Mortgage Calculator

Use the calculator below to estimate your monthly mortgage payment.  Set the home loan amount, the down payment amount, the duration of the loan, and the interest rate, and adjust these values to see how it affects your monthly payment.  Additionally, you can add your homeowners insurance, property taxes and if applicable, the PMI to arrive at the estimated total monthly payment.

year(s)
per year
per year

Your total monthly payment

Principal & Interest
Home insurance
Property taxes
PMI

How to Take Full Advantage of this Mortgage Calculator

First, if you want a really good idea of what your payment will be, get in touch with us and let us help. Our home loan experts can provide a personalized estimate for you quickly. This calculator is primarily for you to play around with the numbers on your own, and there may be important factors you aren’t aware of in creating your own estimate. For example, maybe you don’t realize what a great rate our team can get for you. All that said, here are some ideas for using the mortgage calculator to help you understand the effect of certain factors on your monthly payment.

Pro Tip #1: Record the Results as You Go!

The real power of a mortgage calculator is that it gives you a way to see the way changes in home price, interest rate and loan term affect your payment. It’s difficult to calculate on your own, and it’s sometimes really surprising. First, enter the most likely values for home price, rate and loan length – just make your best guess. Record these results. Write down or enter into a spreadsheet the values you entered and the resulting monthly mortgage payment. As you play around with the numbers, you’ll quickly forget the results from previous calculations.

Pro Tip #2: Change Only One Thing at a Time

It’s tempting to jump into different what-if scenarios where you lower the rate and raise the home price at the same time. Don’t do that. Instead, change one thing at a time, like the interest rate, and record the results. When you refer back to your results later, they’ll be much more useful. After you’ve tried several interest rate values, THEN change the home price and try all the same interest rates again. Do this for a range of home prices and range of interest rates and you’ll quickly gain a sense of how rate and price affect payment. You’ll come to see how your rate determines how much house you can afford.

Do Experiment with the Loan Term

After you’ve tried several combinations of interest rate and home price, go back to the most likely rate and price and check the shorter terms (assuming you have begun with a 30 year term). If the payment is still affordable, leave the shorter term in place and repeat the previous calculations. It never hurts to pay your home off earlier.

Be as Complete as Possible

It’s not very mysterious how property taxes and insurance affect your payment. It’s still a good idea to enter these if you have a reasonable estimate for them, like if you are refinancing. When determining whether a loan is affordable for you, you do want to enter these so that you have an idea of your total payment.

Home Loan Calculation Questions? Get in Touch!

We’re here to talk to you about your home loan, and nothing makes us happier than guiding you every step of the way through the process. That process begins with learning about you and explaining the loan options that fit your budget and financial future.

Ready to Begin?
Contact The Brian Manning Team Today

You think you found it – the Colorado home you’ve been looking for. But now you’re on pins and needles wondering if you’ll be approved for financing. Contact us and let The Brian Manning Team make your mortgage process simple.