Calculate a Mortgage Payment

Find Your Ideal Monthly Mortgage Payment

Wondering how much you should commit to paying monthly for a new home? When you repay a mortgage, you make monthly payments to your lender. These payments cover both the loan principal and interest. Over time, the amount going toward the principal increases as your balance decreases, but your monthly payment stays the same. Your mortgage payments might also include property taxes, homeowner's insurance, and HOA dues, which often go into an escrow account managed by your lender.

You can calculate your monthly payment with these key factors:

• The price of the home
• Your down payment
• Annual property taxes
• HOA dues
• Insurance and Mortgage Insurance costs (Your down payment can affect how much mortgage insurance you pay.)

1. Start by entering the home purchase price.
2. Enter how much you will pay for a down payment.
3. Enter the estimated annual property taxes you will pay.
4. Enter estimates for HOA dues and home insurance costs.
5. Adjust the loan term and interest rate to reflect your situation and learn how much of a monthly payment you can afford.