Estimate your monthly home loan payment including taxes, insurance and PMI.
We believe in transparency (and keeping you informed). Remember, these are ballpark numbers. Talk with a Loan Officer for real results.
Estimated Taxes & Insurance: We estimate property taxes and annual homeowners insurance at 1.2% and 0.35% of the home’s value, respectively. Every state and personal situation is different – learn about your situation here.
PMI: Private Mortgage Insurance (PMI) protects lenders in case of loan default. It’s included as part of your monthly mortgage payment and can be removed once you’ve paid the equivalent of 20% down.
To use our mortgage calculator, enter your home value, down payment, interest rate, loan term and credit score. You can also select whether you want to include property taxes and homeowners insurance in your calculation.
Here’s a closer look at each component of the mortgage calculator:
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If you calculate your monthly mortgage payment and it is not as low as you hoped for, there are a few ways you can lower it:
Here’s a breakdown of key factors that affect your monthly mortgage payment:
If you're looking to buy a home, it’s important to determine how much mortgage you can afford before beginning the house hunting journey.
The 28/36 percent rule is a general guideline for potential homebuyers to follow. It is recommended that your monthly mortgage payment (including taxes and insurance) is no more than 28% of your gross monthly income and your total debt (including your mortgage) is no more than 36% of your gross monthly income.
For example, let's say you have a gross monthly income of $5,000. 28% of that is $1,400, so your monthly mortgage payment would ideally be no more than $1,400. 36% of $5,000 is $1,800, so your total monthly debt would ideally be no more than $1,800.
Our mortgage calculator can help you determine what kind of home is going to best fit into your budget. Reach out to a Paddio specialist today for more information.