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.
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.
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.