Understand Your Monthly Mortgage Payment!

You can use our mortgage calculator to explore scenarios like making extra payments, choosing a shorter loan term, or comparing fixed-rate versus adjustable-rate mortgages to see how these choices affect your overall costs.

The actual payment might differ due to variations in property taxes, insurance rates, changes in interest rates (if you have an adjustable-rate mortgage), or the addition of HOA fees, among other factors.

Our mortgage calculator uses the inputs provided (home price, down payment, loan term, interest rate, etc.) to compute your monthly payment. This is done using a mathematical formula that accounts for the compounding interest over the term of the loan.

The down payment reduces the loan amount and can affect whether you’re required to pay for PMI (private mortgage insurance). A larger down payment can lower your monthly payment and the total interest paid over the life of the loan. Our mortgage calculator allows you to adjust the down payment to see how it impacts your payment.

You can input the details of each loan offer, including the interest rate, loan term, and any fees, to see how they affect your monthly payment and the total cost over the life of the loan. This can help you make an informed decision on which loan offer is best for you.

Yes, including estimated property taxes and homeowners’ insurance gives you a more accurate picture of your total monthly payment. These costs are often escrowed, meaning they’re included in your monthly mortgage payment and paid by your lender on your behalf.