Before shopping for a new home or falling in love with a property, one of the first questions to ask yourself is, “How much mortgage can I afford?”
One of the first steps to answering this important query is to determine your purchasing power by finding out what your mortgage payment will be. By learning how much a mortgage costs each month, you can compare that payment amount with your finances and see how much you can afford each month.
We’ve created this Mortgage Payment Calculator to help you estimate what your monthly payment will be based on your loan amount. The calculator takes into account various factors such as the loan amount, discount points, closing costs and more, to give you a realistic estimate of the cost of the mortgage.
When it comes to figuring out how to calculate your mortgage payment, we’ve made it very easy. First, input the variables you expect for your loan. Then, the Mortgage Payment Calculator will give you plenty of helpful information, including your total monthly payment and a breakdown of the payment into several components like principal and interest payments, taxes and insurances.
Learn even more about your potential mortgage with the amortization schedule feature. This feature will break down each monthly payment over the course of your mortgage into how much will be applied to the principal and to interest, while also showing you the cumulative interest and principal payments and the remaining balance on your principal after each monthly payment.
The calculator’s property information feature provides you an even greater understanding of how much the mortgage will cost you. You can input the length of time that you are planning to keep the house before selling it or refinancing, as well as the property taxes and insurance costs to find out how much you’ll pay over that time period.
We have several Home Loan Calculators to help you determine how much home you can afford, such as our Home Loan Affordability Calculator that gives you an estimate based on your income, expenses and expected mortgage payment.
And just like using our Home Loan Calculators, applying for a Home Loan from Mission Fed is fast and easy. Once you fill out the online application, you’ll receive an answer in minutes. We’re happy to help you figure out how much home you can afford, and assist you with the loan to purchase it.
Rates and Terms will vary based on collateral and credit. Programs, rates, terms, conditions and services are subject to change without notice. All accounts and loans are subject to approval.
Interactive calculators are made available as self-help tools, and we cannot and do not guarantee their accuracy or applicability to your circumstances. All examples are hypothetical and are for illustrative purposes only. Calculators are not intended to provide investment advice, and we encourage you to seek personalized advice from qualified professionals regarding all your personal financial issues.