Simple Mortgage Payment Calculator Settings
Enter the following:
1. Your Total Mortgage Amount
2. The Mortgage Interest Rate
3. The Mortgage Term (Number of Years)
For more detailed results please use the Advanced Mortgage Calculator below.
Advanced Mortgage CalculatorÂ
  Set the calculator variables based on your home purchase information. The variables are as follows:
- Home Value:Â The selling price of the home
- Down Payment:Â The amount the buyer has saved & is willing to invest in the property upfront. The average down payment is around 10%, though the benchmark is 20% to relax PMI requirements.
- Loan Amount:Â Typically the home value less the down payment
- Interest Rate:Â The annual percentage rate (APR) charged on the loan
- Loan Term:Â The amortization period of the loan in years – typically 30 for most US residential loans
- Property Tax:Â Annual property tax payment
- PMI:Â Property Mortgage Insurance as a percent (typically between 0.5% and 1.3%). Usually not needed if the down payment is 20% or more.
- Home Insurance:Â Annual cost of a homeowners insurance policy
- Monthly HOA:Â Monthly dues for being part of a homeowners association.
