Managing expectations is perhaps the hardest step of buying a home, but using a mortgage calculator early on in the game can really help set the tone. You’ll get a general idea of how much you can afford, including monthly payments. A mortgage lender can of course give you a more in-depth analysis, but our calculator is a stepping stone to determining what’s reasonable.

The calculator looks at the sale price, the length of the mortgage, the down payment, and the interest rate. Our calculator will also add private mortgage insurance when the down payment is less than 20% of the price of the home.

The town’s property taxes will play into the calculations, as they add to your monthly payments. You may need to escrow these taxes, as well as your home insurance. The calculator will give you an objective look at your monthly payments with all of these numbers.

As we mentioned, a mortgage calculator can act as your guide to selecting a home. You want to find the dream house that’s also affordable, rather than out of reach. Use the calculator in conjunction with the details from your lender or loan officer, and toy around with the numbers to see what you can reasonably manage. Put more money down, change the term, or find a home in a different price range.

Look for changing interest rates, as these will have a big impact on your mortgage. A small increase or decrease can drastically change the number, so be diligent. Better yet, choose a home that’s under your budget, and you’ll be closer to paying it all off. Each time you see a shift in rates or find a new home, give the mortgage calculator a try and find yourself a home!


This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home’s sale price, the term of the loan desired, buyer’s down payment percentage, and the loan’s interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.

Purchase & Financing Information