MORTGAGE CALCULATOR

Start with a current lender quote

Enter the interest rate quoted for your proposed loan, and choose the matching term. The preset rate is illustrative. A lender's written Loan Estimate helps you review the rate, projected payments, closing costs, and estimated cash to close together.

Add the expenses beyond principal and interest

Open Advanced to enter property taxes and homeowners insurance as annual amounts, and condo or HOA fees as a monthly amount. Confirm the figures for the specific property. Blank or zero inputs do not mean those expenses are absent. Check whether mortgage insurance applies and account for it separately if the calculator does not include it.

Your broader budget also needs room for utilities, maintenance, repairs, and any special assessments. See the CFPB's explanation of a total monthly mortgage payment.

Compare down payment and cash remaining

A larger down payment reduces the amount borrowed, but also changes the cash you retain for closing, moving, and future needs. Available down-payment options depend on the loan program and your eligibility. Ask your lender about mortgage insurance and other charges rather than assuming that one down-payment percentage applies to every loan.

Understand what a fixed rate keeps fixed

For a typical fully amortizing fixed-rate loan, the scheduled principal-and-interest payment remains the same when payments are made as agreed. Taxes, insurance, association charges, and other ownership expenses can change. This calculator's fixed-rate comparison does not model future adjustable-rate changes.

Compare two scenarios with the same assumptions

First calculate the home and loan you are considering. Record the monthly estimate and the amounts entered for taxes, insurance, and HOA fees. Then change one item, such as home price, down payment, or term, and calculate again. Keeping other assumptions consistent makes the difference easier to understand.

Before choosing a loan, compare written lender estimates for the same scenario and review both monthly costs and cash to close. A lower displayed payment can reflect omitted costs, not necessarily a better offer.

Connect the numbers to your home search

Deborah Herres at Epique Realty can help compare properties, identify available tax and association information, and organize the next steps. Visit Get Pre-Approved to explore lender resources for a property-specific financing conversation.