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Get pre-qualified by a lender to see an even more accurate estimate of your monthly mortgage payment.
Oren Access mortgage calculator provides you with the flexibility to customize your mortgage details, while also making reasonable assumptions for fields you may not have exact information on yet. These autofill features make our home loan calculator user-friendly and can be updated at any time.
Keep in mind that your monthly house payment encompasses more than just repaying the principal amount you borrowed to purchase the home. The principal refers to the loan amount itself, which you need to repay, while the interest is the cost charged by the lender for providing the loan.
For most borrowers, the total monthly payment to your mortgage lender includes additional costs beyond principal and interest. These can include homeowners insurance and property taxes. If you have an escrow account, you will contribute a set amount toward these extra expenses as part of your monthly mortgage payment. The money in the escrow account is held by your mortgage lender until insurance and tax bills are due, at which point they will pay them on your behalf. Additionally, if your loan requires other types of insurance such as private mortgage insurance (PMI) or homeowners association dues (HOA), these premiums might also be included in your overall mortgage payment.
The price is either the amount you paid for a home or the amount you may pay for a future home purchase.
Most home loans require a down payment of at least 3% of the home
s purchase price. However, some loans, such as VA loans and certain USDA loans, allow for zero down payment. While its a common misconception that a 20% down payment is mandatory to secure a loan, remember that a higher down payment can reduce your monthly payments. Additionally, putting down 20% allows you to avoid private mortgage insurance (PMI) costs.
At Oren Access, we offer tools and resources to help you explore down payment assistance options. You can use our down payment assistance page and questionnaire tool to find programs and funding opportunities you might qualify for.
The type of loan program you select can impact your interest rate and total monthly payments. With our calculator, you can explore different scenarios including 30-year fixed, 15-year fixed, and 5-year ARM loans to see how varying loan terms affect your monthly payments. Discover more about these loan options below.
Mortgage interest is the cost you pay your lender each year to borrow money, expressed as a percentage rate. Our calculator automatically fills in the current average interest rate for you.
Private Mortgage Insurance (PMI) is calculated based on your credit score and amount of down payment. If your loan amount is greater than 80% of the home purchase price, lenders require insurance on their investment. This is a monthly cost that increases your mortgage payment.
Your estimated annual property tax is based on the home purchase price. The total is divided by 12 months and applied to each monthly mortgage payment. If you know the specific amount of taxes, add as an annual total.
Homeowners insurance is based on the home price, and is expressed as an annual premium. The calculator divides that total by 12 months to adjust your monthly mortgage payment. Average annual premiums usually cost less than 1% of the home price and protect your liability as the property owner and insure against hazards, loss, etc.
Homeowners in some developments and townhome or condominium communities pay monthly Homeowners Association (HOA) fees to collectively pay for amenities, maintenance, and some insurance. Update to include your monthly HOA costs, if applicable. If there are no HOA costs, you can leave the field blank.
Principal + Interest + Mortgage Insurance (if applicable) + Escrow (if applicable) = Total monthly payment
The traditional monthly mortgage payment calculation includes
Principal: The amount of money you borrowed.
Interest: The cost of the loan.
Mortgage insurance: The mandatory insurance to protect your lenders investment of 80% or more of the homes value.
Escrow: The monthly cost of property taxes, HOA dues and homeowners insurance.
Payments: Multiply the years of your loan by 12 months to calculate the total number of payments. A 30-year term is 360 payments (30 years x 12 months = 360 payments).
The loan type you select affects your monthly mortgage payment. Explore mortgage options to fit your purchasing scenario and save money.
Conventional loans are backed by private lenders, like a bank, rather than the federal government and often have strict requirements around credit score and debt-to-income ratios. If you have excellent credit with a 20% down payment, a conventional loan may be a great option, as it usually offers lower interest rates without private mortgage insurance (PMI). You can still obtain a conventional loan with less than a 20% down payment, but PMI will be required.
An FHA loan is government-backed, insured by the Federal Housing Administration. FHA loans have looser requirements around credit scores and allow for low down payments. An FHA loan will come with mandatory mortgage insurance for the life of the loan.
VA loans are partially backed by the Department of Veterans Affairs, allowing eligible veterans to purchase homes with zero down payment (in most cases) at competitive rates. You wont pay PMI, but VA loans do require a funding fee.
The United States Department of Agriculture backs USDA loans that benefit low-income borrowers purchasing in eligible, rural areas. Credit requirements are loose on USDA loans. While an upfront funding fee is required on these loans, your down payment can be as little as zero down without paying PMI.
Jumbo loans are named based on the size of the loan. When a loan exceeds a certain amount (the conforming loan limit), its not insured by the Federal government. Loan limits change annually and are specific to the local market. Jumbo loans allow you to purchase more expensive properties but often require 20% down, which can cost more than $100,000 at closing. Rates are competitive.
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