ACHIEVE CALCULATOR
Mortgage Calculator
Estimate Your Monthly Mortgage Payment
Use our free mortgage calculator to estimate your monthly mortgage payment based on home value, loan amount, interest rate, and loan term. Include estimated property taxes, homeowners insurance, and private mortgage insurance (PMI) to get a more complete picture of your potential monthly payment.
Calculate Your Monthly Mortgage Payment
How to Use the Mortgage Calculator
Enter the home’s value, the amount you plan to borrow, your estimated interest rate and the length of the loan. You can also enter annual property taxes, homeowners insurance and an estimated PMI rate, if applicable.
The calculator will estimate your monthly principal and interest, property taxes, homeowners insurance and PMI, along with your loan-to-value ratio and estimated total monthly payment.
Try adjusting the loan amount, interest rate, or loan term to see how different financing scenarios could affect your estimated monthly mortgage payment.
What Affects Your Monthly Mortgage Payment?
Several factors can affect the amount you pay each month for a mortgage. Understanding these costs can help you estimate a potential housing payment and compare different borrowing scenarios.
Loan Amount
The loan amount is the amount of money you borrow to purchase or refinance a home. A larger loan amount generally results in a higher monthly principal and interest payment, assuming the interest rate and loan term remain the same.
Interest Rate
Your mortgage interest rate affects both your monthly principal and interest payment and the overall cost of borrowing. Generally, a higher interest rate results in a higher monthly payment.
Loan Term
The loan term is the length of time over which the mortgage is scheduled to be repaid. A longer term can lower the monthly principal and interest payment by spreading repayment over more months, while a shorter term generally results in a higher monthly payment but allows the loan to be repaid sooner.
Property Taxes
Property taxes are generally based on the assessed value of a property and local tax rates. Because property taxes vary by location and can change over time, using an estimated annual amount can help provide a more complete picture of your potential monthly housing costs.
Homeowners Insurance
Homeowners insurance helps protect your home and property against certain covered losses. Premiums vary based on factors such as the property, location, coverage, and insurer. Including the estimated annual premium can make your mortgage payment estimate more realistic.
Private Mortgage Insurance (PMI)
Private mortgage insurance, or PMI, may apply to certain mortgage loans. If PMI applies, it can add to your monthly housing payment. The amount can vary depending on the loan and borrower.
What Is Loan-to-Value (LTV)?
Loan-to-value, commonly called LTV, is a percentage that compares the amount of your loan with the value of the property.
For example, a $240,000 loan on a home valued at $300,000 would have an 80% LTV.
LTV is one factor lenders may consider when evaluating a mortgage and can affect certain loan requirements and costs.
What's Included in a Monthly Mortgage Payment?
A mortgage payment can include more than the principal and interest on the loan. Depending on the mortgage, a borrower’s monthly housing costs may also include property taxes, homeowners insurance, and mortgage insurance.
ACHIEVE’s Mortgage Calculator estimates these costs separately so you can see how each contributes to the estimated total monthly payment.
Continue Learning About Homeownership
Financial Steps Key to Successful Homebuying Journey
Buying a home starts before the house hunt. Learn how reviewing your credit, evaluating your budget, planning for a down payment, and estimating a comfortable mortgage payment can help you prepare for homeownership.
Who is ACHIEVE?
The Louisiana Association for Personal Financial Achievement, ACHIEVE, is a non-profit organization dedicated to personal financial achievement. ACHIEVE is committed to serving the community by offering free financial education seminars to groups, organizations, businesses, and individuals in the community.
