Calculators

frequently asked
questions

How does a mortgage calculator estimate my monthly payment?

A calculator typically uses the loan amount, interest rate, and loan term to give you a monthly estimate. Some calculators also include property taxes, homeowners insurance, and mortgage insurance to provide a fuller picture of your costs.

Why is my actual payment different from the calculator estimate?

Calculators provide estimates based on the numbers you enter. Your real payment may be higher or lower depending on local taxes, insurance premiums, and any mortgage insurance required. The most accurate numbers come from your lender once they review your full application.

Does the calculator include property taxes and homeowners insurance?

Many calculators allow you to add these costs, but they may not always reflect your exact local amounts. Property taxes and insurance vary by location and property type, so be sure to adjust the numbers or confirm with your lender.

Can the calculator tell me how much house I can afford?

A calculator can give you a starting estimate, but affordability depends on more than just your monthly payment. Lenders also look at your income, debts, and credit score when deciding how much you can borrow.

What loan details should I enter into the calculator?

To get the best estimate, include your loan amount, interest rate, loan term, and expected property taxes and insurance. If you are not sure of these numbers, you can use average estimates to see a rough idea, then refine with your lender.

How do interest rates affect my payment in the calculator?

Even a small change in interest rates can make a big difference in your monthly payment. Use the calculator to test different rate scenarios so you understand how rate changes could impact your budget.

Will the calculator show if I need mortgage insurance?

Some calculators allow you to add mortgage insurance if your down payment is less than twenty percent. However, the cost of insurance varies by program, so your lender will provide the most accurate figure.

Mortgage calculator

frequently asked questions