Louisiana Mortgage Calculator

Louisiana Mortgage Calculator with taxes and insurance, PMI and extra payments will calculate your monthly mortgage payments with amortization schedule. The mortgage calculator LA has many options such as PMI, property tax, home insurance, payment frequency (monthly and bi-weekly), monthly HOA fees and extra payments. You will also get an amortization schedule with monthly payment details and a summary of the mortgage on payoff.

House Payment Calculator LA

This Mortgage Calculator LA with PMI has advanced options for home mortgage. If you are looking for a simple mortgage calculator for other type of loans such as auto loans, you may want to use the simple mortgage calculator.

Mortgage Calculator Louisiana with Taxes and Insurance

If you would like to include taxes and insurance, you can simply enter the yearly property tax and yearly home insurance amount into the mortgage calculator Louisiana with pmi and taxes. These amount will be included in the LA Mortgage Calculator, you can also enter a 0 for the property tax or home insurance if you do not want to include these amount into your mortgage calculator and the mortgage amortization Louisiana.

Louisiana Mortgage Calculator with Extra Payment

This Louisiana Mortgage Calculator with Extra Payment has everything you need to calculate your mortgage in Louisiana such as PMI, extra payment, taxes and insurance. In addition, the mortgage calculator Louisiana gives you biweekly and monthly payment options so you can view your mortgage amortization schedule by monthly or biweekly. The amortization schedule are both printable and downloadable so you can save in your computer or have a physical copy.

For commercial loans in Louisiana, please use the Louisiana commercial mortgage calculator.

How Does a Mortgage Work?

A mortgage is a loan from a bank or lender to help you buy a house. When you take out a mortgage, you agree to repay the loan over many years plus interest. A borrower will use the house as a collateral. In case the borrower fails to make payment, the bank or the lender will take away the house to recoup their loss.

The most common terms for a mortgage are 30 year and 15 year term meaning you will payoff your loan in 30 years or 15 years. The interest that you will pay is based on an interest rate that is agree on upfront.

Understand Mortgage Amortization

Traditional mortgage payments are by made monthly and is generally consists of four parts, principal, interest, taxes and insurance or PITI for short. If your equity on the house is less than 20%, then you may have to pay an additional charge known as a private mortgage insurance or PMI. The PMI payment is used to protect the lender. Once a borrower's equity is over 20% on the house, he will no longer be required to pay this insurance.

When you start your monthly mortgage payments, you will notice that most of the payments are interest payment. As time progress, the ratio between interest and principle will reverse allowing you to payoff your mortgage.

How to Payoff Your Mortgage Early

In the life time of the mortgage, the borrower may pay more in interest than the principal or mortgage amount when the mortgage is payoff. However, there are ways that you can increase your monthly payment or make extra payment to payoff your mortgage earlier than the 15 year or 30 year term. One extra payment a year may save you thousands of dollars and allows you to payoff your mortgage 5 years earlier.

To learn more about paying off your mortgage, check out bi-weekly mortgage calculator and extra payment mortgage calculator.

Louisiana Mortgage Calculator Terms

Home Value - The value of the property that you are planning to buy or already own.

Down Payment - The amount that you are putting down upfront to buy the house. The rest will be in mortgage.

Mortgage Amount - The loan amount also known as principle. This is the loan that the lender grants to help you buy your dream house.

Loan Terms - Term is the number of years that you will payoff the loan. The most common mortgage terms are 15-year and 30-year.

Interest Rate - This is a fixed interest rate set by the lender and agree upfront by the borrower.

PMI - Private mortgage insurance or PMI is a cost that a borrower needs to pay if he is putting down less than 20% down payment on the house.

Property Tax - Property tax is a tax that you have to pay every year. It various from state to state and location to location.

Home Insurance - This is the insurance that you need to pay for your house in case of fire, flooding and etc.

HOE Fees - Homeowners association fee is a monthly fee that are paid by some home owners.

Payment Frequency - You can use the default monthly payment or you can use bi-weekly payment to payoff your mortgage faster.

First Payment Date - This is the date that you start to make your monthly mortgage payment.

Amortization Schedule - You can view your payments by month or year. Amortization schedule shows you the amount of interest, principal, tax and insurance that you are paying on each payment.

Extra Payment - You can make extra payment to payoff your mortgage faster. The extra payment can be in the form of a one time lump sum payment, or recurring monthly, quarter, or annual payment.

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