Use this simple calculator to estimate your monthly mortgage payment for a new home loan. Enter a home price,
your expected down payment, and desired loan term to get an estimated monthly breakdown of your principal,
interest, taxes, and insurance — including a schedule of payments.
Actual Interest rate and PMI will vary based on current market conditions, your credit rating and other factors.
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years you will spend
in interest with an estimated payoff date of .
Private Mortgage Insurance
PMI protects the lender should the borrower stop making payments. It is required if your down payment is less than 20% of the loan amount.
An initial payment used upfront as equity to lower the loan amount. Down payments can come from savings, profits from the sale of another home, or gifts and grants.
The tax on the assessed value of real property (including the land) levied by local or municipal government jurisdiction where the property is located.
The annual cost to borrow money from a lender based on a percentage of the loan amount. Interest rates exclude mortgage "points" and fees charged to get the loan.
A required policy covering a home, the property, and its contents against loss or damage. This includes "liability" coverage against accidents in the home or on the property.
The amount of time (usually expressed in years) in which a borrower is required to make monthly payments toward a home loan.
Can you afford a mortgage payment?
With low down payment options available, buying a home is more affordable than ever. The above mortgage calculator not only provides an estimated monthly payment, but also allows you to budget for your future home. It’s possible that you’ll be able to purchase a home sooner than you think.
Is buying a home more expensive than renting?
Not necessarily. In certain parts of the country, it’s actually cheaper to buy a home than rent. Just remember to account for recurring costs such as PMI and HOA dues.
Homeownership is within reach
Whether you’re purchasing your first, next, or forever home, we can help you obtain the lowest possible mortgage payment. First-time homebuyers may even qualify for down payment assistance. Learn more by contacting one of our salary-based mortgage consultants.