There are dozens of mortgage payment calculators online but none that will give you the detailed guidance below. We aim to provide additional information with our calculator that others don’t.
In our detailed guide to buying a house, we highlight how using a payment calculator is highly important to make sure you’re looking and shopping for what you can truly afford in your monthly budget. There is nothing worse when a borrower gets their hopes up on a particular property only to find out the mortgage payment is significantly higher than they expected.
Other Mortgage Payment Calculators:
DID YOU KNOW? A mortgage payment is typically comprised of 4 components: the loan payment (P&I or principal and interest), Property Taxes, Homeowner’s Insurance (HOI) and Mortgage Insurance (PMI). Our calculator will help you estimate all four aspects.
PMI for the conventional mortgage are estimates only and should be used for calculating initial payments. Always call one of our loan advisors for more precise estimates.
.6% per year – Alabama, Arizona, Arkansas, California, Colorado, DC, Delaware, Hawaii, Idaho, Kentucky, Louisiana, Mississippi, Montana, New Mexico, South Carolina, Tennessee, Utah, Virginia, West Virginia, Wyoming
1.15% per year – Alaska, Florida, Georgia, Indiana, Maryland, Massachusetts, Minnesota, Missouri, North Carolina, North Dakota, Oklahoma, Oregon, Washington
1.45% per year – Iowa, Kansas, Maine, Ohio, Pennsylvania, South Dakota
1.75% per year – Michigan, Nebraska, New York, Rhode Island, Texas, Vermont
2% per year – Connecticut, New Hampshire, Wisconsin
2.4% per year – Illinois & New Jersey (some Texas cities are here as well)
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.