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Mortgage Calculator


  • The monthly payment amount includes principal and interest based on a fixed-rate mortgage. If you’ll be using an adjustable-rate mortgage, this amount only applies to the fixed period. The monthly payment amount shown is based on information you provided and is only an estimate.
  • This calculator assists you with estimating basic monthly mortgage payments.  It is information only. Examples are based on the information entered by you and are for illustrative purposes only.  This is not an offer to lend.
  • APR (Annual Percentage Rate) is a rate used to calculate your cost of borrowing in a year. Unlike interest rates, APR factors in the amount borrowed, the interest rate, one-time fees and any discount points to determine a more accurate yearly cost.

Variables are described below.

  • homevalue: the selling price of the home
  • downpayment: the amount the buyer has saved & is willing to invest in the property upfront. The average downpayment is around 10%, though the benchmark is 20% to relax PMI requirements.
  • loanamount: typically the home value less the downpayment
  • interestrate: the annual percentage rate (APR) charged on the loan
  • loanterm: the amortization period of the loan in years – typically 30 for most US residential loans
  • propertytax: annual property tax payment
  • pmi: property mortgage insurance as a percent (typically between 0.5% and 1.3%, though unneeded if a 20% downpayment is used).
  • homeinsurance: annual cost of a homeowners insurance policy
  • monthlyhoa: monthly dues for being part of a homeowners association.