Mortgage Calculator

Use our mortgage calculator to get an idea of your monthly payment by adjusting the interest rate, down payment, home price and more.
To find out how you can pay off your mortgage faster, try our mortgage payoff calculator.

Mortgage Calculator

Results:

Principal & Interest: $0.00

Property Taxes: $0.00

Home Insurance: $0.00

HOA Dues: $0.00

Total Monthly Payment: $0.00

Explanation of Mortgage Terms

Home Price

Across the country, average home prices have been going up. Despite the rise in home prices, you can still find a perfect home that’s within your budget! As you begin to house hunt, just make sure to consider the most important question: How much house can I afford?

Down Payment

The initial cash payment, usually represented as a percentage of the total purchase price, a home buyer makes when purchasing a home. For example, a 20% down payment on a $200,000 house is $40,000.

Mortgage Types

Learn the differences between 15-Year Fixed-Rate Mortgage, 30-Year Fixed-Rate Mortgage, and 5/1 Adjustable-Rate Mortgage (ARM).

Interest Rate

The ongoing cost of financing a home purchase, generally shown as an annual percentage of the outstanding loan.

Private Mortgage Insurance (PMI)

This extra cost is added to your monthly payment to protect the lender if you don’t pay your mortgage. Avoid PMI with at least 20% down.

Homeowner’s Insurance

Covers damages to your home from events like fire, windstorms, or theft, as well as possessions inside your home.

How to Make the Most of Your Mortgage Calculator

A monthly mortgage payment is made up of several costs:
  • Principal & Interest (P&I): The repayment of your loan and interest.
  • Taxes: Property taxes based on your home’s value.
  • Insurance: Homeowner’s insurance to protect your property.
  • PMI: Private Mortgage Insurance, if applicable.

Compare the costs of different loan types:
  • Estimate total interest paid for a 15-year vs. 30-year mortgage.
  • See how shorter loan durations save you money over time.

Adjust your down payment to see how it affects:
  • Your monthly payment.
  • Private Mortgage Insurance (PMI) requirements.
  • Loan qualification criteria.
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