Mortgage Calculator | Pre-Approval & Apply for a Mortgage
How Much Home Can You Afford?
A mortgage calculator can help you figure out the monthly payments on a home mortgage loan.
Based on the home’s sale price, the term of the loan, a buyer’s down payment percentage, and the loan’s interest rate, this calculator can help estimate what you’ll need to pay out monthly for your new home.
Be sure to include as much information as possible for the most accurate payment calculation. Enter the home value as the purchase price of the home. Enter the amount you plan to finance in the Mortgage Loan Amount box (after down payment). Enter the mortgage loan rate for your loan in percentage. Enter the amount of years you wish to finance for (most loans are financed for 30 years, but other options including 10 and 15 year loans are available as well). Then you can include Private Mortgage Insurance (PMI) for loans with less than a 20% down payment, as well as property taxes, homeowner insurance and closing costs to determine the effect on the total monthly mortgage payment. Click Compute Mortgage Payment when you’ve entered as much information as possible in the top section, and your payment breakdown will be provided below.
Getting pre-approved is a crucial step in finding out exactly how much you’ll be able to afford and what kinds of loans and interest rates are available to you. It’s important to note that pre-approval is not the same as pre-qualification; pre-qualification means that it’s likely that you’ll be approved for a loan, where as pre-approval means that you are approved for the funds and sellers will know that you are a serious buyer.
Let us help you with this process. After using the mortgage calculator above to determine what you can afford, enter your mortgage details into the below form and we will assist you in finding the best loan for your home purchase. This is a free, no-obligation service and your information always remains private. For an accurate estimate, please include as many details as possible.