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Mortgage Calculator
Enter the details of the home in the calculator below including the price of the home, taxes any fees. Also add the downpayment your able to do.
What is a mortgage?
Most homebuyers rely on mortgages—a type of loan specifically designed for purchasing property—since paying the full price of a home upfront is rarely feasible. When you secure a mortgage, you enter a legal agreement with a lender: If you fail to meet the terms of the loan or miss monthly payments, the lender can foreclose on the property to recover their funds.
A mortgage consists of two core elements:
1. Principal: The amount you borrow to buy the home.
2. Interest Rate: The percentage charged by the lender for borrowing the money, calculated on your remaining balance.
Homeowners repay their mortgage through monthly installments, which typically cover both the principal (reducing the loan balance) and interest (the cost of borrowing). These payments often incorporate additional expenses, such as mortgage insurance (required for some loans) and homeowner’s insurance, which protect the lender and property.
To estimate your monthly payments, use our mortgage calculator. Input your loan amount, interest rate, and loan term (e.g., 15 or 30 years) to instantly calculate your projected costs.
Mortgage Calculator
- Principal and Interest
- Property Tax
- HOA fee
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Mortgage FAQS
Your monthly mortgage payments are calculated based on three main factors: The size of your loan, the interest rate, and the terms, whether you have taken out your mortgage for 15, 25, or 30 years. The longer your term, the lower your monthly payment will be.
You may be able to qualify for a government-backed loan, such as Federal Housing Administration (FHA) loans or Veterans Affairs (VA) loans, otherwise you can apply for a conventional mortgage, which are offered by most lenders.
Aside from the length of your loan, homebuyers also need to decide between fixed-rate mortgages (when your interest rate and loan payment are locked in) or adjustable rate mortgages (when your interest rate and, in turn, your monthly payments, can fluctuate).
Most home builders offer “inhouse lending” offering you mortgage options with highly qualified institutions that have worked with them many times before. Most of the time this will be your best option as it will usually include buyer incentives which we will go into further detail later in this guide.
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