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Payment

Mortgage Payment Calculator

Most payment calculators show you principal and interest and stop there. That's usually 60 to 75% of what you'll actually pay each month, which is why so many buyers are surprised at closing.

This one includes property taxes, homeowners insurance, HOA dues and mortgage insurance, so the number you see is the number that leaves your account.

Your numbers

$350,000

5% is the standard conventional example.

$1,500
$0

Applies while your loan-to-value is above 80%.

Your results

Total monthly payment

$2,832

Principal, interest, taxes, insurance, MI and HOA

Principal & interest
$2,102
Property taxes
$467
Homeowners insurance
$125
Mortgage insurance
$139Drops off near 20% equity
Loan amount
$332,500
Down payment
$17,500
Total interest over the term
$424,085

What happens if you change this

At $350,000 with 5% down at 6.5%, your all-in payment is $2,832, principal and interest are only $2,102 of that. Because you're under 20% down, mortgage insurance adds $139 a month and falls off as you reach roughly 20% equity. Going to 20% down would remove it and lower the payment by $139.

Keep these numbers

Your results are yours already. If it helps, send them to yourself, or have Corie look at the same scenario and tell you what she would change.

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Questions people ask

Why is my payment higher than the principal and interest quote?
Because taxes, insurance and mortgage insurance are collected monthly in escrow alongside principal and interest. On a typical Pennsylvania purchase they add 30 to 40% on top of the P&I figure.
When does mortgage insurance go away?
On conventional loans it can generally be removed as you approach 20% equity, and it cancels automatically at 78% of the original value. FHA mortgage insurance usually lasts the life of the loan when you put less than 10% down.

Estimates for education only, not a loan approval, rate quote, or commitment to lend. Actual figures depend on credit, property, program guidelines, and market conditions at the time of lock. Corie Adams · NMLS #1875205 · Network Funding, LP · NMLS ID #2297 · Equal Housing Opportunity.

In plain English

It shows what actually leaves your bank account every month, not just the loan portion of it.

When to use it

  • You have a specific house or price in mind and want the real monthly number
  • You are comparing two homes with different tax rates or HOA dues
  • You want to see what a rate change does to your budget before you lock

Common mistakes

Quoting principal and interest as the payment
Taxes, insurance and mortgage insurance usually add thirty to forty percent on top. Budget the all-in figure.
Using a statewide tax rate
Pennsylvania millage varies sharply between townships and boroughs. Use the rate for the actual parcel.
Forgetting mortgage insurance falls off
Below twenty percent down it is temporary, not permanent. Plan for the payment to drop as equity builds.

Recommended next steps

  1. 01Check what price fits your income
  2. 02Get Pre-Approved

Turn the estimate into real numbers.

A pre-approval replaces the assumptions above with your actual income, credit, and the terms available to you today.

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After the math

Where this number leads.