Here is a very simple-to-use down payment calculator. This calculator is extremely easy to use and works with any loan, whether it’s for a car, house, condo. It works for any loan term you choose, whether it’s 10 year, 15 year,or 30 year. It work with any mortgage, whether it’s FHA, VA, or a conventional bank.
The calculator has a default loan amount of $200,000. You can change that by deleting the number and entering the amount of your choosing. It also has a default down payment amount of 20%. You can change that by sliding the button to the size of the down payment of your choosing. To the right of that button in parentheses you will see the size of the down payment that you will need.
There are a couple of additional facts yopu should be aware of. The first is that a default number in included for taxes and insurance, and this is included in the monthly payment calculation. To set the calculator so that taxes and insurance are not included, uncheck the box in the lower left titled “Include taxes/ins.”
Also, this tool will calculate not on the down payment, but also the monthly payment amount. You can change the term from 30 years to any term you’d like. Lastly, this down payment calculator will work not only for first time home buyers, but anyone who uses it.