Calculating your monthly mortgage payments may seem complicated, but Assurance Financial's free mortgage calculator tool makes it fast and easy. Our calculator includes all the components that affect the amount you'll pay each month, such as the loan amount, interest rate and term of the mortgage.
Using the mortgage calculator is simple — all you have to do is plug in the numbers related to your mortgage. The calculator will automatically calculate your monthly payment and break it down into how much you pay for the principal and interest, property taxes, homeowners association (HOA) fees, hazard insurance and private mortgage insurance (PMI). Edit the amounts as much or as little as you want to see the potential impact of these variables on your monthly mortgage payment.
Legal Disclosures
The AFG mortgage calculator is for estimation purposes only. Results do not reflect all loan programs and are subject to individual program loan limits. Qualification, rates and payments will vary based on timing and individual circumstances. This is not a commitment to lend.
Here’s a payment example based on an average home price and the most common loan type:
Loan amount: $300,000
Loan type: 30-year Fixed-Rate Loan
Interest rate/APR: 7.375% (7.692% APR)
Monthly payment: $2,072.03
Points: 1.875 points, costs due at closing
Loan-to-value (LTV): 80.00%
One point is equal to one percent of your loan amount. Payment does not include taxes and insurance. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply. Rates shown are valid on publication date of April 18, 2024.
1If you didn’t enter taxes and insurance amounts, an estimate of your taxes is based on the state selected. This does not include all fees.
Terms Explained
Understanding the terms in the mortgage calculator tool will help you be more aware of what you’re doing with the calculator and what to expect as you estimate your monthly mortgage payments.
- Purchase price: The home purchase price is the total dollar amount you will pay for the property you buy.
- Mortgage term: The mortgage term is the time you have to repay the loan.
- Down payment: Your down payment is the money you pay when you buy your property, often expressed as a percentage of your home price, such as 5% down.
- Annual taxes: Property taxes are included in most mortgage payments. The annual taxes are the total amount of property taxes you’ll pay per year on the house.
- Interest rate: When you take out a loan, you must pay the amount you borrowed plus interest on what still needs to be paid. The interest rate is the percentage of your loan’s principal that you’ll pay to borrow from a lender.
- Mortgage insurance rate: If you put less than 20% down when purchasing a home, you will likely have to pay for mortgage insurance to protect your lender if you stop making payments on the loan. The mortgage insurance rate is the percentage of the money you’ll pay based on the price.
- Insurance: Once you’ve bought your home, you’ll want peace of mind that you’re covered if expensive damage occurs. Hazard insurance typically covers your property in case of theft, fire, natural disasters or other issues.
- Monthly HOA: If your new home is a part of a homeowners association (HOA), you’ll have to pay fees to contribute to the association. While HOA fees aren’t included in your mortgage payment to your lender, calculating how much you need to pay for them monthly will help you better understand your total monthly house payment.
- Principal and interest: The principal is the dollar amount of the loan you take out. The interest is how much you’ll pay on top of the principal while borrowing money.
- Monthly taxes: The monthly taxes you see encompass the property taxes you’ll pay each month, calculated from your annual taxes.
- Monthly PMI: Your monthly private mortgage insurance (PMI) is how much you’ll pay each month for the insurance policy.
Next Steps
A mortgage calculator is an essential tool for helping you estimate your monthly payments and understand where and what your money is going towards. When it’s time to look into mortgages, come to Assurance Financial. Find one of our trusted loan officers near you and apply for a loan.
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