MORTGAGE calculator
What's your home worth?
Calculate your home value within seconds
CALCULATE YOUR PAYMENT
See what you can afford and find homes within your budget.
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The amount you plan to offer for a home
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Cash you pay when you close
Affects interest rates. 30- or 15- year loans are standard.
Varies depending on lender and credit score.
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Typically 0.25% of home value per year.
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Homeowners association dues.
$ 0per month
Principal and interest:
Property Taxes:
Homeowners Insurance:
HOA Dues:
$0 (0%)
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PLANNING TO BUY A HOME? GET EXPERT ADVICE FROM A LOCAL AGENT
Local agents are here to answer your questions and share smart strategies to help you afford the home of your dreams.
FIND AN AGENTCalculating your mortgage payment
EZHomeSearch’s mortgage calculator estimates your monthly mortgage payment based on a number of factors. Your mortgage payment includes your principal and interest, down payment, loan term, homeowners insurance, property taxes, and HOA fees. This gives you the ability to compare a number of different home loan scenarios and how it will impact your budget.
How do you decide how much house you can afford?
As a general rule, when buying a home you should try to keep your house payment lower than 30% of your gross monthly income. This should include mortgage interest, property taxes, HOA fees, and maintenance. If you choose to go above that percentage, it could impact you financially by taking away the ability to save or pay for unforeseen expenses. Use our affordability calculator to help you determine how much house you can afford.
How do we calculate your monthly payment?
The formula we use in our mortgage calculator is:
P = L*(c*(1 + c)^n)/((1 + c)^n - 1), where:
- P = Monthly mortgage payment
- L = Mortgage loan amount
- C = Your mortgage interest rate
- N = Number of monthly payments over the lifetime of the mortgage
What can you do to lower your mortgage payment?
There are a number of things that you can do to help lower your monthly mortgage payment if you can't afford the home of your dreams. Try different scenarios on our mortgage calculator, but some ways to reduce your mortgage payment are as follows:
- Improve your credit score
- Put 20% down or as much as you can for your down payment
- Try to avoid PMI (private mortgage insurance) if you can
- Choose a longer-term mortgage like a 30-year rather than a 15-year loan
- Get a lower mortgage interest rate by shopping around to different lenders
What type of mortgage is right for me?
Each situation is different, but here are some guiding principles for each type of mortgage:
- 30-year fixed-rate mortgage - The most common option, typically has a lower monthly payment and your payment doesn't change.
- 15-year fixed-rate mortgage- Similar to the 30-year fixed-rate mortgage, this option pays off your mortgage in 15 years, saving you money on interest.
- 7-year ARM - ARM stands for an adjustable-rate mortgage which means your interest rate can fluctuate after 7 years. Generally, this is best used if you know you'll be in the home for less than 7 years because the interest rate could go up after those 7 years.
- 5-year ARM - Similar to the 7-year ARM, but the interest rate can change after 5 years
- FHA 30-year fixed - Best for homebuyers with lower credit scores. Also, a great option if you want to put down a smaller down payment.
- VA loan - 30-year fixed-rate for qualifying veterans and active military. The benefit of this loan is not being required to put any money down and avoiding PMI.
- Jumbo funding - These are for loan amounts that exceed conventional loan limits