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Mortgage Payment Loan Calculator

Purchasing a home is one of the largest purchases you’ll make in your lifetime. In order to make this possible, many seek financial assistance through mortgages, which are loans used to help purchase a home. However, knowing how much you can afford to pay each month is important to ensure you’re shopping for homes within your budget. Below is our mortgage payment calculator, which can help you understand your estimated monthly payments.

How much will my monthly mortgage payments be on my home?

The amount of your monthly mortgage payments will vary depending on a variety of factors, such as the purchase price of your home, interest rate, loan term, down payment and more. To calculate your mortgage payment, use our mortgage rate calculator below.

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This calculator is intended for educational purposes only. Rates and terms used do not represent actionable offers.

Frequently Asked Questions

Our monthly mortgage calculator contains several fields that you can fill out to get an estimate of your monthly mortgage payment. To use our mortgage payment calculator, input the information below into the relevant field.

Basic Tab

Under the Basic Tab, you’ll find the relevant fields needed to calculate your monthly mortgage payment.

  • Purchase Price: The purchase price refers to the total cost of the house or property you’re looking to buy. This number will represent the loan amount you’re requesting.
  • Down Payment: A down payment is the amount of money you will deposit upfront when purchasing a home. When taking out a mortgage, you may be required to make a down payment, and the amount you’re required to put down can vary depending on a variety of factors, such as the price of the home and your credit history. Typically, the larger the down payment, the lower the interest rate and better loan terms you will receive because you will be viewed as a less risky borrower.
  • Term: The loan term refers to the length it will take you to repay your mortgage. This duration is expressed in months. When using the mortgage payment calculator, you can move the slider up and down to see how the length of your loan term affects your monthly mortgage payment. For example, a longer loan term will result in lower monthly payments but can accrue more interest, while a shorter loan term will result in higher monthly mortgage payments but can come with lower interest rates.
  • Interest Rate: An interest rate is the percentage of your loan principal that your mortgage lender will charge for borrowing their money. Interest rates are typically expressed as an annual percentage rate (APR) and can vary depending on factors like your creditworthiness, loan term and lender requirements. If you currently don’t have an approved interest rate, you can research local mortgage interest rates and input that in the field to get an estimated monthly mortgage payment.

Advanced Tab

For a more detailed look at what your monthly mortgage payment might be, you can use the Advanced Tab of our mortgage loan calculator and input property tax and homeowner’s insurance information.

  • Property Tax: Property taxes are set by local governments and are based on the value of your home or property. Paying property taxes is required, and these taxes are typically used to fund local government programs, such as schools, roads and other public works projects. Property taxes are determined based on your property’s assessed value, location, condition of the property, property size and other factors. These taxes are typically paid annually and are expressed as a percentage.
  • Homeowner’s Insurance: Many lenders require homeowners to purchase homeowner’s insurance, which offers financial protection to homeowners against property damage from weather-related incidents and other events that can occur on the property, such as theft, fire, or injuries. As a homeowner, it’s important to shop around for homeowner’s insurance to compare rates and coverage.

Purchasing a home or property is a significant investment, and using a monthly mortgage calculator can provide several benefits, including:

  • Estimate monthly payments: To ensure you can afford a home, a mortgage loan calculator can help you estimate your monthly payments to determine whether your monthly payments can fit within your budget.
  • Determine the impact of your down payment: As stated, your down payment can significantly impact your monthly mortgage payments. With a monthly mortgage calculator, you can see how much of an impact a down payment may have on your monthly payments.
  • Compare different mortgage options: Using our mortgage loan calculator allows you to input several metrics regarding your mortgage, allowing you to compare different mortgage options based on their interest rates and terms.
  • Calculate the total cost of the home loan: Our mortgage rate calculator allows you to factor in every cost regarding your mortgage payment, including interest, homeowner’s insurance, property taxes and more, to get a complete understanding of your monthly payments.

Our Mortgage Loan Officers are here to help you find the right home loan to meet your needs. Taking out a mortgage from a credit union can come with a wide range of benefits, such as lower interest rates, reduced fees and more flexible terms. We also offer financial counseling services, so you can better understand your budget and how a mortgage might have an impact on your finances.

If you’re looking to calculate your monthly mortgage payment, you can use the following equation:

M= P [ r(1 + r)^n ] / [ (1 + i)^n – 1]

In this equation:

  • M= Monthly mortgage payment
  • P = Principal amount
  • r = monthly interest rate
  • n = number of payments over the mortgage’s lifetime

Use our free monthly mortgage payment calculator to determine how much your monthly mortgage payments might be. Additionally, we offer an expansive selection of services to our members, including personal bankingloans and more.

Have more questions?

Chat with us online or stop by a local branch to talk with one of our experts.