Mortgage Calculator: Estimate Your Monthly Payment
In an effort to make the mortgage process easier to understand, we've provided you with easy-to-use mortgage calculators to help you make smart financial decisions when it comes to your home. These mortgage calculators were designed to help you gain personalized insight into what home loan works best for you, allowing your dollar to go further when getting a home mortgage.
Get an official Loan Estimate before choosing a loan. Your actual rate, payment and costs could be higher. All data is based on your inputs and not todays rates.
The estimate above is based on the assumption of one borrower and a variety of conditions including a borrower’s loan type, loan amount and down payment amount and are subject to change. Your estimated Mortgage Insurance quote may be higher if your debt-to-income (DTI) ratio exceeds 45%. Your actual rate and payment obligation will be greater if two or more borrowers apply.
Using Our Mortgage Calculator
Whether you’re almost ready to commit to purchasing a new home or just starting to do your research, a mortgage calculator can be an extremely handy tool to help plan your future. Use this mortgage payment calculator to better understand how your mortgage and monthly payments might look according to changes in the following inputs:
Home Price: The total sale price of a property agreed upon between buyer and seller.
Down Payment: The amount of money given to the seller by a buyer upon purchase. The remainder of the total home price will be covered by a mortgage. If a buyer makes a down payment of less than 20 percent, the lender typically requires them to purchase private mortgage insurance (PMI). PMI protects the lender in the event of foreclosure.
Principal: The balance of the home loan or mortgage to be paid off. This is calculated as the home price less the down payment. For a $350,000 home bought with a 10 percent down payment of $35,000 the principal balance at the beginning of the mortgage will be $315,000.
Interest Rate: The amount that the lender charges a buyer for the home loan. Your exact interest rate will be determined by your lender after consideration of several factors including inflation, Federal Reserve rates, your credit score, and lending fees. See what our current mortgage rates are today and use them in your mortgage calculator input above.
Loan Term: The duration of the mortgage, or the time you will have to pay off the home loan in full. If you’re unsure which term length is right for you, explore different home loan options before using the mortgage payment calculator.
Property Taxes: The annual tax levied by the government on your property. The nationwide average is about $3,000 annually, or just over 1.2 percent of the home’s assessed value. However, property taxes can vary widely by location.
Homeowners Insurance: The typical insurance policy that covers damages to your property as well as your possessions kept in the insured home. The average annual cost of homeowners insurance is $1,083. Like taxes, though, homeowners insurance costs can greatly vary from place to place.
There are a lot of moving parts when it comes to moving into a new home. The above mortgage payment calculator is just one of tools available from Guaranteed Rate to help you make the most informed decision about your home purchase. Explore these other useful mortgage calculators to expand your knowledge today.