1 Mortgage Calculator
Basically, the monthly payment amount is roughly 0.7-0.8% of the loan amount.
Click here to open the Mortgage Calculator below.
2 Filling Out
This calculator basically determines how much you need to pay each month. Please enter each item as follows:
Home Value: Enter the purchase price of the home you want to buy.
Down Payment: Enter your down payment amount.
Loan Amount: Once the fields above are determined, this amount will be filled in automatically.
Interest Rate: Enter the current interest rate for that day.
Loan Term: This is typically 30 years.
Start Date: You can just leave this at the default setting.
Property Tax: Enter the exact annual property tax amount for the home you wish to purchase.
PMI (Private Mortgage Insurance): If your down payment is more than 20% of the home value, enter 0. (If it does not exceed 20%, you must pay monthly mortgage insurance, which adds an extra 0.58% to 1.86%).
Home Ins: Enter your exact annual home insurance premium.
Monthly HOA: If you are buying a condo, townhouse, or even a single-family home where an HOA exists, enter the monthly management/maintenance fee.
Tip: To make your calculation even more accurate, you can combine this with your other fixed monthly debt payments—such as auto loans, student loans, or minimum credit card payments.
Loan Type: There are four main options: Conventional, FHA, VA, and USDA. In most standard cases, select Conventional.
Once you enter the information above, the monthly loan payment amount will be calculated and displayed.
*** Calculating this in reverse allows you to figure out how much annual income you need to qualify for a specific loan amount. To use that reverse calculation, please click here.