Use our mortgage calculator to get an idea of your monthly payment by adjusting the interest rate, down payment, home price and more.
Total:
$1,802
Using an online mortgage calculator can help you quickly and accurately predict your monthly mortgage payment with just a few pieces of information. It can also show you the total amount of interest you’ll pay over the life of your mortgage.
Mortgage terminology can be confusing and overly complicated—but it doesn’t have to be! We’ve broken down some of the terms to help make them easier to understand.
Shopping for a house is easier with a vetted professional on your side. RamseyTrusted® pros are ready to help.
When you find your dream home, you don’t have to wonder if you can actually afford it. Churchill can help you get ahead.
Figuring out how much house you can afford is tricky. But our home affordability calculator will help you calculate a budget that works for you.
Rachel Cruze
Want to buy a home in 2025? You’ve come to the right place! We’ll walk you through how to buy a house in 10 steps.
Rachel Cruze
Want to get rid of your house payment for good by paying off your home loan? Here are five tips for how to pay off your mortgage early.
Rachel Cruze
A monthly mortgage payment is made up of many different costs. Our mortgage calculator’s payment breakdown can show you exactly where your estimated payment will go: principal and interest (P&I), homeowner’s insurance, property taxes, and private mortgage insurance (PMI).
Don’t know which mortgage is right for you? Use our mortgage calculator to estimate the cost of different loan types and compare interest paid for a 15-year mortgage and a 30-year mortgage. You may be surprised to see how much you can save in interest by getting a 15-year fixed-rate mortgage.
Considering what to offer on a home? Change the home price in the loan calculator to see if going under or above the asking price still fits within your budget.
You can also use our mortgage payment calculator to see the impact of making a higher down payment. A higher down payment will lower your monthly payments not only because it reduces the amount of money you borrow, but also because it can help you qualify for a lower interest rate. In some cases, a down payment of at least 20% of the home’s purchase price can help you avoid paying private mortgage insurance (PMI).
Across the country, average home prices have been going up. Despite the rise in home prices, you can still find a perfect home that’s within your budget! As you begin to house hunt, just make sure to consider the most important question: How much house can I afford? After all, you want your home to be a blessing, not a burden.
The initial cash payment, usually represented as a percentage of the total purchase price, a home buyer makes when purchasing a home. For example, a 20% down payment on a $200,000 house is $40,000. A 20% down payment typically allows you to avoid private mortgage insurance (PMI). The higher your down payment, the less interest you pay over the life of your home loan. The best way to pay for a home is with a 100% down payment in cash! Not only does it set you up for building wealth, but it also streamlines the real estate process.
A home loan designed to be paid over a term of 15 years. The interest rate remains the same for the life of the loan. A 15-year mortgage will have a higher monthly payment but a lower interest rate than a 30-year mortgage. Because you pay more toward the principal amount each month, you’ll build equity in your home faster, be out of debt sooner, and save thousands of dollars in interest payments.
A home loan designed to be paid over a term of 30 years. The interest rate remains the same for the life of the loan. A 30-year mortgage will have the lowest monthly payment amount but usually carries the highest interest rate—which means you’ll pay much more over the life of the loan. Unless you like the idea of paying thousands of dollars more for your home than you have to and staying in debt twice as long as you need to, opt for a 15-year mortgage if you’re not paying cash for your home.
A home loan designed to be paid over a term of 30 years. The interest rate does not change for the first five years of the loan. After that time period, however, it adjusts annually based on market trends until the loan is paid off. The interest rates are usually comparable to a 30-year mortgage, but ARMs transfer the risk of rising interest rates to you—the homeowner.
The ongoing cost of financing a home purchase. This is generally shown as an annual percentage of the outstanding loan. For example, a 5% interest rate on a $200,000 mortgage balance would add $833 to the monthly payment. As the balance is paid down through monthly payments, the interest portion of your payment is reduced.
This is calculated as a percentage of your original loan amount, and is based on your credit score and down payment. PMI protects the lender in case you don’t pay your mortgage, and it slaps an extra fee on top of your monthly payment that doesn’t apply to your loan balance. In most cases, you can avoid PMI if you put at least 20% down on your home purchase.
Generally a requirement for any home mortgage. The premium is usually included with the monthly mortgage payment. Costs and coverage vary by state and the value of the home. Get professional advice to make sure you have the proper coverage. Homeowner’s insurance can cover the cost to repair or rebuild due to damage caused by events like fire, windstorms, hail, lightning, theft or vandalism. It can also protect your possessions inside your home like clothes, furniture and electronics.
Fees due in exchange for being part of a homeowner’s association. A homeowner’s association is an organization in a planned community that maintains and reinforces rules for the properties in its jurisdiction. By purchasing a property in such a community, the homeowner is agreeing to the HOA’s rules and fees. HOAs maintain a significant amount of legal power over property owners regarding the outside conditions of the home.
The amount you pay each month for your mortgage, homeowner’s insurance, and HOA fees. This payment should be no more than 25% of your monthly take-home pay. That leaves plenty of room in your budget to achieve other goals, like saving for retirement or putting money aside for your kid’s college fund.
Taxes you have to pay based on the government’s appraisal of your property. These are usually included as part of your monthly mortgage payment. Property taxes vary greatly depending on location and home price.
