Estimate your mortgage payment, including taxes, insurance, and other monthly costs. Enter your home’s price and down payment to see a breakdown of your mortgage payments. By adjusting these numbers, you can see how different factors, like down payment or HOA fees, impact your overall monthly payment.
Home Price: Enter the purchase price. This could either be the price on the listing or the amount you will offer.
Down Payment: This is the amount of money you will pay up front for the home. A higher down payment will lower the monthly payment. Make sure your down payment meets any minimum required by the lender.
Interest Rate: This number is based on current average mortgage rate, but may vary depending on your financial situation, credit score, down payment, or lender.
Loan Term: This is how long it will take you to pay off the home loan.
HOA/mo: This field can be used to include any Home Owners Association (HOA) fees or other monthly fees for the property.
Home Insurance: Insurance is often required by lenders. You can remove this from the calculation by clicking the box labeled “Remove Mortgage Insurance.”
Property Tax: Property tax is estimated based on the home’s value. You can edit this number.