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    Mortgage Calculator

    Check out the web's best free mortgage calculator to save money on your home loan today. Estimate your monthly payments with PMI, taxes, homeowner's insurance, HOA fees, current loan rates & more. Also offers loan performance graphs, biweekly savings comparisons and easy to print amortization schedules. Our calculator includes amoritization tables, bi-weekly savings estimates, refinance info, current rates and helpful tips. This site also provides users with many helpful online financial planning tools.

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    Source : www.mortgagecalculator.org

    Mortgage Calculator: PMI, Interest and Taxes

    Use SmartAsset's free mortgage calculator to estimate your monthly mortgage payments, including PMI, homeowners insurance, taxes, interest and more.

    Mortgage Calculator

    Enter your details below to estimate your monthly mortgage payment with taxes, fees and insurance.

    Not sure how much you can afford? Try our home affordability calculator.

    Monthly Payment Breakdown Mortgage Over Time

    Total Monthly Payment Breakdown

    Based on a $200,000 mortgage

    Taxes & Other Fees $133 Home Insurance $104 $1,221 Mortgage Payment (P&I) $984 Overview Details

    Edit Your Mortgage Details

    Home Price Down Payment

    Mortgage Interest Rate

    Loan Type 30-Year Fixed

    Tax, Insurance & HOA Fees

    Other Financial Considerations

    In addition to making your monthly payments, there are other financial considerations that you should keep in mind, particularly upfront costs and recommended income to safely afford your new home.

    Recommended Minimum Savings

    $16,313 Show Breakdown

    Recommended Minimum Income

    $40,713 Show Explanation

    Compare Loan Types

    Estimate the cost of 30 year fixed and 15 year fixed mortgages.

    Today's Best 30 Year Fixed Mortgage Rates

    Based on a $200,000 mortgage

    30 YR FIXED 15 YR FIXED 5/1 ARM

    First Time Home Buyer? Get Started with a Mortgage From Citi

    Enjoy Low Rates and Step-By-Step Guidance. Contact Us Today!

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    Mortgage Calculator

    Use SmartAsset’s mortgage calculator above to estimate your monthly mortgage payment, including your loan's principal, interest, taxes, homeowners insurance and private mortgage insurance (PMI). You can adjust the home price, down payment and mortgage terms to see how your monthly payment will change.

    You can also try our how much house I can afford calculator if you’re not sure how much money you should budget for a new home.

    A financial advisor can aid you in planning for the purchase of a home. To find a financial advisor who serves your area, try our free online matching tool.

    The Math Behind Our Mortgage Calculator

    For those who want to know exactly how our calculator works, we use the following formula for our mortgage calculations:

    M = Monthly PaymentP = Principal Amount (initial loan balance)i = Interest Raten = Number of Monthly Payments for 30-Year Mortgage (30 * 12 = 360, etc.)

    How to Use Our Mortgage Payment Calculator

    The first step to determining what you’ll pay each month is providing background information about your prospective home and mortgage. There are three fields to fill in: home price, down payment and mortgage interest rate. In the dropdown box, choose your loan term. Don’t worry if you don’t have exact numbers to work with - use your best guess. The numbers can always be adjusted later.

    For a more detailed monthly payment calculation, click the dropdown for “Taxes, Insurance & HOA Fees.” Here, you can fill out the home location, annual property taxes, annual homeowners insurance and monthly HOA or condo fees, if applicable.

    Home Price

    Let’s break it down further. Home price, the first input, is based on your income, monthly debt payment, credit score and down payment savings. A percentage you may hear when buying a home is the 36% rule. The rule states that you should aim to for a debt-to-income (DTI) ratio of roughly 36% or less (or 43% maximum for a FHA loan) when applying for a mortgage loan. This ratio helps your lender understand your financial capacity to pay your mortgage each month. The higher the ratio, the less likely it is that you can afford the mortgage.

    To calculate your DTI, add all your monthly debt payments, such as credit card debt, student loans, alimony or child support, auto loans and projected mortgage payments. Next, divide by your monthly, pre-tax income. To get a percentage, multiple by 100. The number you’re left with is your DTI.

    DTI = Total Monthly Debt Payments ÷ Gross Monthly Income x 100

    Source : smartasset.com

    Mortgage Calculator with PMI and Taxes

    This free mortgage calculator lets you estimate your monthly house payment, including principal and interest, taxes, insurance and PMI. See how changes affect your monthly payment.

