What Will My Mortgage Payment Be?

Mortgage Payment Calculator
Loan Information
Amount : ($)
Interest Rate : (%)
Length : (Yrs)
Property Information
Home Value : ($)
Taxes And Insurance Information
Annual Taxes :
Annual Insurance :
Annual PMI :
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Financial Analysis (Switch to Plain English)
Monthly Principal & Interests : $1,909.66
Monthly Real Estate Taxes : $468.75
Monthly Insurance : $131.25
Loan To Value Ratio : 88.89%
Months With PMI : 62
Monthly PMI : $166.67
Total Monthly Payments : $2,676.33
Plain English Help (Switch to Financial Analysis)

As you can see, your payment will vary depending on how much you will be borrowing, the interest rate, and the length of your loan. Other factors also need to be taken into consideration, such as your taxes, your insurance, and your PMI, all of which are included in your monthly house payment. Even the value of your home will affect your payment.

Just as an example, letís say you are borrowing $400,000.00 for 30 years with an interest rate of 4.000%. If the value of your home is $450,000.00, your property taxes $5,625.00 per year and your insurance is $1,575.00 per year, you can expect to be making a total payment of $2,676.33. This is because you need to pay $1,909.66 toward the actual loan, plus $468.75 for real estate taxes and $131.25 toward insurance.

Since your loan to value ratio is 88.89%, you will also have to pay PMI for 62 months and this will tack on an extra $166.67 a month. Don't forget to drop the PMI when the 62 months is complete and you might save yourself some money each month, but remember, that, in most cases, you will need to finish re-appraisal process to do so.

DISCLAIMER: Calculations performed by Fifth Avenue Realty's financial calculators are mathematical estimates for illustrative purposes only. There is no warranty, express or implied, regarding the accuracy of the results or the applicability to your financial situation. The information provided on or through the Fifth Avenue Realty website and this calculator should not be relied upon as the only source of information. We encourage you to contact us today for personalized advice or consult your own financial advisor before making any financial decisions.