Mortgage Calculator - Estimate Your Total House Payment

Total House Payment Calculator

Discover how easy it is to map out your home-buying journey with Andes Mortgage’s mortgage calculator.

This nifty tool takes the guesswork out of your total mortgage payment, breaking down everything from principal and interest to those extra costs like PMI, property taxes, homeowners insurance, and even those pesky HOA fees.

Just punch in the home’s price and how much you’re putting down to unlock a detailed estimate of your monthly commitment, complete with a breakdown and payment schedule that feels like it’s been tailor-made just for you. Wondering how tweaking the loan terms might affect your budget? Our calculator allows you to adjust the finer details, ensuring your mortgage plan fits your life like a glove.

How to calculate your mortgage payments

Andes Mortgage allows you to make different changes to this calculator so that you can accurately estimate your total house payments.

All the fields on this mortgage calculator are customizable and you can either use the sliders or the fields to input number values. As you move along, our mortgage calculator will adjust the total monthly payment.

When using this calculator, it’s important that you take a look at the “Principal and Interest” and the “Total Monthly Payment”. It’s imperative to note that Principal and Interest is only the loan payment, in other words, this is what you will for the financing only.

The term “principal” stands for the amount you borrow and you pay back. Every month, the loan amount goes down by the portion of the payment that goes towards it. Meanwhile, “interest” is the cost of the financing. It’s basically interest that the lender charges you for lending you money.

The principal and interest payment does not include the other items that make up the total house payment. This is why on our mortgage calculator you see the Total Monthly Payment which includes property taxes, homeowners insurance and PMI if applicable.

Most borrowers opt to have an escrow account, which is an account that the lender manages to pay for property taxes and homeowners insurance as part of your monthly payment. This allows borrowers to have a more manageable and consistent monthly payment, rather than having to come up with a large lump sum for these expenses separately.

Finally, PMI or Private Mortgage Insurance is an insurance that protects the lender in case you default on your loan. This is usually required if you put down less than 20% of the purchase price as a down payment. If you are planning to put down 20% or more, you are not required to carry PMI. However, if your down payment is under 20%, make sure you add a PMI payment on the mortgage calculator, even if you guesstimate it to get you a more accurate total monthly payment.

Continue using this mortgage calculator to play around with different numbers and get a better understanding of how different factors can affect your total monthly payments.

Home price

The home price is the amount you’re looking to pay for the home—it’s basically the sticker price.

While the home price sets the stage, it’s not just about how much you’re willing to fork out from your piggy bank. Factors like the local housing market trends, the home’s condition, and even negotiations can sway this number.

Down payment

Most mortgage programs require a down payment in order to secure financing.

The down payment is the upfront cash required by the mortgage program or the lender and it’s expressed as a percentage of the home’s purchase price. Think of it as your skin in the game or an investment in the property.

The size of your down payment can significantly influence your mortgage terms and how much you’ll need to borrow. The better rates are reserved for those with larger down payments such as 10% or more because it shows that you are a less risky borrower.

However, most mortgage programs especially those for primary homes allow homebuyers to put down as little as 3% to purchase a home. Obviously, a smaller down payment might mean less cash upfront, but higher monthly payments because your loan amount is higher. It’s a balancing act, really. The trick is to find that sweet spot that works for your budget while keeping in line with your financial goals.

Here are some tips for down payment percentages or amounts when using our mortgage calculator

You are a first time homebuyer, you are buying a home that you intend to occupy AND you want to put the least amount possible

Use either 3% or 5%. Most first-time homebuyers are able to put as little as 3% down.
For PMI, move the slider to at least $120/month to give you an accurate payment calculation

You are a repeat homebuyer, you are buying a home that you intend to occupy AND you want to put the least amount possible

Your minimum down payment will be 5%. You can increase this amount as you see fit but no less than 5%

You are buying a home AND you do not want PMI

Choose a 20% minimum down payment and make sure there are no PMI payments

You are looking to finance a jumbo loan, this is a loan amount over $766,550.

