PennyMac mortgage calculator - Mortgage Calculator GURU (2024)

If you wish to figure out what you can afford for a home, you need to tally your monthly mortgage payment. You can use the PennyMac Corp to find out your monthly mortgage amount that includes principal and interest, property taxes, and homeowner’s insurance.

Step by Step Instructions for Using the PennyMac Corp

Please note that some inputs can be either manually entered in the correct box or adjusted using the sliding scale.

1. Enter the principal of the mortgage loan that you want.
2. Input the interest rate of your mortgage loan offer. It will be represented as an APR (a percentage). The calculator will show exactly how much this represents over the life of the mortgage, in dollars.
3. Type in the number of months you intend to pay off the mortgage. This may be the number of months stated in the loan contract. It may also be smaller if you intend to pay off the mortgage faster.
4. Enter any additional principal you intend to pay. It is perfectly fine if you leave this value at $0.

The PennyMac mortgage calculator is sensitive enough to adjust your results in real time as you input the numbers.

PennyMac mortgage calculator: Basic and Advanced Inputs

You can use an online mortgage calculator to gain insight into how much your mortgage payment will be each month. Even better, you can do so quickly by providing some basic information. It’s also possible to determine the total amount of interest you will pay over the term of the mortgage.

Inputs

In order to use the PennyMac mortgage calculator, you’ll need to input the following information:

• Mortgage Amount — This refers to the amount you anticipate paying for a residence.
• Interest Rate — This refers to the percentage that your mortgage lender will charge for loaning you funds.
• Number of Months — The time frame by which you opt to pay back your loan.
• Additional Principal per Period – Any additional money added to the original loan amount.

Results

• Monthly Payment – The amount of money you’ll need to pay each month to pay off your mortgage in full on time.
• Total Interest Paid– The full amount of interest you’ll need to pay over the time of your loan.
• Loan Amortization — This refers to a periodic loan payments schedule that highlights how much principal payments and interest payments make up each mortgage loan payment. Periodic payment amounts are equal at the beginning of the payback schedule, but most of these payments account for interest rather than principal. The amount that goes towards interest lessens with each periodic payment, which means that the amount that goes towards the principal increases with each periodic payment. The final line in the periodic loans payment schedule reveals the borrower’s interest and principal payments for the full loan term.
• If there’s anything about the mortgage process that you don’t understand, you can get in touch with PennyMac Corp to get the answers you need.

Note: It’s important to remember that the estimate will be just that…an estimate. The actual figure could be different. The estimates you get are designed to give you an idea of what you can expect to pay – but they are in no way guarantees of actual figures.

Other Ways You Can Use PennyMac mortgage calculator

Many people leverage a mortgage calculator to figure out the monthly payment on a new mortgage. Even so, it can be used for other reasons as well. Examples include the following:

• Calculate various scenarios
• Figure out where your funds are going
• Estimate what different loan types actually cost.

State: CA

City: Westlake Village

Address: 3043 Townsgate Rd

Phone number: