# Mortgage Payment Calculator

## Mortgage Payment Calculator

Are you looking to buy a new home? Would you like to estimate your monthly mortgage payments beforehand? A home is a large purchase so it's important to find out on the front end the amount you could expect to pay on a monthly basis. You can use our mortgage calculator to easily estimate your monthly payment.

Just enter the home price, your down payment amount, the interest rate, and the loan term, then press calculate and our mortgage calculator does the rest! It quickly takes the guesswork out of knowing how much home you can afford.

• You can vary the interest rate to see how much you might save or pay based on rate changes.
• You can vary the down payment to see how it would impact your monthly payment.
• You can compare monthly payments for different home prices. Change the home price in the mortgage calculator to see how it affects your monthly payment.
• You can also see how shortening or lengthening the loan term affects your monthly payment.
• You can mix and match different factors based on the loan options you are considering.

## Understanding the Mortgage Calculator

Home Price

The dollar amount you expect to pay for a home.

Down Payment

This is the initial payment you put toward the cost of your new home. How much do you plan to put down? You could put little-to-no money down depending on your loan type. However, when you enter a higher down payment into the mortgage calculator, it lowers your estimated monthly payment.

Interest Rate

This is the cost of financing your home. The mortgage calculator has a preset interest rate of 3.551%. However, you can adjust this rate to see how it affects your monthly mortgage payment. Interest rates change daily based on market trends. Typically, your lender will determine your interest rate based on the perceived risk of lending you money to finance your home.
Here are some of the factors that influence their decision:

• Loan Type
• Credit History
• Loan Amount
• Down Payment Amount

Loan Term

How long do you plan to finance your home? A shorter-term loan will generally have a lower interest rate than a longer-term loan. On the other hand, a longer-term loan will offer a lower monthly payment.

Here are some of the common loan terms:

• 15-Year Fixed Rate Mortgage - A home loan paid over a term of 15 years. It will have a higher monthly payment but a lower interest rate than a 30-year mortgage.
• 30-Year Fixed Rate Mortgage - A home loan paid over a term of 30 years. It will have a lower monthly payment but a higher interest rate than a 15-year mortgage.
• I CAN Mortgage - A home loan that allows you to choose the term of your mortgage. You can finance your home for the number of years you want. You can enter 1, 5, or 10 years into the mortgage calculator to see how it would change your monthly mortgage payment.

Private Mortgage Insurance

If you enter a down payment of at least 20% of the home’s purchase price into the mortgage calculator, Private Mortgage Insurance (PMI) will not be added to your monthly payment. For example, a 20% down payment on a \$300,000 home is \$60,000.

PMI is required if you make a down payment of less than 20% or if you have less than 20% equity when you refinance; it may be canceled once you exceed 20% equity.

PMI guarantees that the lender gets paid if the borrower defaults on the loan. PMI varies according to your credit score and the size of your down payment, but is usually an annual charge between 0.5% and 1.0% of the loan amount.

### Mortgage Calculator

Monthly payments shown constitute an estimate and are provided for informational purposes. This does not constitute an offer for a mortgage loan. Payments shown do not include taxes and insurance.

## Mortgage Payment Calculator

Are you looking to buy a new home? Would you like to estimate your monthly mortgage payments beforehand? A home is a large purchase so it's important to find out on the front end the amount you could expect to pay on a monthly basis. You can use our mortgage calculator to easily estimate your monthly payment.

Just enter the home price, your down payment amount, the interest rate, and the loan term, then press calculate and our mortgage calculator does the rest! It quickly takes the guesswork out of knowing how much home you can afford.

• You can vary the interest rate to see how much you might save or pay based on rate changes.
• You can vary the down payment to see how it would impact your monthly payment.
• You can compare monthly payments for different home prices. Change the home price in the mortgage calculator to see how it affects your monthly payment.
• You can also see how shortening or lengthening the loan term affects your monthly payment.
• You can mix and match different factors based on the loan options you are considering.

## Understanding the Mortgage Calculator

Home Price

The dollar amount you expect to pay for a home.

Down Payment

This is the initial payment you put toward the cost of your new home. How much do you plan to put down? You could put little-to-no money down depending on your loan type. However, when you enter a higher down payment into the mortgage calculator, it lowers your estimated monthly payment.

Interest Rate

This is the cost of financing your home. The mortgage calculator has a preset interest rate of 3.551%. However, you can adjust this rate to see how it affects your monthly mortgage payment. Interest rates change daily based on market trends. Typically, your lender will determine your interest rate based on the perceived risk of lending you money to finance your home.
Here are some of the factors that influence their decision:

• Loan Type
• Credit History
• Loan Amount
• Down Payment Amount

Loan Term

How long do you plan to finance your home? A shorter-term loan will generally have a lower interest rate than a longer-term loan. On the other hand, a longer-term loan will offer a lower monthly payment.

Here are some of the common loan terms:

• 15-Year Fixed Rate Mortgage - A home loan paid over a term of 15 years. It will have a higher monthly payment but a lower interest rate than a 30-year mortgage.
• 30-Year Fixed Rate Mortgage - A home loan paid over a term of 30 years. It will have a lower monthly payment but a higher interest rate than a 15-year mortgage.
• I CAN Mortgage - A home loan that allows you to choose the term of your mortgage. You can finance your home for the number of years you want. You can enter 1, 5, or 10 years into the mortgage calculator to see how it would change your monthly mortgage payment.

Private Mortgage Insurance

If you enter a down payment of at least 20% of the home’s purchase price into the mortgage calculator, Private Mortgage Insurance (PMI) will not be added to your monthly payment. For example, a 20% down payment on a \$300,000 home is \$60,000.

PMI is required if you make a down payment of less than 20% or if you have less than 20% equity when you refinance; it may be canceled once you exceed 20% equity.

PMI guarantees that the lender gets paid if the borrower defaults on the loan. PMI varies according to your credit score and the size of your down payment, but is usually an annual charge between 0.5% and 1.0% of the loan amount.