When calculating payments on a mortgage calculator- I see 6% rate, does this mean taxes? And if so?
by Felixx on Saturday, June 12th, 2010 | 4 Comments
does this mean the city's annual taxes? Or is that something different
Also, what is the average interest rate percentage?
A Mortgage Calculator does not include taxes, just interest. There is no way a mortgage calculator could do taxes because different localities have different rates which can change dramatically over time.
No, that would be the interest rate you're paying on the loan.
Use this it helps you with the full payment taxes, mortgage insurance everything, just change the numbers.
http://www.trackmy.com/mortcalc.htm?R_PRICE=534900
The rate on the mortgage calculator is the interest rate of the loan. The number you get for "payment" is just principal and interest - PMI, taxes and insurance are in addition, and would usually be in the hundreds of dollars a month or more.