Separating Hyperplanes

Mortgage Calculator!

Matthew Martin 11/30/2013 07:00:00 AM

Mortgage Calculator
Payment:	$
Compound Frequency:		(monthly)
Annual Property Taxes:	$
Nominal APR:		%
Term Length:		Years
Down Payment:	$
House Price:	$
Solve For: =?

I programmed this mortgage calculator a long time ago in C++ to help my brother when he was shoping for a house to buy. Now I've converted it into a javascript program so that I could put it on the web, just for you. The calculator is pretty straight forward to use: you must have javascript enabled in your browser, then just select what variable you want to solve for from the drop-down menu (you can use it calculate the house price, down payment, taxes, or monthly payments), enter in all the data you have in the appropriate text fields, and it will automatically spit out your answer as you type. A few notes on terminology are in order, however:

"Payment" means the total amount you pay on a regular basis (ie, monthly), including both mortgage payments and property taxes.
"Compound Frequency" refers to the number of times per year the interest on the mortgage is compounded. This is usually done monthly.
"Annual Property Taxes" is pretty self explanatory; it's the total amount in property taxes you pay per year. The key thing to note that the calculator will include this figure into the "Payment."
"Nominal APR" refers to the most common way mortgage interest rates are advertised. Note: if the interest rate is 5%, enter "5" and not "0.05". It is an "annualized" rate calculated by multiplying the actual interest rate used for compounding interest by the number of times per year the interest is compounded. This is not the only way to annualize an interest rate, and unfortunately not the only version commonly refered to as "APR." See the full documentation for details.
"Term Length" refers to the number of years until the loan is fully repaid.
"Down Payment" is the portion of the house's price you pay for yourself, as rather than borrow.
"House Price" is the total amount you pay for the house, including both the loan's "principle" amount and your down payment.

You can read the full documentation here, including the mathematical derivation of the formulas used by the calculator.

Paula 2/03/2015 02:40:00 AM

Thanks

Mortgage Calculator!

Mortgage Calculator

Solve For: (select one) Taxes Payment Down Payment House Price =?

Solve For: =?