Use our mortgage calculator to estimate your monthly mortgage loan payment. Input home price, down payment, length of loan and interest rate to see how your payment changes.
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How a Mortgage Calculator Can Help You
Buying a home or commercial property is a big decision. One of the biggest that many people make in their lives. Therefore, you should think carefully about how your going to finance it. Setting up your budget before you start looking at your property, will help you avoid looking at homes you can’t afford. That’s where our simple mortgage calculator can help.
The Mortgage Payment Components
A mortgage payment has 4 components, also known as PITI. This includes: principal, interest, taxes and insurance. Additional costs, that many homebuyers forget about are fees like HOA, PMI (private mortgage insurance) – which you’ll need if putting down less than 20%.
Our mortgage calculator can help you factor in the total monthly payment, by including the PITI, Homeowners Insurance, Property Tax and HOA fees.
How to Determine What You Can Afford
- Enter the price of your property, down payment and approximate loan details such as interest rate and credit score
- The mortgage calculator will provide your estimated monthly payment
- Add in additional costs, like Homeowner’s Insurance, Property Tax and HOA fees.
- Financial advisors agree that people should not spend more than 28% of their gross income on their monthly mortgage payment
- Also, no more than 36% of their gross income on total debt, which includes your payment, credit cards, student loans and other bills.
- Sum up your monthly debt payments, including credit cards, loans and mortgage
- Divide your total debt by gross monthly income, which will be a decimal, so multiply by 100 to achieve your DTI percentage
- As a general guideline, a DTI ratio of 43% is typically the highest a borrower can have and still get qualified for a mortgage
Mortgage Calculator Help
Using the Upwise online mortgage calculator can help you quickly and accurately predict your monthly mortgage payment with just a little bit of information. It can also show you the total amount of interest you’ll pay over the life of your mortgage. To use this calculator, you’ll need the following information:
Home or Property Purchase Price: This is the dollar amount you expect to pay for your property.
Down payment: The down payment is money you give to the property seller at closing. Typically, at least 20 percent down lets you avoid PMI (private mortgage insurance).
Mortgage Amount: If you’re getting a mortgage to buy a new home, you can find this number by subtracting your down payment from the home’s purchase price. If you’re refinancing, this number will be the outstanding balance on your mortgage.
Mortgage Term (Years): This is the length of the mortgage you’re considering. For example, if you’re buying a home, you might choose a mortgage loan that lasts 30 years, which is the most common, as it allows for lower monthly payments by stretching the repayment period out over the course of 30 years. On the other hand, a homeowner who is refinancing may opt for a loan with a shorter term, like 15 years. This is another common mortgage term that allows the borrower to save money by paying less total interest. However, monthly payments are higher on 15-year mortgages than 30-year ones, so it can be more of a stretch for the household budget, especially for first-time homebuyers.
Interest Rate: Estimate the interest rate on a new mortgage by checking with your mortgage lender, to see what you get pre-approved for. Once you have a estimated rate (your real-life rate may be different depending on your overall financial and credit picture), you can plug it into the calculator.
Mortgage Start Date: Select the month, day and year when your mortgage payments will start.