How to Use the Mortgage Calculator

Our Mortgage Calculator makes it simple to estimate your monthly payments and see how your loan breaks down. Here’s how to get started:

Enter Your Home Price

Input the price of the home you’re eyeing. The default is set to $360,000, but feel free to adjust it to match your target property.

Set Your Down Payment

Type in how much you plan to put down upfront. We’ve pre-filled it with $72,000 (20% of the default home price), and the percentage will update automatically as you tweak it.

Choose Your Loan Term

Pick how many years you’ll take to pay off the loan. The default is 30 years—a common choice—but you can switch it to 15, 20, or any term that suits you.

Input Your Interest Rate

Add the annual interest rate you expect from your lender. We’ve started with 6.5%, but adjust it based on current rates or your loan offer.

Add Yearly Property Taxes

Estimate your annual property taxes. The default is $3,600 (a typical amount), but check your local rates for accuracy.

Include Homeowners Insurance

Enter your yearly insurance cost. We’ve set it at $1,000, but your actual cost may vary depending on the home and coverage.

Factor in HOA Fees (If Applicable)

If your property has monthly HOA fees, add them here. It’s set to $0 by default since not all homes have them.

Watch the Magic Happen

As you fill in the fields, the calculator instantly updates your monthly payment, loan amount, total interest, total loan payments, and payoff date in the "Your Loan Estimate" section. Below that, a handy pie chart breaks down your monthly payment into principal & interest, taxes, insurance, and HOA fees.

Pro Tip: Play around with the numbers! Adjust the down payment or interest rate to see how it impacts your monthly costs and long-term expenses. It’s a great way to plan before you commit.

This tool uses standard mortgage formulas to give you a solid estimate, but your actual payments may vary based on lender terms or additional costs. Happy calculating!