Mortgage Calculator

Estimate your mortgage costs and understand your homeownership budget.

Understanding Mortgage Calculator

The Mortgage Calculator is designed to provide quick and precise estimates of your monthly mortgage payments with just a few essential inputs.

Importance of Using a Mortgage Calculator

A mortgage calculator is vital for planning your home purchase, as it:

Enhances Financial Planning: Offers a clear view of monthly payments and the total interest paid over the life of the mortgage.
Cost Analysis: By inputting different variables, users can explore how changes in the loan amount, down payment, and mortgage terms affect their payment and interest totals, offering a comprehensive view of the financial implications.
Loan Comparisons: This tool allows for the comparison of various mortgage scenarios, helping users make informed decisions by understanding different financing options.

Key Inputs

To use the calculator, simply input:

House Price
Down Payment
Interest Rate and

These inputs provide a solid estimate of your prospective monthly payment.

Additionally, you can change the annual property taxes, homeowners insurance, and HOA Fees for more precise estimation.

How to Lower Your Mortgage Payment

To reduce your monthly mortgage payment, consider the following strategies:

Choose a Longer Loan Term: Extending the repayment period lowers monthly payments, though it increases total interest paid over the life of the loan.
Shop for a Lower Interest Rate: Even a small reduction in the interest rate can significantly decrease your monthly payments and total interest cost.
Make a Bigger Down Payment: Increasing your down payment reduces the loan amount, which in turn lowers your monthly payments.

Deciding How Much House You Can Afford

Understanding what you can afford in a home is crucial. Use our Affordability Calculator to determine a comfortable price range based on your income, debts, and down payment.

Disclaimer: This is not an offer to lend. Terms and conditions for qualification apply for all loan types. Submit an application with Be My Neighbor (NMLS 1743790) to see what loan programs you may qualify for.