The first step in deciding to buy a home is working out how much you can afford in mortgage payments; this simple mortgage calculator is a good place to start. If you have not yet been pre-qualified by a licensed mortgage advisor to see what your budget could be, please contact us and we will put you in touch with our preferred partner – a very experienced advisor who will work with you to help you get to where you want to be!
This simple mortgage calculator* will help you estimate what your monthly mortgage payment might be, and therefore the potential affordability of the property you’re interested in.
Just plug in the property price, what your downpayment will be, the interest rate and term of the mortgage. Based on the size of your downpayment, the calculator will tell you if you are likely to need Private Mortgage Insurance** (PMI), and give an estimate of what that might be. The amortization button will show the split between the interest and principal payment each month over the life of the loan.
Please note that this calculator only shows an estimated mortgage payment. It does not include any potential escrow payments that may need to be made to cover additional costs such as property tax, homeowners’ insurance, possible HOA fees etc. Be sure to consult a financial professional; we would be delighted to recommend a trusted mortgage partner if you do not have one.
* This information is for illustrative purposes only and accuracy is not guaranteed. Be sure to consult a financial professional prior to relying on any results. This calculator does not have the ability to pre-qualify you for any mortgage or loan program. Qualification for mortgages or loans requires additional information, such as credit scores, income, and existing debts which is not gathered in this calculator. All information provided are as informal estimates and should be used for illustrative purposes only.
** PMI is usually required when you have a conventional loan and make a down payment of less than 20% of the home’s purchase price. If you’re refinancing with a conventional loan and your equity is less than 20% of the value of your home, PMI is also usually required.