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, using a mortgage payment calculator to get an idea of an estimated overall monthly payment was one of the top steps to take before applying for home loans or getting pre-qualified. Many home buyers don’t have a great grasp on what a payment is going to run, which ultimately leads to looking at homes that you think you can afford (when you may not be able to).
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.
For Property Tax estimates in your state, see below to find your state's average tax rate. It’s based off a percentage of the purchase price.
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.
While using a calculator to estimate your mortgage payment is a great first step, once you’re ready to look at the home loans that best fit your goals, apply online or give one of our trusted experts a call to help guide you through the process.
.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.