Mortgage Payment Calculator - Fixed Rate Mortgage
Find out how much your principal and interest payment would be on a fixed rate mortgage or use our other payment calculators for adjustable rate mortgages or interest-only mortgages.
Mortgage Payment Calculator - Help
- HOA Dues
- Your Homeowners Association dues, if any, will be included in calculating your debt-to-income ratio which helps lenders determine the maximum mortgage loan amount you qualify for.
- Homeowner's Insurance
- Your insurance premium will be included in your debt-to-income ratio which lenders use to help determine the maximum mortgage loan amount you qualify for.
- Home Value
- The current market value of your home. At the time you buy a home this is often the purchase price of your home.
- Interest
- The portion of your mortgage payment that is due to the interest rate being applied to the principal balance. The Total Interest for a mortgage is the sum of all interest paid over the life of a loan.
- Interest Rate
- The percentage of the principal balance of your mortgage that determines how much interest you must pay. The interest rate on your mortgage may change or remain the same depending on the type of loan you have.
- Loan Amount
- The initial principal balance or your mortgage at closing.
- Principal
- The portion of your mortgage payment that is used to pay down the current balance of your mortgage. The principal balance represents how much you owe on the mortgage.
- Private Mortgage Insurance (PMI)
- Lenders often require borrowers to pay Private Mortgage Insurance (PMI) on mortgages with a loan-to-value ratio of more than 80%. PMI insures the lender in the event of a borrower default. Making a down payment of 20% or more of the purchase price of your home is one way you may be able to avoid being required to pay mortgage insurance.
- Property Taxes
- The property taxes on your home are included in the calculation of your debt-to-income ratio and in determining the maximum mortgage loan amount you qualify for.
- Taxes and Insurance
- Mortgage lenders generally require that taxes and insurance be included in a borrower's mortgage payments. These payments may be for property taxes, homeowner's/hazard insurance, and mortgage insurance. Other required payments may include homeowners' association dues.
- Term
- The amortization term is one of the key factors that determine your required mortgage payment. Your required mortgage payment for fully amortizing mortgages is the amount that would result in the mortgage being closest to being paid off by the end of the amortization term. Longer amortization terms result in lower required mortgage payments for fully amortizating mortgages, all other things being equal.