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Mortgage Calculator

Estimate my monthly mortgage payment

The loan amount, the interest rate, and the term of the mortgage can have a dramatic effect on the total amount you will eventually pay for the property. Further, mortgage payments typically will include monthly allocations of property taxes, hazard insurance, and (if applicable) private mortgage insurance (PMI). Use our mortgage calculator to see the impact of these variables along with an amortization schedule. Accurately calculating your mortgage can be a critical first step when determining your budget.

Mortgage Loan Information

Property Information


Results

Your estimated monthly payments are $1,514.21 (including taxes, insurance, and PMI if applicable), and you will pay $189,535 in interest over the life of the loan.

Summary Table

Loan Information
Loan amount$230,000
Annual interest rate4.500%
Number of months360
Monthly principal and interest payment$1,165.38
Monthly property taxes$191.67
Monthly hazard insurance$57.50
Monthly PMI (if applicable)$99.67
Total monthly payment (including taxes, insurance, and PMI if applicable)$1,514.21

Graph

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Detailed Data Table

YearBeginning BalancePrincipalInterestPaymentEnding Balance
1$230,000$3,710$10,274$13,985$226,290
2226,2903,88110,10413,985222,409
3222,4094,0599,92513,985218,350
4218,3504,2469,73913,985214,104
5214,1044,4419,54413,985209,663
6209,6634,6459,34013,985205,019
7205,0194,8589,12613,985200,160
8200,1605,0818,90313,985195,079
9195,0795,3158,67013,985189,765
10189,7655,5598,42613,985184,206
11184,2065,8148,17013,985178,391
12178,3916,0817,90313,985172,310
13172,3106,3617,62413,985165,950
14165,9506,6537,33213,985159,297
15159,2976,9597,02613,985152,338
16152,3387,2786,70613,985145,060
17145,0607,6136,37213,985137,447
18137,4477,9626,02213,985129,485
19129,4858,3285,65613,985121,157
20121,1578,7115,27413,985112,446
21112,4469,1114,87413,985103,336
22103,3369,5294,45513,98593,806
2393,8069,9674,01713,98583,839
2483,83910,4253,55913,98573,414
2573,41410,9043,08113,98562,510
2662,51011,4052,58013,98551,105
2751,10511,9292,05613,98539,176
2839,17612,4771,50813,98526,700
2926,70013,05093513,98513,650
3013,65013,65033513,9850

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Additional Calculators

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How Much Can I Afford to Pay for a House?

How much does a home cost? Before you get too comfortable with the asking price in the real estate ad, you should be aware of all the expenses you will be expected to pay.

First, there is the price of the home itself. The seller offers his or her house for sale at the asking price. This price may be negotiable depending upon the condition of the home and other factors. After the negotiations are done, the agreed-upon price becomes the cost of the home. To secure this cost, the buyer is expected to make a non-refundable payment to the seller. This is called earnest money. This amount will be deducted from the amounts paid when the sale is completed.

Click here for full article
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Finding Suitable Homes in Your Price Range

Presuming you do not have a very large supply of cash on hand, you will have to finance your home with a mortgage. A mortgage loan is essentially a secured loan that uses the home as collateral. Mortgages are typically paid in monthly installments over several years - usually 15 or 30 (40-year mortgages do exist, but they are not offered by every lender).

Mortgages contain two distinct parts:

  • Principal. The amount you need to borrow to pay for your home and closing costs.
  • Interest. What you pay the financial institution for the use of its money.
Click here for full article
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Am I Ready to Purchase a Home?

Unlike with many other kinds of investments, there are a number of things you can do to increase the investment value of your home.

This increase in value can result in a capital gain to you when you sell your home. Your capital gain is the amount you sell your home for, minus your cost basis. Your cost basis will be the principal amount you paid for the property, plus the value of any substantial capital improvements (e.g., building a patio, additional bedroom, etc.) you may have invested in, but not including the cost of ordinary repairs and upkeep. The good news is that most people who incur capital gains upon the sale of their personal residences will not have to pay tax on the gains, due to the current exemption limits. The old adage that the three most important attributes of real estate are "location, location, and location" is worth remembering when you buy a home. A mortgage calculator can assist you when buying a home as well.

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Definitions

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This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.

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