MORTGAGE CALCULATOR

Use our home loan calculator to estimate your total mortgage payment, including taxes and insurance. Simply enter the price of the home, your down payment, and details about the home loan, to calculate your mortgage payment, schedule, and more.
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Your mortgage payments over 30 years will add up to $0.
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BAIRO KNOWS REAL ESTATE - Mortgage Help

Down Payment
A common guideline for down payments is to contribute 20% of the home’s purchase price, though certain mortgage programs allow for as little as 3.5% down. Your down payment directly impacts the size of your mortgage, meaning the more you pay upfront, the smaller your loan will be and the lower your monthly payments.
 
Additionally, a larger down payment can increase your buying power, allowing you to afford a more expensive home. It's important to evaluate your financial situation and choose the down payment option that best aligns with your budget and homeownership goals.

Loan Term
The term of your loan plays a significant role in determining both your interest rate and monthly payments. Longer terms, such as a 30-year fixed loan, typically offer lower monthly payments, while shorter terms, like a 15-year fixed loan, may come with higher payments but lower overall interest costs.

 

It's important to explore the options available to you and understand how each loan term impacts your financial situation. Use our calculator to compare different loan programs and find the one that best fits your budget and long-term goals.

Loan Type

There are various mortgage loan types, with fixed-rate and adjustable-rate mortgages (ARMs) being the most common. Fixed-rate loans offer a consistent interest rate for the entire duration of the loan, ensuring that your monthly payments remain the same throughout the term. This stability makes long-term options like a 30-year fixed-rate mortgage appealing, as it allows you to plan your finances and calculate total interest upfront.
 
Adjustable-rate mortgages (ARMs), on the other hand, start with a lower interest rate for a fixed period—such as 5 years in a 5/1 ARM—after which the rate adjusts annually based on market conditions. The primary benefit of an ARM is the initial lower interest rate, which can make it an attractive option for those planning to sell or refinance before the rate adjusts. Understanding the differences between these loan types will help you choose the best option for your financial goals and homeownership plans.
 
 

Interest Rate
This field is pre-filled with the current average mortgage rate. Your actual rate will vary based on factors like credit score and down payment.

 

Property Tax Rate
The mortgage payment calculator includes estimated property taxes based on the home's value. You can edit this in the advanced options.

 

Home Insurance
Home insurance or homeowners insurance is typically required by lenders, depending on the loan program. You can edit this number in the mortgage calculator advanced options.


HOA Fees
A homeowners association fee (HOA fee) is an amount of money that must be paid monthly by owners of certain types of residential properties, and HOAs collect these fees to assist with maintaining and improving properties in the association.