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Home Mortgage Calculator

This cool Home Mortgage Calculator is used to figure how much your payments will be. This online payment calculator is awesome for estimating your total mortgage payment.

You'll notice you have 6 boxes to fill in. Don't worry, you can guess pretty close, this is just to help you get an idea of your monthly payments on a home.

The first box is the Mortgage Loan Amount. Go ahead and put a number in here that you estimate you mortgage amount will be. Without this figure, the mortgage calculator will not work.

Home Mortgage Calculator

The second box is where you input the Annual Interest Rate. You should find this number on a good faith estimate. You can just guess, or you can apply for a mortgage and get pre-approved.

With so many lenders to choose from, you want to be sure and select the right one.

Now the third box, you enter the Mortgage Loan Term in years. In most cases this will be 30 years.

The fourth box, we have to get a little creative. Or if you already know the Annual Real Estate Taxes then enter it here. With a little effort you can find this figure out by looking online at the house you want to buy since most real estate agents show this number with the price of the home.

So now on to the fifth box, we need to enter Annual Home Owners Insurance to help when using this home mortgage calculator. This figure varies from state to state and by local areas. Since this may just be an educated guess, you can enter a figure of $600-$1000 here. That should get you pretty close for now. If you live in Florida like I do, it may be much more because of hurricanes. 

The sixth box may be the hardest. You will have to enter Monthly PMI in this box. To get a rough idea for this figure, take your loan amount and multiply it by .85%. So to help you out, say you have a mortgage for $100,000 x .0085 = $850 a year. Now take that figure and divide it by 12 to get the monthly amount. So in this example we would have $850 / 12 = $70.83. Just plug that number in the last box. 

You may have to work at this little but it's not hard. Simple math really.

Now click the orange button Compute Mortgage Payment and the results will show up in the boxes below. It breaks out the numbers in Principal and Interest, Taxes, PMI and then the total.

Click the button Create P&I Amortization Schedule and you get a complete breakdown on the table showing you all 360 payments. Now you can then see how much of your payment goes to principal, interest, taxes and insurance. We call this the PITI.

Right click on the table and print it out if you like. 

So there you have it, a nice quick way to use a home mortgage calculator that can help you set a budget. Play around with this mortgage calculator by changing the loan amounts, interest etc. You can quickly see how much home you can afford.

Figure Payments with this Home Mortgage Calculator

Home Mortgage Calculator w/Amortization
This calculator will compute a mortgage's monthly payment amount based on the principal amount borrowed, the length of the loan and the annual interest rate. This calculator will also compute your total mortgage payment which will include your property tax, property insurance and PMI payments. Then, once you have computed the monthly payment, click on the "Create Amortization Schedule" button to create a report you can print out.

Mortgage loan amount: Explain/Instruct
Annual interest rate (APR):
Mortgage loan term (# years):
Annual real estate taxes:
Annual homeowners insurance:
Monthly PMI (Private Mortgage Insurance):
Monthly Principal and Interest Payment: Explain/Instruct
Monthly Taxes, Insurance and PMI payment:
Total monthly mortgage payment:

If you need help estimating your mortgage closing costs, check out this FREE closing costs calculator by clicking here.


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