug this number into the Mortgage Calculator.
$500 per year is a fairly safe place holder. Increase it to $700 for purchases above $400,000,
Mortgage insurance is not available for down payments of 20% and above. However, if you are putting less than 20% down, you will need to plan on paying for mortgage insurance. Mortgage insurance factors for different down payments:
5% down = .68 PMI per year
10% down = .48 PMI per year
15% down = .32 PMI per year
Federal Housing Administration
If you are getting an FHA loan, you will use a down payment of 3.5%, and in the MI section you will add .85 for the annual factor.
We don't make the rules, but we can tell you how the game works.