**Before Tax Income**is the total of all your income before taxes. In this calculator you may use either your monthly income or your annual income. (Any number less than 10000 would be considered a monthly income figure.)

**Down Payment**is the amount of the down payment you have already saved.**Mortgage Rate**is the interest rate the bank would charge you for your loan. In this calculator, you do not have to include the % sign.**Number of Years**is the length of the mortgage you are considering.**"Calculate"**. When you press the Calculate button, the calculator will calculate the amount of housing you can afford.

**Purchase Price**is the total price for the house you wish to buy.**Down Payment**is the amount of the down payment you will pay directly to the seller.**Loan Amount**is the Purchase Price minus the Down Payment. In this calculator, it is calculated automatically when you fill in a purchase price and a down payment.**Interest Rate**is the interest rate the bank will charge you for your loan. In this calculator, you do not have to include the % sign.**ARM Cap**. If you have an Adjustable Rate Mortgage, this is the lifetime cap for your interest rate (i.e. if you have a cap of 5%, then your interest rate cannot go above or below 5% of the original interest rate.) In this calculator, you do not have to include the % sign.**Number of Years**is the number of years (usually 15 or 30) that your mortgage will last.**Calculate**. When you press the Calculate! button, the calculator will calculate the monthly mortgage payment for your loan, as well as an amortization schedule (which shows you how much interest and principal you pay off each year.)

- You can use this calculator to help you assess the best terms to refinance your existing mortgage.
**Estimated Current Value of Home**is the estimate of the property value of the property that you want to refinance.**Current Mortgage Balance**is the pay off amount of the mortgage you have presently.**Number of Payments Remaining**is the number of payments you must make before your present mortgage is payed off.**Current Monthly Payments**is the amount you are currently paying a month, on your mortgage.**Estimated Closing Costs**is the amount you estimte your refinanced mortgage closing costs will be.**Amount of Cash Out**is the amount of equity you'd like to recieve as cash, at closing

(NOTE: this can significantly alter the final amount of the mortgage and your monthly payments.)**Loan-To-Value Ratio (LTV)**is the ratio of your house value to the amount you are attempting to finance. (LTV = Loan Amount/Value of Home) If this ratio is too high you will not be able to take the Cash Out option, and may be required to acquire mortgage insurance.**Current Refinance Interest Rate**is the current rate your financial institution is charging in interest for mortgage refinancing.**Term of Refinance (in years)**is the number of years you would like to take to repay this mortgage loan.

**Purchase Price**is the total price for the purchase you are making.**Down Payment**is the amount of the down payment you will pay directly to the seller.**Loan Amount**is the Purchase Price minus the Down Payment. In this calculator, it is calculated automatically when you fill in a purchase price and a down payment.**Interest Rate**is the interest rate the bank will charge you for your loan. In this calculator, you do not have to include the % sign.**Number of Months**is the number of months your loan will be for.**Calculate**. When you press the Calculate button, the calculator will calculate the monthly loan payment for your loan, as well as an amortization schedule (which shows you how much interest and principal you pay off each year.)

**Purchase Price**is the total price for the purchase you are making.**Down Payment**is the amount of the down payment you will pay directly to the seller.**Loan Amount**is the Purchase Price minus the Down Payment. In this calculator, it is calculated automatically when you fill in a purchase price and a down payment.**Interest Rate**is the interest rate the bank will charge you for your loan. In this calculator, you do not have to include the % sign.**Number of Months**is the number of months your loan will be for.**Calculate**. When you press the Calculate button, the calculator will calculate the monthly loan payment for your loan, as well as an amortization schedule (which shows you how much interest and principal you pay off each year.)

**Purchase Price**is the total price for the purchase you are making.**Down Payment**is the amount of the down payment you will pay directly to the seller.**Loan Amount**is the Purchase Price minus the Down Payment. In this calculator, it is calculated automatically when you fill in a purchase price and a down payment.**Interest Rate**is the interest rate the bank will charge you for your loan. In this calculator, you do not have to include the % sign.**Number of Months**is the number of months your loan will be for.**Calculate**. When you press the Calculate button, the calculator will calculate the monthly loan payment for your loan, as well as an amortization schedule (which shows you how much interest and principal you pay off each year.)

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