Home Monthly Payment Calculator

What can I afford?

You may be wondering, besides the actual home mortgage payment, what else factors into the monthly payment on a home? Using the calculator below, you can see what your monthly payment will be for any home listing price.

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Understanding the home monthly payment calculator

Home Listing Price

The listing price is how much the seller is asking for the home. You may end
up settling on a higher or lower price, but this is a great starting point.

Down Payment

The down payment is the amount paid upfront when buying a home. As your down payment increases, your monthly payment decreases. If you’re able to make a down payment of 20% of the home’s price, your lender won’t require you to purchase private mortgage insurance (PMI).

Interest Rate

Once you secure financing to purchase a home, you’ll pay interest to continue borrowing from your lender. The interest rate shown here is an annual percentage of your mortgage loan, which results in your monthly interest cost. Rates change often, so we’ve displayed the current interest rate for your use. You can override the default interest rate in the calculator with the latest rate to see your estimated monthly payment. The interest portion of your monthly payment will go down over time as the balance goes down.

Homeowners Insurance

Lenders will usually require that you purchase a homeowners insurance policy to obtain a home mortgage. A standard homeowners insurance policy typically covers your home, your belongings, injuries to you or others on the premises, property damage, and living expenses if you are displaced from your home because of an insured disaster.

Property Tax

Property taxes are usually included in your monthly mortgage payment. The property tax figure shown here is estimated relative to the listing price you’ve selected; however, you can simply input the property tax shown on the listing of the house you are interested in. The tax amount displayed on most property listings is usually an annual amount. If you know of an area you are interested in, the county assessor’s website will usually share the current tax rate.

Loan Terms

The terms of the loan will drastically impact all aspects of your mortgage. For mortgages with longer terms, you’ll have lower monthly payments and a higher interest rate, meaning you’ll pay more in interest over the life of the loan. For mortgages with shorter terms, you’ll pay less interest, but you’ll have a higher monthly payment. The two most common conventional loans are 15-year and 30-year fixed-rate mortgages.

Additional Fees

In some cases, you may incur additional homeownership costs, such as HOA
fees
or private mortgage insurance (PMI). If you buy in a development governed by a homeowner’s association, you’ll likely pay HOA fees on top of your monthly mortgage payment. Typically paid monthly, HOA fees go toward the neighborhood’s shared spaces, property maintenance, and amenities.

Current average interest rates

For 10/05/2022

30 Year Fixed
6.75%
15 Year Fixed
6.0%
5/6 ARM
7.0%

For general informational purposes only. Actual rates available to you will depend on many factors including lender, income, credit, location, and property value. Contact a mortgage broker to find out what programs are available to you.

Mortgage calculator estimates are provided by Windermere Real Estate and are intended for information use only. Your payments may be higher or lower and all loans are subject to credit approval.

DISCLAIMER For general informational purposes only. Actual home affordability and mortgage rates available to you will depend on many factors including lender, income, credit, location, and property value. Contact a mortgage broker to find out what programs are available to you

Is now a good time to buy based on market conditions?

Find out what’s happening in your area and the factors that might impact the purchase of your next home. Read Windermere Chief Economist Matthew Gardner’s latest economic and housing update in his quarterly GARDNER REPORT.

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Your Guide to Buying a Home

Want more in-depth information? Download your free Guide to Buying a Home. With helpful tips on how to search for listings, moving checklists, and information on the buying process from offer to close, it’s your ultimate resource for buying a home.

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