Use the mortgage calculator below to estimate your total monthly house payment. For questions on the terms or values, see the definitions below, or drop us a line at the bottom.
Mortgage Terms and Definitions
This is the amount of money you will put towards a down payment on the house. Make sure you still have cash left over after the down payment to cover unexpected repairs or financial emergencies. If you’re using FHA financing, the minimum down payment is 3.5%. For most conventional loans, the minimum down payment can be as low as 5%. There are also a few $0 down payment loan programs still around, including the USDA, VA and some physician loan products.
This is the interest rate for your loan. It is one of the most common values used to compare loans from different providers. In addition to your APR, be sure to compare closing costs when shopping for a mortgage. This calculator is pre-filled with the current 30-year fixed average rate.
The mortgage payment calculator includes estimated property taxes. Here in Indiana, county property taxes are capped at 1% per year for owner-occupants (meaning you live in the home and its not a rental property) and 2% for investors or non-owner occupants, per year. There are some additional local township taxes that can add a minimal amount to this number. The calculator defaults to 1.2% to guesstimate on the higher end.
Commonly known as hazard insurance, most lenders require insurance to provide damage protection for your home and personal property from a variety of events, including fire, lightning, burglary, vandalism, storms, explosions, and more. All homeowner’s insurance policies contain personal liability coverage, which protects against lawsuits involving injuries that occur on and off your property.
Mortgage insurance is required primarily for borrowers with a down payment of less than 20% of the home’s purchase price. It protects lenders against some or most of the losses that can occur when a borrower defaults on a mortgage loan. Also known as PMI (Private Mortgage Insurance).
Typically, owners of condos, townhomes and other low-maintenance properties are required to pay homeowners association dues (known as HOA fees), to cover common amenities or services within the property such as garbage collection, landscaping, snow removal, pool maintenance, and hazard insurance.
This is the length of time you choose to pay off your loan (e.g., 30 years, 20 years, 15 years, etc.)
Click on the Advanced Report link to see a printable report that includes mortgage payment breakdowns, total payments, and a full mortgage payment amortization calculation (table and chart). Amortization table includes ability to view amortization by year or by month.