Choose 10% minimum down payment and remove PMI.

You are a Veteran AND you are looking to do a VA loan

Set the down payment to $0 as VA loans do not require a down payment. Feel free to add a down payment if you’d like.

You are buying in a rural area AND, you are looking to do a USDA loan

Set the down payment to $0 as USDA loans do not require a down payment.

You are buying an investment property OR you do not intend to live in the property

Choose a 20% down payment and remove PMI

Interest Rate

The interest rate is a key factor in determining your mortgage payments. It represents the annual percentage of the loan amount that you will be charged for borrowing the money. The higher the interest rate, the more you will have to pay back over time.

Interest rates are affected by many factors but most importantly, credit score, loan-to-value, type of loan and current market conditions as the most important.

We provide up-to-date national average interest rates and you can access them by clicking this link.

Find an interest rate that applies to you, for most, this will be either a conventional or FHA loan and use that rate on our mortgage calculator. It’s OK if it’s not 100% the same, an estimate works just fine.

What are today’s interest rates? Click here to view different rates for multiple mortgage programs.

Loan term

The loan term refers to the length of time that you will have to pay back the loan. Most mortgage loans have a 30-year term, meaning you’ll make payments for 30 years until the principal balance is fully paid off. However, there are also shorter terms available such as 20 and 15 years that can result in lower interest rates but higher monthly payments.

If you are looking for a standard 30-year mortgage or want to have the lowest monthly payment, make sure the loan term slider is set at 30 years.

property taxes

Property taxes are another important factor to consider when determining your total monthly payments. These are taxes that homeowners pay based on the assessed value of their property, and they are typically paid annually or semi-annually.

When using our mortgage calculator, be sure to input the estimated property tax amount for the home you’re considering purchasing.

There are several ways to estimate property taxes that you can use on our mortgage calculator.

The first one is by assuming 1.25% of the purchase price. For example, if you are buying a $300,000, the property taxes should come out to roughly $3,750/year.

Another way is to find the listing for the property with your real estate agent, or a listing aggregator like Zillow. If you are buying a home in Atlanta, you can navigate on our partner’s website at www.atlantahomeprices.com to see listings in the city and nearby counties.

Homeowners Insurance

Homeowners insurance helps protect your investment in the event of unforeseen damages or losses. The cost of homeowners insurance can vary depending on location, property type, and coverage options. Normally, the range for homeowners insurance is anywhere between $1,500 – $3,000 annually or 0.55% of the purchase price.

For example, if you are buying a $500,000 home, you can estimate your home insurance to being around $2,750 (0.0055 * $500,000).

For a more accurate reading, you’ll want to get a quote from an insurance agent for a specific property that you’re looking.

HOA Dues

If you are purchasing a property that is part of a homeowner’s association (HOA), you’ll most likely be required to pay monthly dues. These fees go towards maintaining common areas and amenities in the neighborhood, such as landscaping, security, and recreational facilities.

When using our mortgage calculator, make sure to include the estimated HOA dues for the home you’re considering. This information can typically be found by searching for the property on a listing service or asking your real estate agent. If you are buying a home in Atlanta, you can navigate on our partner’s website at www.atlantahomeprices.com to see listings in the city and nearby counties.

Ready to get a mortgage estimate or apply for a home loan?

Here at Andes Mortgage, we’re dedicated to helping you find the best mortgage options for your unique financial situation. With our easy-to-use calculator and personalized services, we make home buying a breeze.

So whether you’re a first-time homebuyer or looking to refinance, trust Andes Mortgage to guide you every step of the way. Keep in mind that while our calculator is a helpful tool, it’s always best to consult with a mortgage professional for personalized advice and information. Let us help you achieve your dream of homeownership today!

Call us today at 770-740-4050 or send us a quick inquiry by clicking this link.