Our mortgage calculator for Indiana helps you estimate your monthly home loan payments quickly and easily.
Mortgage Calculator Instructions
This mortgage calculator allows you to estimate your monthly mortgage payments, including principal and interest, property taxes, home insurance, and PMI.
How to Use
- Enter the loan amount (principal).
- Enter the annual interest rate as a percentage.
- Enter the loan term in years.
- Enter the annual property tax amount.
- Enter the annual home insurance amount.
- Optional: Enter the PMI (Private Mortgage Insurance) rate if applicable.
- Click “Calculate” to see your estimated monthly payment.
Calculation Explanation
The calculator uses the following formula to calculate the monthly principal and interest payment:
Monthly Payment = (P * r) / (1 - (1 + r)^-n)
Where:
- P is the loan amount
- r is the monthly interest rate (annual rate / 12)
- n is the number of payments (loan term in years * 12)
The total monthly payment also includes the monthly amounts for property tax, home insurance, and PMI.
Limitations
Please note that this calculator provides an estimate based on the inputs you provide. Actual payments may vary due to changes in taxes, insurance, and other factors. Please consult with a financial advisor for precise calculations.