Real estate taxes can be extremely confusing if one does not calculate them every day. Below is a calculator that will help you estimate the tax prorate you will give or you will receive if you close a real estate transaction in The Illinois or Iowa Quad Cities. If you are selling a property you will owe a tax prorate to your buyer. If you are purchasing a property, you will receive a tax prorate credit from the seller. Note the tax prorate is different if the property is in Rock Island County, or other Illinois counties. And the tax prorate is different if the property is in the City of Davenport or other cities or counties in Iowa.
      

Please note that you should check with your attorney or closing agent for a determination of the final tax prorate as of the date of sale. This service is being provided for general informational purposes only.
        

Enter the total annual taxes and then enter the number of days being prorated. Begin with January 1 as the start date for an Illinois prorate. Begin with July 1 as the start date for an Iowa prorate. Count the total number of days from the proration start date to the date of closing.
       

If you know the amount of the loan you are borrowing along with the interest rate and term of the loan, you can calculate what your payment will be for principal and interest for each payment period. As long as all other variables are known, the final variable is easily calculated. For instance, you may determine how much money you may borrow by knowing how much you can afford to pay each month for principal and interest. Fill in the known amounts below to calculate the unknown variable. If you pay additional money towards the principal, you can reduce the term of your loan. Enter an amount of additional principal and see the effect it has reducing the term of your loan.
   

If you have a balloon mortgage you can calculate what the balloon payment will be by simply looking at the principal balance as of the balloon date. Check the balloon payment calculator to determine what your balloon payment will be. [Add balloon payment calculator]

Please note that your monthly payment is determined by your interest rate and loan amount. Check with your mortgage loan officer or broker for a final determination of your monthly mortgage payment. This service is being provided for general informational purposes only.