Mortgage Payment Calculator
Jessica McGraw
May 14, 2019
Background
- Real estate listings focus on total price of home, condo, property, etc.
- Leads buyers to focus too much on total price rather than monthly payment
- US housing bubble burst in 2007 which contributed to recession
- Main cause of housing bubble was buyers borrowing more than they could afford
Purpose of Calculator
- Mortgage Payment Calculator shows monthly payment for budget plannning
- Customizable inputs allow buyers to see how different prices, interest rates,
and lengths of loan impact the monthly payment
- This will help buyers be more cognizant of financial implications before
purchasing a home or refinancing a mortgage
Monthly Payment Calculation Example
- Here's an example of what the calculator can do
- Calculator Inputs:
- Total Amount of Loan: $500,000
- Length of Loan: 30 Years
- Annual Interest Rate: 5%
[1] "$2684.11"