The monthly mortgage calculators are here to help you understand better what your home loan needs are or what you might be able to afford.
This calculator provides an estimate and your actual amounts may vary depending on your credit and market events.
This calculator considers other obligations, like taxes and insurance, in addition to the loan principal and interest which other calculators may leave out.
To help you out, here are the definitions of some common terms:
Purchase Price – The amount of money needed to buy a property.
Down Payment – The amount of money that you put towards the home.
Mortgage or Loan Term – This is the length of time that chosen to pay off the loan. Typically 30 years, 20 years and 15 years.
Interest Rate – This is a percentage of the amount borrowed that you will pay for the use of the money you borrowed.
Property Tax – This is a tax on the property, generally paid annually. These vary by location.
Property Insurance – The insurance protection for the property. Mortgage providers generally requires owners to carry some form of insurance on the property that the loan is provided for.
Private Mortgage Insurance (PMI) – Insurance paid on the loan to cover the risk of non-payment. You might see this on loans where the borrower has less than a 20% down payment.
First Payment Date – This is the first date that payment is due and is used to help calculate interested on the loan.
Loan Amount – The amount in a loan agreement that the borrower agrees to pay back.