    Mortgage calculator

    Your monthly payment

    $1,599

    30 year fixed loan term

    Principal and Interest

    $1,163

    What rate will you likely qualify for?Get personalized mortgage rates.

    Compare common loan types

    Total principal: $240,000

    Loan Term Risk tolerance Low

    Principal and interest Fixed payments

    Recommended homeowner's duration 15 years

    Monthly payment High

    Equity High Amortization At year 0

    30 year fixed loan term

    Remaining $240,000 Principal Paid $0 Interest Paid $0 0 4 8 12 16 20 24 28 0 4 8 12 16 20 24 28 Year 0 drag me 1 30 Years Play with the chart

    Drag the slider to see how your payments change over time and gain insights.

    Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

    Know how much you qualify for.

    Based on your inputs, here are some of our lending partners that we recommend:

    Good for: tech-savvy borrowers who prefer an online experience.

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    Good for: borrowers who appreciate convenience online and on the go for a fully digital home loan experience with consistently acclaimed customer service.

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    Good for: borrowers who need to be evaluated on the basis of nontraditional credit and those interested in various down payment assistance programs.

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    Getting ready to buy a home? We’ll find you a highly rated lender in just a few minutes.

    Enter your ZIP code to get started on a personalized lender match.

    How to calculate a mortgage payment

    Under "Home price," enter the price (if you're buying) or the current value (if you're refinancing). NerdWallet also has a refinancing calculator.

    Under "Down payment," enter the amount of your down payment (if you’re buying) or the amount of equity you have (if refinancing). A down payment is the cash you pay upfront for a home, and home equity is the value of the home, minus what you owe.

    On desktop, under "Interest rate" (to the right), enter the rate. Under "Loan term," click the plus and minus signs to adjust the length of the mortgage in years.

    On mobile devices, tap "Refine Results" to find the field to enter the rate and use the plus and minus signs to select the "Loan term."

    You may enter your own figures for property taxes, homeowners insurance and homeowners association fees, if you don’t wish to use NerdWallet’s estimates. Edit these figures by clicking on the amount currently displayed.

    The mortgage calculator lets you click "Compare common loan types" to view a comparison of different loan terms. Click "Amortization" to see how the principal balance, principal paid (equity) and total interest paid change year by year. On mobile devices, scroll down to see "Amortization."

    » MORE: What is mortgage amortization?

    Formula for calculating a mortgage payment

    The mortgage payment calculation looks like this: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

    The variables are as follows:

    M = monthly mortgage payment

    P = the principal amount

    i = your monthly interest rate. Your lender likely lists interest rates as an annual figure, so you’ll need to divide by 12, for each month of the year. So, if your rate is 5%, then the monthly rate will look like this: 0.05/12 = 0.004167.

    n = the number of payments over the life of the loan. If you take out a 30-year fixed rate mortgage, this means: n = 30 years x 12 months per year, or 360 payments.

    How a mortgage calculator helps you

    Determining what your monthly house payment will be is an important part of figuring out how much house you can afford. That monthly payment is likely to be the biggest part of your cost of living.

    Using NerdWallet’s mortgage calculator lets you estimate your mortgage payment when you buy a home or refinance. You can change loan details in the calculator to run scenarios. The calculator can help you decide:

    The home loan term length that’s right for you. 30-year fixed-rate mortgage lower your monthly payment, but you’ll pay more interest over the life of the loan. A 15-year fixed-rate mortgage reduce the total interest you'll pay, but your monthly payment will be higher. c

    If an ARM is a good option. Adjustable-rate mortgages start with a "teaser" interest rate, and then the loan rate changes — higher or lower — over time. A 5/1 ARM can be a good choice, particularly if you plan on being in a home for just a few years. You’ll want to be aware of how much your monthly mortgage payment can change when the introductory rate expires, especially if interest rates are trending higher.

    If you’re buying too much home. The mortgage payment calculator can give you a reality check on how much you can expect to pay each month, especially when considering all the costs, including taxes, insurance and private mortgage insurance.

    If you’re putting enough money down. With minimum down payments commonly as low as 3%, it's easier than ever to put just a little money down. The mortgage payment calculator can help you decide what the best down payment may be for you.

    Source : www.nerdwallet.com

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