How will my adjustable-rate mortgage payments change over time?
How to calculate your monthly mortgage payment
First, input the total purchase price of your new home, followed by the amount of your down payment – the money you’re paying in advance that will not be included in the loan amount. Next, enter your estimated annual property tax in dollars. Your real estate agent should be able to provide you with this figure, or you can look up your local tax rate and use that percentage to reach a dollar amount based on the property’s assessed value. (Note that this is different from the purchase price and is determined by your local assessor’s office.) Enter your annual home insurance cost – ask your real estate agent for an appropriate estimate for your home’s location and value – and, if applicable, homeowners association monthly dues. These costs will also be rolled into your monthly mortgage payment. Finally, you’ll enter two figures related to your mortgage: the term of the loan in years and the interest rate you’ll be paying. (If you have an adjustable-rate mortgage, this percentage will change over the course of your loan, which means your monthly mortgage payment will also change.)
How mortgages work
The basics of a mortgage are like other types of loans: A lender agrees to loan you an amount, and you agree to pay it back over time with interest. Other factors set mortgages apart, though: You don’t pay your car insurance through your monthly auto loan payment, for example. And while other loan terms may be measured in months or years, mortgages are often measured in decades. For these reasons and others, we recommend referring to our guide to navigating the homebuying and mortgage process: It will come in handy along the way.
What is included in a mortgage payment?
What’s my debt-to-income ratio – and is it manageable?
Along with your credit score, your debt-to-income (DTI) ratio is a key factor that lenders consider in assessing your overall financial wellness. We can help estimate your DTI ratio – and provide tips on improving it.
How much can I afford to borrow for my home?
Take the guesswork out of financing and find out exactly what you can afford.
Compare two mortgages to see how they differ in the long term.
It’s good to have mortgage options: Use this calculator to easily see the monthly payments and total interest costs of loans that have different terms, principal amounts, interest rates, or other variables.
Will I save money by refinancing?
Replacing your original mortgage with a new home loan is known as refinancing – and it can help you improve your financial footing. Let’s see what you could save compared to your current loan.
How much money will I receive from selling my home?
As with a lot of things in life, the answer is, “It depends.” This calculator will help estimate the proceeds you could make, and what factors impact them..
How much will my mortgage loan payment be?
Accurate planning is a key part of developing a monthly budget. Since there are several financial factors that determine your mortgage payment, we’ve developed this free mortgage payment calculator to help you more easily estimate the monthly amount you’ll be paying.
See the difference a biweekly mortgage payment makes compared to a monthly payment.
One popular strategy for paying off a home loan more quickly is to make biweekly payments. Learn more by using our biweekly mortgage calculator to determine how much money this approach saves.
Is it better for me to rent or buy a home?
Your lifestyle, financial situation, and long-term plans will all figure in as you decide whether to rent or buy a home. We’ve designed this buying vs. renting calculator to help you visualize how the different situations compare over the long run, and whether renting or buying is right for you.