A mortgage is an agreement between you and a lender that allows you to borrow money to purchase or refinance a home and gives the lender the right to take your property if you fail to repay the money you’ve borrowed.
Zillow Mortgage Calculator
Use Zillow’s home loan calculator to quickly estimate your total mortgage payment including principal and interest, plus estimates for PMI, property taxes, home insurance and HOA fees. Enter the price of a home and down payment amount to calculate your estimated mortgage payment with an itemized breakdown and schedule. Adjust the loan details to fit your scenario more accurately.
Google Mortgage Calculator
What Is Google Mortgage? Google and the Consumer Financial Protection Bureau (CFPB) have joined forces to launch a new set of tools designed to help homebuyers learn about and shop for mortgages. The lineup includes a mortgage calculator, recent mortgage rates, key terms, and answers to commonly searched questions like “What is a mortgage?” and “What is PMI?”
To access the tools, search for “mortgage” on your smartphone—so far it’s a phone-only feature—and scroll down past the ads. Here’s a quick look at the information you’ll find.
simple mortgage calculator
What is the easiest way to calculate a mortgage payment?
These factors include the total amount you’re borrowing from a bank, the interest rate for the loan, and the amount of time you have to pay back your mortgage in full. For your mortgage calc, you’ll use the following equation: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1].
How to Pay Off a 30-Year Mortgage Faster
- Pay extra each month.
- Bi-weekly payments instead of monthly payments.
- Making one additional monthly payment each year.
- Refinance with a shorter-term mortgage.
- Recast your mortgage.
- Loan modification.
- Pay off other debts.
How Much Can i Afford?
if your question is How much mortgage payment can I afford? To calculate how much house you can afford, we take into account a few primary items, such as your household income, monthly debts (for example, car loan and student loan payments) and the amount of savings available for a down payment. As a home buyer, you’ll want to have a certain level of comfort in understanding your monthly mortgage payments.
While your household income and regular monthly debts may be relatively stable, unexpected expenses and unplanned spending can impact your savings.
A good affordability rule of thumb is to have three months of payments, including your housing payment and other monthly debts, in reserve. This will allow you to cover your mortgage payment in case of an unexpected event.
Mortgage Payoff Calculator
how to pay off mortgage in 5 years calculator? With this mortgage payoff calculator, estimate how quickly you can pay off your home. By calculating the impact of extra payments, you can learn how to save money on the total amount of interest you’ll pay over the life of the loan.
Planning to Pay Off Your Mortgage Early?
Use the “Extra payments” functionality to find out how you can shorten your loan term and save money on interest by paying extra toward your loan’s principal each month, every year, or in a one-time payment.
Understand Your Mortgage Payment
Your mortgage payment is defined as your principal and interest payment in this mortgage payoff calculator. When you pay extra on your principal balance, you reduce the amount of your loan and save money on interest.
Keep in mind that you may pay for other costs in your monthly payment, such as homeowners’ insurance, property taxes, and private mortgage insurance (PMI). For a breakdown of your mortgage payment costs, try our free mortgage calculator.
if you make $5,000 per month (before taxes), using the 28% rule, you could safely spend up to $1,400 on your housing expenses. You should also aim to keep your total monthly household debt under $1,800 (or 36% of your pay).
The 28% rule states that you should spend 28% or less of your monthly gross income on your mortgage payment (e.g. principal, interest, taxes and insurance). To determine how much you can afford using this rule, multiply your monthly gross income by 28%.
Monthly payments on a $250,000 mortgage.
At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $1,193.54 a month, while a 15-year might cost $1,849.22 a month.
Assuming that you put down the standard 20% down payment (or $100,000), you’d be left with a principal balance of $400,000. The average mortgage rate for a $500,000, 30-year fixed-rate loan is around 5.4% for those with good credit. So, your monthly payment would be around $2250 without taxes and fees.
To afford a house that costs $300,000 with a down payment of $60,000, you’d need to earn $44,764 per year before tax. The monthly mortgage payment would be $1,044.
A 100K salary means you can afford a $350,000 to $500,000 house, assuming you stick with the 28% rule that most experts recommend. This would mean you would spend around $2,300 per month on your house and have a down payment of 5% to 20%.
The expressions “house poor” and “house broke” refer to the situation where homeowners have bought homes beyond their means. They end up spending all their income on repairs and expenses, forgoing vacations and discretionary spending. Instead of being your sanctuary, your home becomes your albatross.
With a 15-year mortgage, your monthly payment on a $200,000 mortgage at 3.5% jumps to $1,430. At 5% interest, your payment would be $1,582. You can calculate mortgage payments yourself using an online calculator, like Credible’s mortgage payment calculator.
On a $300,000 mortgage with a 3% APR, you’d pay $2,071.74 per month on a 15-year loan and $1,264.81 on a 30-year loan, not including escrow. Escrow costs vary depending on your home’s location, insurer, and other details.
The 28% rule
To determine how much you can afford using this rule, multiply your monthly gross income by 28%. For example, if you make $10,000 every month, multiply $10,000 by 0.28 to get $2,800. Using these figures, your monthly mortgage payment should be no more than $2,800.
For example, if you make $5,000 per month (before taxes), using the 28% rule, you could safely spend up to $1,400 on your housing expenses. You should also aim to keep your total monthly household debt under $1,800 (or 36% of your pay).