Budgeting for a new home can be challenging. Use this calculator to help you estimate what your monthly mortgage payments will be.
Enter the amount of your mortgage.
Enter the term of your mortgage in years.
Enter the annual interest rate on the mortgage.
Discount points are a form of pre-paid interest that you can pay as a means of obtaining a lower mortgage interest rate. One point equals 1% of the loan amount. Enter the discount points for your mortgage.
Origination points are a fee that a lender charges for originating the mortgage. The average origination fee equals one percent of the loan amount. You don't necessarily have to pay origination points, but if you don't pay this upfront fee, you can expect to get a higher interest rate on your mortgage. Enter the origination points for your mortgage.
Enter any closing costs including appraisals, settlement fees, etc. Do not include origination or discount points.
Enter the value of your property. This value is used to determine if you need to pay mortgage insurance. Lenders require mortgage insurance if your loan to value ratio is less than 20%.
Years to Sell or Refinance
Enter the number of years you plan to hold this mortgage before you either sell the property, refinance or pay it off.
Yearly Property Taxes
Enter your estimated yearly property taxes for this mortgage. Property taxes are usually calculated as a percentage of your home's assessed value. For example, if you pay 0.5% in property taxes of the assessed value, a home assessed at $270,000 would have a yearly property tax bill of $1,350.
Yearly Property Insurance
Enter your estimated property insurance. Lenders require that you carry home owners insurance on the property to protect their investment should a catastrophic accident occur.
Principal & Interest Payment
The principal and interest payment for the loan based on the term and rate. ARM loans are amortized using a 30 year term and will usually either convert to another loan type or have a balloon payment due.
Monthly Property Taxes
Monthly property taxes paid to an escrow account.
Monthly Property Insurance
Monthly property insurance payment to an escrow account. Lenders require that you carry home owners insurance on the property to protect their investment should a catastrophic accident occur.
Mortgage insurance is a policy that insures the lender against loss should the homeowner default on a mortgage. Normally, if you have a down payment of 20% or greater you do not have to pay mortgage insurance. For the purposes of this calculation we calculate estimated mortgage insurance based on the value you entered for your home and the new loan amount.
Total monthly mortgage payment including property taxes, mortgage insurance and property insurance.
Total Closing Costs
Total closing costs for your mortgage, including origination and discount points.
Total Interest Paid
This value is the total interest paid over the term of the loan. If the loan is a 5 Year ARM then the interest is totaled for 5 years.
Close this window, enter your information and click "Calculate" to generate amortization schedule.
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National Foundation for Credit Counseling provides high-quality
financial education and counseling services for homeownership.
Homeownership Preservation Foundation is an independent nonprofit
that provides HUD-approved counselors dedicated to helping homeowners.
The HomeLoanLearningCenter.com provides step-by-step information
on how to become financially literate.