Mortgage Estimation Calculator
Estimate your monthly mortgage payments with our user-friendly mortgage estimation calculator.
1. Home Price
Enter the purchase price of your home.
2. Down Payment
Input the amount you will pay upfront.
3. Interest Rate
Input the interest rate for your mortgage loan.
4. Mortgage Term
Input the number of years you intend to make payments.
5. Start Date
Input the date of when the first payment will be due.
6. Taxes
Input the annual property tax amount for the home.
Mortgage Estimation Explained
Monthly payments on a mortgage consist of several components including the principal, interest, taxes, and insurance. The total amount is designed to be consistent throughout the term of a fixed-rate mortgage, allowing for budget predictability. These payments are crucial for gradually reducing the outstanding balance of the mortgage while covering borrowing costs and other related expenses.
This is the cumulative amount of interest that a borrower pays over the life of the mortgage. It is determined by the loan's interest rate and the term, reflecting the total cost of borrowing the principal amount.
This refers to the original amount of money borrowed in a mortgage. It is the base amount on which interest is calculated and does not include any of the interest or other fees associated with the loan.
Apply Now
Apply online now or contact Derek Simancas by phone for an immediate consultation.
.JPG)