This simple and easy to use mortgage calculator will show you the amortization schedule and breakdown of your payments made towards your home loan. Enter in some simple information and get a good idea of how much house you can afford based on the breakdown of monthly payments.

### Mortgage Calculator

• Calculator
• Schedule
Mortgage Details Payment Breakdown

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### What Makes Up Your Monthly Mortgage Payment?

There are several factors that can make up your monthly mortgage payment. The calculator above will show you a total monthly payment based on the numbers you enter and will also show you the breakdown of that total payment. This may include: the principal and interest, private mortgage insurance (if PMI is applicable), property taxes, homeowner’s insurance and in some cases, homeowner’s association fees.

### What About the Down Payment?

The down payment is how much you pay upfront for your home. You may have heard that a 20% down payment is average, and in most case this is a good number. But there are several different mortgage programs that all have different down payment requirements. It is always a good idea to compare mortgage options to see how it can affect your down payment and monthly mortgage payment.

### Mortgage Affordability Calculator

Sometimes trying to estimate how much house you can afford is easier if you start with what you know. It can be easy to get a rough estimate of a possible mortgage payment if you factor in what you currently make per year vs how much you currently spend per month. Use the affordability calculator below to get an idea of how much you can afford. If you want to get a better idea, schedule a time with one of our licensed mortgage advisors.

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### Mortgage Terms

#### Home Price

The home price, or purchase price, is the agreed upon amount that buyer is willing to pay for the home they are getting a mortgage for.

#### Down Payment

The down payment on the home is a percentage of the purchase price that is paid at closing. The average is about 20% but can be as low as 3.5% in some cases. It will affect how much you need to borrow, whether you will pay PMI and also what interest rate you are offered.

#### Interest Rate

The interest rate is basically the cost of borrowing the money for your home. It is usually a percentage of the principal you are borrowing and is paid monthly as part of your mortgage payment.

#### Loan Term

The loan term is the time period in which you will have to pay back your loan before you officially own your home. Most mortgage terms are 25 or 30 years but can go as low as 5 or 10 years. The longer the term, the less monthly payment you will have, but the more interest you will pay.

#### Property Tax

Property tax is a tax paid on property and land you own. It is usually calculated by the local government where the property is located. It is a percentage of the assessed value of your property and land. This payment can be made by you as a lump some, or added to your monthly mortgage payment.

#### PMI

PMI, or Private Mortgage Insurance, is a type of insurance used to protect your lender if you stop paying on your loan. It is usually required on conventional loans if you make a down payment less than 20%.

#### Homeowner’s Insurance

Homeowner’s insurance protects your home and the belongings inside in the event of a disaster like a fire or flood. Most lender’s require you have homeowner’s insurance on your home as it will also help protect their investment.

#### HOA Fees

An HOA fee is a certain amount of money that must be paid monthly by owners of certain types of residential properties. These fees almost always apply to condominiums but can also apply to certain residential neighborhoods and communities. The fees are often used for upkeep and maintenance of the property and its amenities.

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