Enter Loan Details
Quicken your home-buying process by getting pre-approved for a mortgage
*Legal Disclosure: Houzeo Mortgage Calculator is to be used only to get an estimate of your monthly payment. Actual rates change depending on multiple factors, including your exact location and the loan type. These estimates are based on the inputs you provide and may not include additional costs that the lender may incur to originate the mortgage.
Here’s a stepwise guide for using our mortgage calculator:
Step 1: Enter the property address or zip code.
Step 2: Enter the cost of the home you’re buying.
Step 3: Enter your down payment amount. You can either enter a dollar amount or use the slider to set a percentage.
Step 4: Enter the mortgage rate you expect to pay.
Step 5: Select the length of your loan — typically 30 years, but it can be 20, 15, or 10.
Our calculator also estimates property taxes, homeowner's insurance, private mortgage insurance(PMI), and homeowners association fees. You can either adjust these amounts or set them to zero.
Here’s a breakdown of important mortgage-related terms, to help you use our home loan calculator and navigate the mortgage process with ease:
1. Principal: The initial amount borrowed to buy a house. The mortgage amortization table helps you track its repayment over time.
2. Interest Rate: A percentage of the principal that is paid annually. It affects both your results and overall cost of the loan. .
3. Amortization Schedule: This table, created by a mortgage calculator, shows how each payment lowers your loan balance.
4. PMI (Private Mortgage Insurance): PMI is an insurance that safeguards lenders if borrowers default and is used when down payments are under 20%. A mortgage calculator helps determine how PMI impacts your home mortgage amortization.
5. Closing Costs: Fees required to finalize the home purchase. These are included in most house amortization calculator tools.
For accurate payment estimates and amortization tables, visit our average mortgage payment or mortgage amortization schedule section.
Here’s the formula to calculate your monthly mortgage payments:
M = monthly mortgage payment
P = principal loan (amount borrowed)
r = monthly interest rate (annual rate divided by 12)
n = number of payments (loan term in years multiplied by 12)
A home calculator calculator helps you:
1. Estimate Your Monthly Payment: Get a full breakdown of your average monthly mortgage payment, including principal, interest, taxes, and insurance.
2. Compare Loan Terms: See how different loan terms impact both your monthly payments and total cost.
3. Analyze the Impact of Interest Rate: Adjust interest rates to view how they change your overall loan costs and decide when to lock in a rate.
4. Plan for Extra Payments: Include additional payments to shorten your loan term and cut down on interest costs.
5. Check Affordability: Ensure the mortgage fits your budget.
Houzeo's simple mortgage calculator also provides a detailed home amortization schedule. You can adjust taxes, insurance, PMI, and HOA fees to check different loan scenarios..
1. Title Search Fee
2. Home Appraisal Fee
4. Application Fee
5. Credit Check Fee
6. Underwriting Fee