Have you found the perfect house but find yourself wondering if you will be able to afford the monthly mortgage payments? Our Owings Mills mortgage payment calculator will help you determine what your monthly mortgage payments will be so you can decide whether you can afford to purchase the house.
This calculator uses the loan amount (take the value of the home and subtract your down payment amount), the interest rate, the term of the loan and the value of the home. You will also need to input your annual tax information, annual insurance costs, and your annual PMI.
All of this information will be combined to show you a result of the monthly mortgage payments you would be responsible for if you obtained a loan with the specifications you entered.
You can toy around with loan amounts and interest rates until you find the most affordable monthly payment option.