Use this calculator to estimate what amount of home you can afford
Enter some basic information to get started.
Estimated Monthly Payment Without Taxes
$0.00
Estimated Monthly Payment With Taxes
$0.00
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Taxes
- Average annual property taxes: $5,000-$7,000
- Property taxes vary depending on the type of home and location. For estimation purposes use 1% of home value.
Interest Rates
- Average interest rates: 5.50%-7.50%
- Interest rates vary greatly depending on the broker, lender, term, location and your personal situation.
Heating
- Average heating costs of $100 are considered as part of the income requirement.
What’s the purpose of a mortgage payment calculator?
Our mortgage payment calculator will estimate your monthly mortgage payment for a specific home, with and without taxes included. The estimates will factor in the home price and property taxes as well as the down payment and loan details.
Why is knowing the mortgage payment amount important?
If you’re considering a home, it’s important to know that you’ll be able to cover all your expenses when you start making mortgage payments.
How do I use this calculator?
Enter the following information and click “Calculate” to estimate the monthly mortgage payment with and without taxes included.
Home Price. This is the purchase price of the home for sale, not including closing costs.
Down Payment. The down payment is the cash you’ll pay upfront when you purchase a home. Putting up more money when you buy a home can mean paying less in interest over time.
Interest Rate. This is the amount you are charged for borrowing money. It is a percentage of the total money borrowed over a set amount of time – typically, rates fall between 5.50% – 7.00%. You can check out today’s mortgage rates and get a personalized quote here.
Amortization. This factors in the length of time you’ll be repaying the loan.
Annual Property Taxes. Average annual property taxes are $5,000 – $7,000; however, many factors determine the actual amount. For estimation purposes, you can use 1% of the home price.
How can I apply these estimates?
Your monthly mortgage payment will likely be your largest expense each month. You can use these estimates to gauge whether a home is in your price range, and how different factors could lower your payment.