Ready to buy a house but want to get an idea of how much you can afford before you apply for a mortgage? Play with the numbers in our free mortgage calculator.
Use this simple mortgage calculator to get an estimate of what your monthly payments might look like or calculate how your down payment impacts what you pay over time.
Ready to buy a house but want to get an idea of how much you can afford before you apply for a mortgage? Play with the numbers in our free mortgage calculator. Use this simple mortgage calculator to get an estimate of what your monthly payments might look like or calculate how your down payment impacts what you pay over time.
These calculations are tools for learning more about the mortgage process and are for educational/estimation purposes only. Calculator results are rounded down to the nearest dollar. Payment shown includes taxes and insurance (if entered into scenario) and mortgage insurance (if applicable). This does not constitute an offer or approval of credit. Contact a PrimeLending home loan officer for actual estimates.
For example, a Conventional fixed rate loan with the terms purchase price of $312,500, on a loan term of 360 months, down payment of 20%, and an interest rate of 6.625%, will result in an annual percentage rate of 6.716% with $3,448.12 in APR fees. Rate pulled 11/28/22, rates change daily. Loans are subject to borrower qualifications, including income, property evaluation, and final credit approval.
Based on the numbers you provided, here is your mortgage estimate. Want to see other options? Just enter new numbers to calculate and compare.
One of the best ways to plan for your mortgage is to use a mortgage calculator to help you anticipate what a mortgage might cost you. A monthly mortgage payment is calculated using home price, your down payment, expected interest rate, loan term, annual property taxes and annual home insurance. You can use our free, house loan calculator to crunch the numbers and get an idea of what your mortgage payment might look like.
The calculator will also show the typical costs that are included in your monthly mortgage payment and what portion of your payment they are. These costs include the combined principal and interest, monthly property taxes and monthly home insurance. For some borrowers, private mortgage insurance (PMI) may also be included if they have a conventional loan and put down less than 20%.
When you get a mortgage, there will be other costs associated with your monthly mortgage payment. These can include what you owe on the principal, your interest payment, mortgage insurance, property taxes and homeowners’ insurance.
Another cost associated with getting a mortgage is the origination fee. An origination fee is a one-time fee charged by a lender for processing your loan. On average, the origination fee costs 0.5% to 1% of the loan amount.