Mortgage Payment Information
Down Payment:  $4,500.00 

Amount Financed:  $40,500.00 
Monthly Payment:  $177.82 (Principal & Interest ONLY) 
Since you put less than 20% down, you will pay Private Mortgage Insurance. PMI tends to be about $55 per month for every $100,000 financed (until you have paid off 20% of your loan). This adds $22.28 to your monthly payment. 

Your property tax rate is $2,100.00 per $1000. Your home's assessed value is $38,250.00. This means that your yearly property taxes will be $2,100.00, or $175.00 per month. 
Your Estimated Monthly Payment
Mortgage (Principal & Interest)  $177.82 
PMI  $22.28 
Property Tax  $175.00 
Condo Fee  $0.00 
Estimated Monthly Payment  $375.09 
Calculations
To figure out the monthly payment, we need to know (1) how much you're financing; (2) your monthly interest rate; and (3) how many months you're financing for.
Financials are typically quoted in yearly or annual numbers  a 30year mortgage or a 6% annual interest. However, you pay your mortgage every month. A lot of the calculations involve translating those yearly numbers to their monthly equivalents.
1. Financing Price
First, we need to figure how much you're financing.
We can do this based on the sale price of the home ($45,000.00) and the percent that you put down (10%).
Start by calculating the down payment. Divide the percentage down by 100, then multiply by the sale price of the home.
(10% / 100) x $45,000.00 = $4,500.00, your down payment
Now we can calculate how much you're financing  how much you need to borrow. That's just the sale price minus your down payment.
$45,000.00  $4,500.00 = $40,500.00, your financing price
2. Monthly Interest Rate
That 3.32% interest rate percentage you secured is an annual percent.
We'll need to convert that from a percentage to a decimal rate, and from an annual representation to a monthly one.
First, let's convert it to a decimal, by dividing the percent by 100.
3.32% / 100 = 0.0332, the annual interest rate
Now convert the annual rate to a monthly rate by dividing by 12 (for 12 months in a year).
0.0332 / 12 = 0.0027666666666667, your monthly interest rate
3. Month Term
Now for an easy calculation  the month term. That's just the number of months you'll be paying off your loan.
You have a 30 year mortgage x 12 months = 360 months, your month term.
Final: Your Monthly Mortgage Payment
Using the three numbers above, we can now calculate your monthly payment.
(financing price) x (monthly interest rate / (1  ((1+monthly interest rate)^{(monthly term)})))
$40,500.00 x (0.0028 / (1  ((1 + 0.0028)^{(360)}))) = $177.82, your monthly payment*
*Principal & Interest only. See estimated monthly payment for a your mortgage plus taxes, insurance, and fees. See amortization for a breakdown of how each monthly payment is split between the bank's interest and paying off the loan principal.
Amortization
Amortization for monthly payment, $177.82, over 30 years. Mortgage amortization only includes your monthly principal and interest payments. Property taxes, PMI, and condo fees are ignored when amortizing your mortgage.
Year 1 Summary:
You spent $2,133.82
$801.34 went to principal
This is equity that your building up


Year 2 Summary:
You spent $2,133.82
$828.35 went to principal
This is equity that your building up


Year 3 Summary:
You spent $2,133.82
$856.28 went to principal
This is equity that your building up


Year 4 Summary:
You spent $2,133.82
$885.14 went to principal
This is equity that your building up


Year 5 Summary:
You spent $2,133.82
$914.98 went to principal
This is equity that your building up


Year 6 Summary:
You spent $2,133.82
$945.82 went to principal
This is equity that your building up


Year 7 Summary:
You spent $2,133.82
$977.71 went to principal
This is equity that your building up


Year 8 Summary:
You spent $2,133.82
$1,010.67 went to principal
This is equity that your building up


Year 9 Summary:
You spent $2,133.82
$1,044.73 went to principal
This is equity that your building up


Year 10 Summary:
You spent $2,133.82
$1,079.95 went to principal
This is equity that your building up


Year 11 Summary:
You spent $2,133.82
$1,116.36 went to principal
This is equity that your building up


Year 12 Summary:
You spent $2,133.82
$1,153.99 went to principal
This is equity that your building up


Year 13 Summary:
You spent $2,133.82
$1,192.89 went to principal
This is equity that your building up


Year 14 Summary:
You spent $2,133.82
$1,233.10 went to principal
This is equity that your building up


Year 15 Summary:
You spent $2,133.82
$1,274.67 went to principal
This is equity that your building up


Year 16 Summary:
You spent $2,133.82
$1,317.64 went to principal
This is equity that your building up


Year 17 Summary:
You spent $2,133.82
$1,362.06 went to principal
This is equity that your building up


Year 18 Summary:
You spent $2,133.82
$1,407.97 went to principal
This is equity that your building up


Year 19 Summary:
You spent $2,133.82
$1,455.43 went to principal
This is equity that your building up


Year 20 Summary:
You spent $2,133.82
$1,504.50 went to principal
This is equity that your building up


Year 21 Summary:
You spent $2,133.82
$1,555.21 went to principal
This is equity that your building up


Year 22 Summary:
You spent $2,133.82
$1,607.64 went to principal
This is equity that your building up


Year 23 Summary:
You spent $2,133.82
$1,661.83 went to principal
This is equity that your building up


Year 24 Summary:
You spent $2,133.82
$1,717.85 went to principal
This is equity that your building up


Year 25 Summary:
You spent $2,133.82
$1,775.76 went to principal
This is equity that your building up


Year 26 Summary:
You spent $2,133.82
$1,835.62 went to principal
This is equity that your building up


Year 27 Summary:
You spent $2,133.82
$1,897.50 went to principal
This is equity that your building up


Year 28 Summary:
You spent $2,133.82
$1,961.47 went to principal
This is equity that your building up


Year 29 Summary:
You spent $2,133.82
$2,027.59 went to principal
This is equity that your building up


Year 30 Summary:
You spent $2,133.82
$2,095.94 went to principal
This is equity that your building up


Principal & interest costs for the full 30 years of this mortgage total… $64,014.57 
Results received from this calculator are designed for comparative purposes only, and accuracy is not guaranteed. This site does not guarantee the accuracy of any information available on this site, and is not responsible for any errors, omissions, or misrepresentations.
This calculator does not have the ability to prequalify you for any loan program. Qualification for loan programs may require additional information such as credit scores and cash reserves which is not gathered in this calculator. Information such as interest rates and pricing are subject to change at any time and without notice. Additional fees such as HOA dues are not included in calculations. All information such as interest rates, taxes, insurance, PMI payments, etc. are estimates and should be used for comparison only. This site does not guarantee any of the information obtained by this calculator.
Rates are provided by Zillow.com