Calculators
Mortgage Calculator

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.

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Enter the sales price or the amount you plan to offer on a home.

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You can enter a dollar amount or percentage. Some programs allow down payments as low as 3%. Just remember, the more you put down, the less your payment will be.

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Your actual interest rate will be determined by your credit score, loan type and other factors.

Choose the length of the loan term you plan to use. Standard loan terms are 15 or 30 years.

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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.

Total Principal:

Loan Term 30 Yr Fixed 15 Yr Fixed 30 Yr Adjustable
Monthly Payment $1,176 $1,243 $1,092
Mortgage Rate 3.75%
Total Costs $133,443 $51,912 $133,459

Based on the numbers you provided, here is your mortgage estimate. Want to see other options? Just enter new numbers to calculate and compare.

 
Your estimated monthly payment is
$1,176
30 year fixed loan
Principal & Interest
$450
Property Taxes
Home Insurance
PMI
Total Payment
CALCULATE

GET MORE MORTGAGE DETAILS FROM THE EXPERTS

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HOW TO CALCULATE A MORTGAGE PAYMENT

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.

HERE'S HOW IT WORKS

  1. If you know how much the house you want to buy costs, enter that number in the “Home Price” line. Or you can put the average home price if you don’t have a specific house in mind yet.
  2. Your down payment is what you pay up front when buying a home. Contrary to popular belief, you don’t always have to put down 20%. You can either enter a dollar amount or a percentage in the “Down Payment” section of the calculator above.
  3. In the “Interest Rate” box, enter the mortgage interest rate that you expect you will pay. If you aren’t sure, contact your local PrimeLending loan officer to get an idea of what mortgage rates in your area are.
  4. The “Loan Term” section is where you will enter the length of your loan or how many years you want to have a mortgage for. Many common loan term lengths are 15 or 30 years, but there are more options available to you depending on the mortgage you choose.
  5. You will also need to include your expected annual property taxes and annual home insurance. These costs can be entered into their respective boxes in the mortgage calculator above.

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%.

WHAT ARE THE COSTS ASSOCIATED WITH A MORTGAGE PAYMENT?

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.

  • Principal — This is the amount you borrow to buy a home and what you will pay back in monthly installments.
  • Interest — This is what it costs to borrow the principal amount of your mortgage and is added on as a percentage of what is owed.
  • Property Taxes — While property taxes aren’t part of what you pay back in your mortgage payment, it is a fee that occurs monthly as a property owner. Property taxes will be listed on your mortgage statements if you have an escrow account for it.
  • Mortgage Insurance — If your down payment is less than 20% there is a probability of you having mortgage insurance tacked onto the cost of your mortgage.
  • Homeowners’ Insurance — Also not part of your mortgage payment, homeowners’ insurance is a monthly fee that covers your property, home and personal assets inside the home. Homeowners’ insurance will be listed on your mortgage statements if you have an escrow account for it.

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.

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