This mortgage calculator can be used to figure out the monthly payments of a home mortgage loan based on the home's original sale price, the terms of the loan desired, the amount the buyer put down for a down payment and the loan's interest rate. This calculator also factors in PMI (Private Mortgage Insurance) for loans, which is when less than 20% is put as a down payment. Things also taken into consideration are the town property taxes and their effect on the total monthly mortgage payment amount.
