Mortgage Calculator

couple calculating home expenses

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.








Monthly Payment

Principal & Interest $1421

Monthly Taxes $1421

Monthly HOA $1421

Insurance $1421

Monthly PMI $0

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.

Need help with your application? We're here to lend a hand.

Our easy digital application walks you through every step of the process in terms you can actually understand. Plus, we’re always a phone call away if you get stuck.


Speak with an expert!

We have friendly experts to answer your questions. Find a loan officer licensed in your state.

Find A Loan Officer

Did we miss anything?

You still have questions, we still have answers. Take a look at what other people have been asking.

Read FAQs