This calculator is a common tool that can be easily found on the internet. Search by typing “모기지 계산기” or “mortgage calculator.” Doing so will connect you to a site similar to the one shown below.
The following is an explanation based on the calculator I found and currently use.
How to Input Each Field
This calculator basically determines how much you need to pay each month. Please enter each item as follows:
- Home Value: Enter the purchase price of the home you want to buy.
- Down Payment: Enter your down payment amount.
- Loan Amount: Once the fields above are determined, this amount will be filled in automatically.
- Interest Rate: Enter the current interest rate for that day.
- Loan Term: This is typically 30 years.
- Start Date: You can just leave this at the default setting.
- Property Tax: Enter the exact annual property tax amount for the home you wish to purchase.
- PMI (Private Mortgage Insurance): If your down payment is more than 20% of the home value, enter 0. (If it does not exceed 20%, you must pay monthly mortgage insurance, which adds an extra 0.58% to 1.86%).
- Home Ins: Enter your exact annual home insurance premium.
- Monthly HOA: If you are buying a condo, enter the monthly management/maintenance fee. If it is a single-family house, enter 0.
- Tip: To make your calculation even more accurate, you can combine this with your other fixed monthly debt payments—such as auto loans, student loans, or minimum credit card payments. If it’s a condo, enter HOA fee + total monthly debt payments. If it’s not a condo, enter only your total monthly debt payments.
- Loan Type: There are four main options: Conventional, FHA, VA, and USDA. In most standard cases, select Conventional.
Once you enter the information above, the monthly loan payment amount will be calculated and displayed.
Calculating this in reverse allows you to figure out how much annual income you need to qualify for a specific loan amount. To use that reverse calculation, please click here.
Please use these steps to calculate your estimated payments.