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Personal Finance
Homeowners Monthly Payment Estimator
It is often useful, when comparison shopping for a mortgage or
determining the appropriate price range of houses to consider, to be able
to quickly estimate the monthly payment given the purchase price, tax rate
per $1000, percent down, interest rate and term of the loan.
The calculation assumes that the assessed value is 100% of the sales
price and does not take into account financing of the closing costs.
A simple keystroke procedure may be used to calculate the monthly
payment:
1. Press and press CLEAR .
2. Key in the annual interest rate and press .
3. Key in the term of the loan (in years) and press .
4. Key in the purchase prices and press 1.
5. Key in the percent down and press .
6. Key in the tax rate in dollars per thousand and press 1 12000
. ( A negative sign is the
convention for cash paid out).
Example: What would your monthly payments be on a $65,000 house in a
neighborhood with a $25 per thousand tax rate and a 10 3/4 % interest
rate on a 35 year loan with 10% down?
Keystrokes Display
CLEAR
10.75
0.90 Monthly interest rate.
35
420.00 Months of loan.
65000 1
65,000.00 Purchase price.
10
58,800.00 Mortgage balance.
25 1
12000
-135.42 Approximate monthly taxes.
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