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  • $2,917
    Principal
    & Interest
  • $685
    Property
    Tax
  • $164
    Home Insurance
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What is Loan Amortization?

Loan Amortization is showing the amount of principal and the amount of interest that comprise each payment so that the loan will be paid off at the end of its term. While each periodic payment is the same, early in the schedule, the majority of each periodic payment is interest. The percentage of each payment that goes toward interest diminishes a bit with each payment, and the percentage that goes toward principal increases. Later in the schedule, the majority of each periodic payment is put toward the principal. The last line of the schedule shows the borrower’s total interest and principal payments for the entire loan term.

Condo loans Mortgage Calculator with taxes and HOA fees

by Deborah Hofman
Mortgage Calculators

How much will your monthly mortgage payments be if you used a Condo loan? Use this Condo loan calculator to get a monthly payment estimate to help ensure that you get a home that fits in your budget.

Borrowers seeking to get a condo loan these days will find more lenders to choose from and more condominiums that are eligible for financing. Calculating your monthly mortgage payment for Condo Home Loan is a key element in determining how much house you can afford. The most common mortgage terms are 15 years and 30 years. Monthly payment including principal, interest, homeowners insurance and property taxes. The annual amount you expect to pay in property taxes. This amount is divided by 12 to determine the monthly property tax included in PITI. Use Mintrates Condo Mortgage Calculator to estimate your monthly mortgage payment, including property taxes and homeowners insurance, Principal and Interest (P&I).

How to use Condo Mortgage Calculator with taxes and HOA fees?

With the Mintrates Condo Mortgage Calculator, you can input a whole bunch of different numbers and see where they lead you. Follow the steps bellow:

  1. Enter your Home Price
  2. Enter your Down Payment
  3. Enter your Mortgage Interest Rate (by default it shows today’s Mortgage Rates*).
  4. Select a loan term (Years): 30 Years, 20 years or 15 Years scenario
  5. Enter your HOA fees
  6. In seconds, our Condo Mortgage Calculator will have an estimate of your monthly overview of your monthly payment, including principal and interest — and the additional payments, like Property taxes and Homeowners insurance, condo/HOA fee, if you provided that. The more info you can provide, the more accurate the Total Monthly Payment result will be.
  7. Click “See my Loan Amortization” to see page with Condo Loan Amortization graphics
  8. Click “See my Payment Schedule” to see page with Condo Loan Payment Schedule including Your Payment schedule for each year if your terms.
  9. Click “Download Full Calculation” to start downloading Full PDF Report for FREE.

See your Condo Mortgage Payment with HOA fees, Principal & Interest, Property Tax, Homeowners Insurance

Of course, these are all estimates. But this is an excellent first step in determining what your mortgage payments might be in a given scenario.

Understand Condo Mortgage Calculator Basic and Advanced Inputs

Using an online mortgage calculator can help you quickly and accurately predict your monthly mortgage payment with just a few pieces of information. It can also show you the total amount of interest you’ll pay over the life of your mortgage. To use this calculator, you’ll need the following information:
Home price — The dollar amount you expect to pay for a home.

Down payment — Money paid for a house from one’s own funds at closing. The down payment will be the difference between the purchase price and mortgage amount.

Mortgage Interest Rate — The periodic charge, expressed as a percentage, for use of credit.

Property tax — A government tax based on the market value of a property.

Home insurance — Home insurance or homeowners insurance is typically required by lenders. You can edit this number in the mortgage calculator advanced options.

HOA Fee — Owners of condos or townhomes are required to pay homeowners association dues (known as HOA fees), to cover common amenities or services within the property such as garbage collection, landscaping, snow removal, pool maintenance, and hazard insurance.

Pay-off your Mortgage — This is the length of time you choose to pay off your loan (e.g., 30 years, 20 years, 15 years, etc.)

Loan Amortization — A complete table of periodic blended loan payments, showing the amount of principal and the amount of interest that comprise each payment so that the loan will be paid off at the end of its term. While each periodic payment is the same, early in the schedule, the majority of each periodic payment is interest. The percentage of each payment that goes toward interest diminishes a bit with each payment, and the percentage that goes toward principal increases. Later in the schedule, the majority of each periodic payment is put toward the principal. The last line of the schedule shows the borrower’s total interest and principal payments for the entire loan term.

Mortgages can be confusing for the first time home buyer, so let us help explain. To understand the most important lending and mortgage terms find explanations for most of the mortgage industry terms in Mortgage Glossary.

After you calculate your Condominium Monthly mortgage payment you all need to know how much money you need to bring on closing. Our Mortgage closing costs calculator (estimator) can help you estimate your total closing expenses. When you working with the calculator, please remember the dollar amounts displayed aren’t guaranteed, and what you actually pay may be different. The estimates you receive are for illustrative and educational purposes only. A closing costs calculator like ours lets you see closing costs based on the specifics of your financial situation.

More ways to use our Condominium mortgage calculator

Most people use a mortgage calculator to estimate the payment on a new mortgage, but it can be used for other purposes, too. Here are some other uses:

  • Calculate different scenarios
  • See where your money is going
  • Estimate the cost of different loan types

Calculates based on a fully amortized fixed rate loan. Ask your lender for the tax rates in your area. Insurance estimate is based on an average cost, your final premium cost will be determined by the type of coverage you select. This it only provides an estimate. Mortgage rates and terms shown on our website are not official Loan Estimates because the lender has not verified your personal financial situation, appraised home value, actual credit score, income, existing debt, or other individual circumstances. Your actual rates, terms, fees, and monthly payment may differ.