Monthly Payment Calculator

Use of this calculator

Disclaimer: Results received from this calculator are designed for comparative purposes only, and accuracy is not guaranteed. We do not guarantee the accuracy of any information or inputs by users of the software.This calculator does not have the ability to pre-qualify you for any loan program which should be verified independently with one of our Loan Consultants. Qualification for loan programs may require additional information such as credit scores and cash reserves which is not gathered in this calculator. Information such as interest rates and pricing are subject to change at any time and without notice. Additional fees such as HOA dues are not included in calculations. All information such as interest rates, taxes, insurance, PMI payments, etc. are estimates and should be used for comparison only. We do not guarantee any of the information obtained by this calculator.

Frequently Asked Questions

How do interest rates affect my mortgage?

The Interest Rate is the percentage charged by your lender for borrowing money. It significantly affects your monthly mortgage payments and the total amount of interest paid over the loan's lifetime. Lower rates result in smaller payments.

What is mortgage insurance?

Mortgage Insurance (often referred to as PMI for conventional loans or MIP for FHA loans) is a monthly fee required if your down payment is less than 20% of the home price. It protects the lender in case you default on the loan.

Why do i need to input property taxes?

Property Taxes are annual taxes levied by your local government based on your property's assessed value. These are typically included in your monthly mortgage payment as part of your escrow account.

What is home insurance?

Home Insurance is a policy that protects your property against damage from events like fires, storms, or theft. Most lenders require you to have a policy in place, and the cost is often included in your monthly payment.

What is a an HOA?

Monthly HOA (Homeowners Association) fees are payments required if your property is part of an HOA. These fees cover maintenance and shared community services like landscaping, pools, or gyms.

How are these inputs used to calculate my mortgage?

The calculator combines these inputs to estimate your total monthly mortgage payment, including:
Principal and interest (from the loan amount, interest rate, and term)
Property taxes, insurance, and HOA fees.

Can i adjust these values to compare scenarios?

Yes! You can change any of these inputs to see how different factors (e.g., a higher down payment or lower interest rate) affect your monthly payment.

Does this calculator include all cost of homeownership?

This calculator estimates your monthly mortgage payment but doesn't include costs like utilities, maintenance, or unexpected repairs. Be sure to account for these when budgeting.

About Us

As a trusted wholesale mortgage broker, we provide access to a wide range of loan products from top lenders, ensuring you get the best rate and terms available. Work with us and you'll benefit from expert advice, and a streamlined process tailored to your specific needs. Making your financing journey easier and affordable