Get pre-approved by a local lender before you buy
Our mortgage calculator will help you determine your total monthly mortgage payment, including principal, interest, taxes, and insurance. The payment amount is based on the amount financed, with the calculator setting default values for property taxes, home insurance, mortgage insurance (PMI), and other details. You are able to adjust these details to reflect your situation and get a more accurate monthly payment estimate. The monthly payment calculator also provides a mortgage amortization schedule that shows the money you will pay toward your principal and interest over the course of the home loan.
The amount of money you use to put down towards your new house. Make sure you plan to have cash on hand to cover unexpected repairs on your new property or for financial emergencies.
This is the rate of interest you will receive on the loan. It come pre-filled with the current 30-yr mortgage fixed average rate.
This is a tax rate the governments place on an individual’s income. It includes federal tax, most states and some local entities. The national average is around 30% but can vary based on income, location, etc.
The mortgage calculator includes estimated property taxes in your payment. This value represents an annual tax on a homeowner’s property. The tax amount is based on the home’s value and varies widely in different states.
Homeowners insurance or also known as hazard insurance, lenders normally require this insurance to provide protection for you and your home and personal property from a variety of events, including fire, lightning, burglary, vandalism, storms, and more. Your Homeowner’s insurance policy will contain personal liability coverage, which protects against lawsuits involving injuries that may occur on and off your property.
MORTGAGE INSURANCE (PMI)
Mortgage insurance is required primarily for borrowers with a lower down payment of less than 20% of the home’s purchase price. It protects the lender against losses that can occur when a borrower defaults on a mortgage loan. PMI is Also known as (Private Mortgage Insurance).
HOA DUES (Home Owners Association)
Many developments will have in place an HOA. You will be required to pay homeowners association dues (known as HOA fees), to cover common area amenities or services within the property such as garbage collection, landscaping, snow removal, pool maintenance, and hazard insurance.
This is the length of your loan (e.g., 30 years, 20 years, 15 years, etc.)