Purchase Calculator: Calculate your monthly mortgage payment.
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Interested in refinancing your existing mortgage?
Use our refinance calculator to see if refinancing is in your future.
Cool let me seeHow to use the calculator
Punch in your financial details into our purchase calculator machine, and we’ll use some serious arithmetic sorcery to see what kind of home makes sense for your current cash flow situation.
1. Enter the purchase price of the property. In the purchase price field, input how much money you paid (or are willing to pay) for the home. This can be an estimation.
2. Enter your loan term. In the loan term field, please choose the term of your mortgage. IE: how long you’re willing to be BFFs with your mortgage. This can be anywhere from 5 years to 30 years.
3. Enter your down payment. In the down payment field, input the chunk of change that you initially had to put down to purchase your property. If you’d prefer to add the percentage instead, then by all means!
4. Enter your annual property taxes. In the annual property taxes field, input the total amount of money that you unfortunately pay in taxes per year.
5. Enter your interest rate. In the interest rate field, input the rate that you have no control over and that you wish was lower. We’ve set it at 6%.
6. Enter your mortgage insurance rate. In the mortgage insurance rate field, enter your PMI rate if you have PMI and/or know it. If not, no worries. You can leave it at zero.
7. Enter your annual homeowners’ insurance. In the annual homeowners’ insurance field, input the total amount of money that you spend on homeowners insurance per year in case, ya know, something bad happens. Unsure? Leave it at zero.
8. Enter your monthly HOA. In the monthly HOA field, enter how much money you have to pay the homeowners’ association each month for, I don’t know, landscaping or something. If you don’t know, you can ignore this one.
You’ve made it this far, now there’s just this silly little button between you and your new home!
Disclaimers:
Results of this calculator are an estimate only and in no way indicate approval or financing of a mortgage loan. Calculator results do not reflect all loan types and are subject to individual program loan limits. Contact us today to understand your purchase options and apply.
The mortgage you could afford depends on many factors, including your total monthly payment, income, debt obligations, creditworthiness, down payment amount and other factors your lender may consider.
