Purchase price

This is total sales price of your new home in whole dollars. This amount, less any down payment, will be the amount you borrow from your bank.

Down payment

Enter the percentage of the Purchase price that you plan to pay upfront. If, for example, you plan to make a $25,000 down payment on a $250,000 home, enter 10 here.

Mortgage term

Determine the number of years over which you'd like to pay your mortgage and enter it here. Common values are 10, 15, and 30.

Interest rate

Enter the actual interest percentage your bank will apply to the amount you borrow. Do not include any Private Mortgage Insurance (PMI) percentages your bank may require.

Property tax

Enter the yearly tax you'll pay on the value of your property.

Property insurance

Determine the yearly amount to insure your property and enter it here.

PMI

If your down payment is less than 20% of your home's purchase price, your bank may require you to pay an additional yearly percentage of your home's purchase price in the form of Private Mortgage Insurance (PMI). If so, enter the PMI percentage here.

First payment date

From these drop-down menus, select the month and year that your mortgage payments will begin.

Amortization

Choose whether you'd like to see your mortgage payment schedule, including principal, interest, tax, insurance, PMI, and balance, on a yearly or monthly basis.

Loan amount

Enter the amount you're borrowing from your bank in whole dollars.

Loan term

Input the number of years you'll need to pay back your loan.

Interest rate

Enter the interest percentage your bank will charge on your loan.

First payment date

Determine the month and year that you'll begin paying for your loan and select them from these drop-down menus.

Amortization

If you'd like to view a comprehensive loan payment schedule, choose show by year or show by month.