This calculator can assist you in estimating what the principal and interest portion of a monthly payment might look like based on a purchase price, down payment, interest rate and years of the loan. See note below calculator to learn how to get a TOTAL estimated payment.*
[mortgage-calculator]*The total that this calculator returns represents the principal and interest portion of your payment and does NOT include taxes or insurance. These two expenses vary dramatically based on the city your home is located in, the size and cost of the home, etc. For estimating purposes however, add 1.5% of the sales price, divided by 12, to the principal and interest total that the calculator returned. This will give you an estimated TOTAL monthly payment. This tax and insurance amount is for estimating purposes only. It is recommended that you consult with a lending professional to get more exact figures.
Example: Step 1 – plug numbers into calculator Selling Price: $250,000 Down Payment: $12,500 Interest Rate: 4% Years: 30 Monthly Payment (principle & interest only): $1,133.86 Step 2 – calculate estimate taxes and insurance $250,000 x 1.5% = $3,750 divided by 12 = $312.50 Step 3 – add together $1,133.86 + $312.50 = total estimated monthly payment
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