How to Use the Mortgage Calculator
- Enter the Home Value: Input the total value of the home you're considering.
- Enter the Loan Amount: This is the amount you plan to borrow for the mortgage.
- Set the Interest Rate: Input the expected annual interest rate of the mortgage.
- Set the Loan Term: Enter the length of time in years over which you plan to repay the loan.
- Enter the Property Tax: This is the annual property tax amount. The calculator will convert this into a monthly cost.
- Enter the Home Insurance: Input the annual home insurance cost. This will also be converted into a monthly expense.
- Enter Your Credit Score: Your credit score helps determine the PMI (Private Mortgage Insurance) rate, if applicable.
- Click "Calculate Payment": The calculator will display your estimated monthly payment, including principal, interest, property tax, home insurance, and PMI (if applicable).
Please note: The calculator provides an estimate based on the information you provide and may not reflect your actual mortgage payment or terms.
This mortgage calculator is provided for informational and educational purposes only. The results are estimates based on the input values and should not be construed as financial advice or an offer of credit. Actual terms and rates may vary based on credit history, income, and other factors. Please consult with a qualified financial advisor or lender for advice specific to your financial situation.