Mortgage Payment Calculator
Buying a home is one of the biggest financial decisions you will make in your life. Using this loan calculator, you can see a rough estimate of how much your monthly mortgage payments will be. This will give you a good idea of how to plan for the future.
Simply enter the purchase price of your new home, down payment amount, interest rate, the number of years you will be paying your mortgage loan (known as the loan term), annual property taxes, homeowners insurance, and homeowners association dues & mortgage insurance (if applicable). The calculator will instantly show you the monthly payment amount. This will give you a clearer picture of how much “house” you can afford.
Of course, there are a lot of factors that influence your ability to afford a specific mortgage amount, including your monthly income and monthly debt payments (these include car loan payments, insurance premiums, student loans, utilities, etc.). In fact, your overall debt-to-income ratio and your credit score will impact your eligibility for certain loan programs. But, the good news is this: we are here to help you navigate this process and find the home loans that best fit your unique situation.
If you're interested in learning more about what your mortgage payment includes (the breakdown of principal and interest over the life of the loan), be sure to check out our Mortgage Amortization Calculator.
Ready to apply for a mortgage? Contact us today for more information.
*All loan requests are subject to credit approval as well as specific loan program requirements and guidelines. With Adjustable Rate Mortgage loans, the rate is variable and may increase or decrease every year after the initial fixed rate period based on changes to an index. This could result in an increase in the monthly payment.