Mortgage Calculator
Monthly payment breakdown*
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Amortization Table*
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| Year | Principal Paid | Interest Paid | Cumulative Principal Paid | Cumulative Interest Paid | Remaining Balance |
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*The mortgage calculator and tools provided are for illustrative purposes only, using sample estimates that may not reflect actual fees such as HOA, taxes, insurance, or special assessments. Actual loan rates and payments depend on various factors, including market conditions, loan amount, borrower’s credit, and property type. These tools are not intended as financial advice, and we do not guarantee the accuracy or relevance of the results for your specific circumstances. For personalized financial guidance, consult a qualified professional.
*The mortgage calculator and tools provided are for illustrative purposes only, using sample estimates that may not reflect actual fees such as HOA, taxes, insurance, or special assessments. Actual loan rates and payments depend on various factors, including market conditions, loan amount, borrower’s credit, and property type. These tools are not intended as financial advice, and we do not guarantee the accuracy or relevance of the results for your specific circumstances. For personalized financial guidance, consult a qualified professional.
**By submitting this form, you consent to receive marketing communications including SMS, emails, phone calls, and other forms of communications from Nationwide Mortgage Bankers. These messages may include updates, promotional offers, newsletters, and other information relevant to your homebuying journey. Standard messaging and data rates may apply for SMS. You can opt-out at any time by replying “STOP” to any SMS message. Nationwide Mortgage Bankers will not transfer or assign your consent to receive SMS marketing messages under this service, if any, to a third party or share information gathered solely from the SMS program with third parties for them to market to you. You can opt-out at any time by clicking “unsubscribe” in our emails. For more information, please visit our Privacy Policy and Terms and Conditions.
How to get the most out of our mortgage calculator
Our mortgage calculator is designed to provide an easy way to estimate your monthly payments. Whether you’re buying a new home or refinancing an existing mortgage, follow these simple steps to quickly see how much you’ll pay each month.
Step-by-Step: Using the Mortgage Calculator
1. Input Your Home Price
Enter the price of the home you wish to purchase, or the current value of your home if you’re refinancing. This is the primary figure that will help determine your monthly payments.
2. Add Your Down Payment
Provide the amount you intend to put down upfront (or the equity you currently have if refinancing). You have the option to enter this value as either a dollar amount or as a percentage of the home price.
3. Choose Your Loan Term
Select the term of your loan. While a 30-year term is standard, you can choose from options as short as 10 or 15 years. Keep in mind that shorter terms generally mean higher monthly payments but less interest paid over time.
4. Enter Your Interest Rate
Enter the interest rate you expect to pay on the loan. If you’re shopping around or already know the rate you’ll be paying, simply update this field to reflect that.
5. Provide Your ZIP Code
Enter the ZIP code of the property. This helps estimate local property taxes and insurance fees, offering a more precise calculation of your monthly payments.
6. Instant Results — No Button Press Needed!
The moment you adjust any value, the calculator updates in real time, showing your estimated monthly payment. It breaks down the payment into principal, interest, property taxes, homeowners insurance, and any private mortgage insurance (PMI) required.
With our calculator, you can also fine-tune additional details like taxes and insurance costs to create the most accurate estimate of your monthly mortgage payment.
Breaking Down Your Monthly Mortgage Payment
Your monthly mortgage payment typically includes several elements. Here’s a quick breakdown of what you’re paying for:
Principal: The original loan amount borrowed from your lender.
Interest: The cost of borrowing, represented as an annual percentage rate (APR). This will be a part of each monthly payment for the life of your loan.
Property Taxes: A local tax assessed on your property, often paid monthly into an escrow account that your lender manages on your behalf.
Homeowners Insurance: A policy that protects your home against risks like damage, fire, and theft. If required, flood or hazard insurance premiums may also be part of this cost.
Mortgage Insurance (PMI): If your down payment is less than 20%, you’ll typically pay for private mortgage insurance. PMI is added to your monthly payment to protect the lender against default.
By breaking down these costs, our mortgage calculator provides a clear picture of what you can expect each month.
How Our Mortgage Calculator Can Help You Plan
Using a mortgage calculator is a smart way to plan for a home purchase or refinance. Here are some practical ways our calculator can help:
Understand Your Budget: See how much you’ll be paying each month based on different home prices, down payments, and interest rates.
Compare Loan Terms: Evaluate how a 15-year vs. 30-year mortgage affects your monthly payment and the total interest you’ll pay over the life of the loan.
Visualize Down Payment Scenarios: Adjust your down payment to see how it impacts your loan amount, mortgage insurance, and monthly costs.
How Much Home Can You Afford?
Before you start shopping for a home, it’s crucial to know how much you can afford. A general guideline is the “28/36 rule,” which suggests you spend no more than 28% of your gross monthly income on housing and no more than 36% on all debt (including the mortgage).
For example, if your gross monthly income is $5,000, you might aim to keep your monthly mortgage payment under $1,400 (28% of your income). Use our calculator to explore different scenarios and find a payment level that aligns with your budget and long-term financial goals.
Tips to Lower Your Monthly Mortgage Payment
If your estimated payment feels too high, there are a few ways you can lower your monthly costs:
Increase Your Down Payment: A higher down payment means borrowing less, which lowers your monthly payment and might eliminate PMI.
Select a Longer Loan Term: A 30-year mortgage will have lower payments than a 15-year loan, though you’ll pay more interest over the life of the loan.
Borrow Less by Choosing a More Affordable Home: Reducing the purchase price means a smaller loan and lower monthly payments.
Your Next Steps Toward Homeownership
Now that you have a better understanding of your potential mortgage payment, it’s time to move forward with your homebuying journey:
1. Get Prequalified or Preapproved: Connect with a lender to learn how much you can borrow.
2. Explore Homes and Make an Offer: Use your prequalification to guide your home search and make competitive offers.
3. Apply for a Mortgage: Work with your lender to secure the financing you need.
Additional Resources for Homebuyers
Want to learn more about the mortgage process? Here are some helpful guides to get you started:
By providing this clear and practical information, we hope to support you in your homebuying or refinancing process. Use our mortgage calculator to start planning today!
