Mortgage Calculator

*The information provided by our calculators cannot be guaranteed in regards to your individual financial position by All examples are hypothetical for illustrative purposes only. For the most accurate and personalized results, we encourage you to seek advice from one of our qualified financial professionals.

Mortgage Calculator In Further Details

The purpose of our mortgage calculator is to help you calculate your total monthly mortgage payment including: principal, interest, taxes as well as insurance.

The total mortgage payment amount is determined based upon the total value of the loan. With this mortgage calculator you are able to adjust the details of the loan to give you a more accurate monthly payment estimate.

There are four main factors that go into determining your mortgage payment and they are:

  • Purchase Price: The purchase price is one of the biggest factors that goes into your final monthly mortgage payment. So you can play around with the the purchase price to see what type of monthly payment you can afford.
  • Down Payment: The next determining factor in your mortgage calculation is how much you can afford to put down on your home. Because of private mortgage insurance, it’s best to try to put down 20% so you can avoid paying PMI all together. Your down payment will not only remove pmi, but substantially reduce your loan amount and monthly payment.
  • Loan Type: The most common loan type is the 30 Year fixed mortgage followed up closely with the 15 year mortgage. Typically, the 30 year mortgage has a higher interest rate, but a lower monthly mortgage over the life of the loan. The 15 year mortgage has a lower interest rate, but a higher monthly mortgage because you are paying the loan off in half the time. With that said the 30 year mortgage has quite a bit more interest paid over the life of the loan, so that’s something to consider when selecting your loan type.
  • Interest Rate: Your interest rate is one of the most popular talking points in determining your monthly mortgage payment. The lower you can lock in your monthly payment, the lower you will ultimately be paying for the opportunity to borrow money. Your credit score and the current economy play a huge roll in determining what mortgage lenders will lock in for your interest rate.


There is another factor that isn’t listed that will affect your monthly mortgage payment and that is private mortgage insurance (PMI). The industry standard is structured so that if you do not own 20% of total value of  your home, you are required to have private mortgage insurance. So the larger down payment you can provide, the sooner you will be able to remove PMI from your loan