Use our free mortgage payment calculator to see your potential monthly mortgage payments.
Buying a home is a big investment, it’s important to understand everything involved and see how much you can afford.
Estimate your Monthly Payments
Principle & Interest
About The Calculator
This calculator was made to provide a quick estimate on your monthly mortgage payments using your particular scenario.
To help you use the calculator more effectively, we’ve explained each input and output of the calculator below:
This refers to the purchase price (or expected purchase price) of the home you are planning to buy.
The down payment is the amount of money you give towards your mortgage upon closing on the home. The rest of the payment on your home comes from your mortgage. Down payments are expressed as percentages. A down payment of at least 20 percent lets you avoid mortgage insurance. There are a variety of down payment requirements lower than 20% for qualified home buyers as well as several down payment assistance programs.
The mortgage term refers to the length of time you want to be making payments on your mortgage. A longer term means smaller monthly payments, but more interest paid over time.
Your mortgage interest rate is the interest you’ll pay on the outstanding balance of your mortgage. This interest rate is provided by your mortgage lender and varies based on the provider. If you’d like to see what your interest rate might be, get in touch with an On Q Financial Mortgage Consultant now.
Annual Property Tax
Annual Property Tax refers to the percentage of tax you pay based on the price or value of your home. Property taxes above are estimated to be 1.5% of the home’s value. The average property tax rate varies from state to state and county to county. If you don’t know what your property tax percentage is, contact your On Q Financial mortgage consultant today at 866-667-3279.
Annual Homeowner Insurance
Annual homeowners insurance refers to the premium you may pay to insure your home. In some cases, homeowners insurance is not required. The cost of homeowners insurance varies greatly by location.Annual homeowners insurance is roughly .35% of the home’s value but can change based on insurer. Contact your On Q Financial mortgage consultant today to help you determine insurance rates in your area by calling 866-667-3279
The monthly payments shown are a total expected monthly payment based on your mortgage information. It includes paying down the principal amount you’ve borrowed, the interest on that borrowed amount and an estimate of what you might be expected to pay for other mandatory house related expenses including:
And mortgage insurance