Mortgage Calculator

Our Mortgage Calculator Now Includes PMI, Conforming Loan Limits, Housing & Debt-to-Income Ratios

Many of the mortgage calculators found online are full of meaningless bells and whistles that might look neat but provide no real value. We prefer to display useful, relevant payment information as quickly and as easily as possible.

Results Now Include

• Principal
• Interest
• Property Taxes
• Homeowner's Insurance
• PMI
• County Loan Limits
• Housing Ratio
• Debt-to-Income Ratio

Adding PMI has made estimating a more accurate monthly payment for homebuyers with less than 20% down payments more reliable. Our PMI rates account for your down payment amount and estimated credit score. While actual PMI rates vary by provider, our mortgage calculator should give you an idea of what to expect. Hopefully eliminating as much payment shock as possible.

Affordability is both objective and subjective. Two families with identical incomes may choose to spend and save differently. What you consider affordable and what I do may differ significantly. From a lending standpoint, it is much more objective.

In addition to variables like credit score and job stability, your debt-to-income ratio is extremely important. We've added debt-to-income and housing ratios to our mortgage calculator to better guide you towards an affordable home. Much time is to be saved knowing more realistically how much you can spend on your new home.

Conforming loan limits are important if your budget is on the higher side. Any traditional mortgage loan that is above its county loan limit is considered a jumbo loan, which is fine. There is nothing wrong with jumbo loans. However, they may carry with them different terms and approval criteria than their conventional counterpart.

Mortgage Calculator Instructions

To enhance your experience when using our mortgage calculators, we use your browser to remember your settings and payment inputs. If you navigate around or come back later, we'll populate our calculators with your most recent payment request.

How to Use Our Mortgage Calculator

Our mortgage calculator provides the power to easily switch from conventional loans to our signature government loan calculators.

Not all payment calculations are the same. FHA, VA, USDA, and conventional loans each have intricacies unique to themselves. Use the tabs located above the purchase price to toggle from one calculator to another.

Purchase Price

As you might expect, Purchase Price is the price you're paying for your home. All payment calculations begin here. Type, paste in a value, or use the slider to initiate your payment calculation.

Down Payment

Your Down Payment is the amount of money out of pocket you are paying for your home. Typical down payments are 5%, 10%, or 20% of the home's purchase price.

Type or paste a value to declare your down payment or simply select a preset percentage. The loan amount we use to calculate your monthly payment results from subtracting your down payment from the inputted purchase price.

Interest Rate

Your Interest Rate is determined by your mortgage lender. The lower the better.

Mortgage rates are typically offered in 1/8th percentage (0.125%) increments.

Use the or buttons to adjust your rate up or down 0.125%.

Some lenders may occasionally offer a rate designed to entice, such asx.99%. In this case, you can manually enter an interest rate.

Loan Term

The Loan Term is the number of months it will take to repay your loan in full. A typical mortgage term is 30 years, so we default to this. 15 years is next common. Use the preset loan term buttons to easily compare the impact the term will have on your payment.

If you need to, you can use the dropdown to select any term up to 360 months (30 years). This might be handy if you are refinancing and do not want to extend your term back out to 30 years or want to have your loan paid off by a certain date, like before you retire.

Property Taxes

Property Taxes vary greatly depending on your location. Somewhere in the range of 1% to 3% of the purchase price annually is normal.

When you make property tax changes, we will remember your tax rate as a percentage of your purchase price. That way when you increase or decrease your purchase price the property taxes will adjust accordingly.

Homeowner's Insurance

Your Homeowner's Insurance rate is also dependent upon your location. 0.3% to 1% of your home's price is normal.

Like property taxes, we'll remember your insurance rate and adjust the annual premium as you make purchase price changes.

You have the option to lock property tax and insurance amounts when changing the purchase price. This is handy if you are exploring payments for a specific property at different purchase prices and don't want these amounts to change.

Other Types of Mortgage Calculators

Our main mortgage calculator uses parameters found in traditional conforming and jumbo loan programs. However, not all mortgage payments are the same.

Government loans - like FHA, VA, and USDA - all differ in their own ways from a conventional mortgage payment.

FHA loans include upfront mortgage insurance and an annual mortgage insurance premium you pay monthly as part of your house payment. Yes, it's confusing, but we handle all the intricacies of FHA payment calculations here.

USDA loans are similar to FHA but have their own nuances, including no down payment and extended terms of 33 and 38 years available with the USDA Direct home loan program. We handle that for you, too.

Finally, VA loans don't have monthly or annual mortgage insurance, but there is a funding fee that must be dealt with. Do your VA calculations here.

Supplemental Mortgage Calculators

There will be times when you need more than just a monthly payment. If there is a calculator you cannot find but think we should have, let us know and we'll consider building it.

We have many tools in the hopper and coming soon. In the meantime, here's our current list of mortgage calculators.

Current List of Mortgage Tools & Calculators