Mortgage payment calculator
See how much you can expect to pay each month based on the rate, term and other factors.
Know before you owe
One of the most important steps in applying for a mortgage is determining how much home you can afford. Otherwise, you may end up in a tight financial spot. With our easy-to-use calculator, you can pinpoint your price range and avoid surprises.
Estimate Your Mortgage Payments*
How to use the calculator
To estimate your monthly mortgage payment, simply input the purchase price of the home, the down payment, interest rate and loan term.
If you'd like a more precise estimate, click See Detailed Quote. Here, you can enter additional information like your credit score, loan type, and estimated insurance and property tax payments.
Buy the home of your dreams
Apply online or call 1-800-277-7703. If you have any questions, schedule an appointment with one of our mortgage loan specialists.
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Reducing monthly mortgage payments
If you are hoping to lower the amount you spend on a mortgage payment each month, there are a few ways to achieve this.
Keep your mortgage budget friendly by looking at a broad array of options like condos and townhomes, a smaller single-family home, more affordable areas or homes you can renovate over time.
By making a down payment of 20 percent or more, you can avoid private mortgage insurance (PMI). This coverage protects the lender if you are no longer able to pay your mortgage. If a large down payment is currently a stretch, you may be able to refinance in several years and remove the PMI.
If you have a good credit history, you may be able to qualify for a lower interest rate.
The longer the loan term, the lower the monthly payment. The trade-off is you'll pay more in interest charges over the life of the loan.
Understanding mortgages
What is a mortgage?
A mortgage is a type of secured loan where the item being financed (usually a home) is held as collateral. In other words, if the borrower stops making payments on the loan before the mortgage is paid off, the home can be repossessed by the financial institution.
Mortgages are an excellent financing option since most people do not have enough cash to buy a home outright.
What's included in a mortgage payment?
A monthly mortgage payment is made up of four components:
Principal (the amount borrowed)
Interest
Taxes
Insurance
By default, our mortgage calculator estimates your monthly payment using only the principal and interest, but tax and insurance estimates can also be added in the detailed quote section.
What is principal?
The principal is the initial amount of money that the borrower was loaned. If you receive a mortgage for your home that was worth $400,000 when you purchased it, your principal for that loan will be $400,000. However, since it is a loan, you will also pay interest on top of the principal.
What is a down payment?
A down payment is the amount homebuyers pay upfront when they make their purchase. It is generally a percentage of the loan amount. Making a larger down payment can help reduce the monthly payment amount.
What is a loan term?
The loan term is the period of time the borrower has to repay the loan. The most common terms are 15, 20 and 30 years. With a longer term, you'll have a lower monthly payment, but you will pay more in interest over the life of the loan. With a shorter term, you'll pay off the mortgage faster and pay less interest; however, the monthly payment will be higher.
What's an interest rate?
Interest is the cost borrowers pay to lenders each month for borrowing money. It is expressed as a percentage of the amount borrowed.
A borrower's interest rate is determined by factors such as credit score, the amount you are borrowing, the length of the loan and market conditions.
What taxes are part of the monthly mortgage payment?
Most mortgages include property taxes in the monthly payment. These taxes are charged by local governments for services like schools and emergency services.
Are you considering refinancing your current mortgage?
Try our mortgage refinance calculator*Loans on approved credit. Actual APR based on creditworthiness. Information and interactive calculators are made available as self-help tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to individual circumstances. All examples are hypothetical and are for illustrative purposes. Seek personalized advice from qualified professionals regarding all personal finance issues. Actual rate, payment and costs could be higher. The payment amount does not include homeowner's insurance or property taxes which must be paid in addition to your loan payment. Get an official loan estimate before choosing a loan. Some limitations on loan amounts may apply based on county limits and/or loan product. FHA county loan limits apply for FHA loans.
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