Calculate My Payment?

Tips for Using the Mortgage Payment Calculator

The Mortgage Payment Calculator uses the following to calculate your payment:

• Purchase Price (required) - Enter the full purchase price for the property here. If you are adding your closing costs into the loan (asking the Seller to pay for them), you may want to use Purchase Price + Closing Costs for this number.
• Amount Down (required) - Enter the amount of money you plan to put down to purchase the property (in either dollars or percent of Purchase Price) and click the appropriate units (dollars or percentage).
• Interest Rate (required) - This is the Fixed Interest Rate for the Loan. Check with one of our lenders to get the current rate.
• Loan Length (required) - Known also as the Loan Term, this is how long, in years, it will take to pay off the loan (assuming you pay the standard amortized payment).
• Annual Taxes (optional) - The yearly property tax amount. If you are not sure how much that should be, see our chart for local property taxes.
• Insurance (optional) - This is the yearly insurance premium (if you have a monthly amount, just multiply it by 12). Depending on the type of loan, this could be for an Owner's Policy or a Landlord's policy. Also, some loans require Private Mortgage Insurance (PMI) so, to get the true yearly payment, you will have to add in any PMI as well.

Return to Top

Here are descriptions for each of the output fields:

• Amount Financed - This is the amount of the loan. It is equal to the Purchase Price minus the Amount Down (in dollars).
• Down Payment Amount - This result shows the Down Payment in both Dollars and Percent. (One of the values was entered by you, the other calculated).
• Annual Taxes - This result shows Annual Taxes in Dollars and as a Percentage. (One of the values was entered by you, the other calculated).
• Basic Payment (PI) - This is the Principal and Interest payment (PI) for the Loan. It does not include any payment for Taxes or Insurance - only the debt.
• Full Payment (PITI) - This is the full monthly payment of Principal, Interest, Taxes, and Insurance (PITI). If you chose to enter values for Annual Taxes and Insurance, it will be reflected in this amount.

Return to Top