MORTGAGE CALCULATOR
Understanding Your Estimated Mortgage Payment
A mortgage calculator is a helpful starting point for understanding what homeownership could look like financially. Your actual monthly payment may include more than principal and interest, so it's important to understand the numbers behind the estimate.
Down Payment
Your down payment affects both the amount you finance and your estimated monthly payment. Different loan programs have different minimum requirements, and some qualified buyers may be eligible for low- or no-down-payment options.
Principal & Interest
Principal is the amount you borrow to purchase the home. Interest is the cost of borrowing that money. Your loan amount, interest rate and loan term all affect this portion of your monthly payment.
Property Taxes
Property taxes can vary significantly by location. A home in Prince George's County, Anne Arundel County or Washington, DC, for example, may have a different tax obligation even at a similar purchase price.
Homeowners Insurance
Most lenders require homeowners insurance. The actual cost depends on the property, coverage, insurer and other factors, so the calculator's insurance amount should be treated as an estimate.
Mortgage Insurance
Depending on your loan program and down payment, your payment may also include mortgage insurance. FHA and certain conventional loans have different mortgage-insurance requirements.
HOA or Condo Fees
If you're considering a property with an HOA or condominium association, those fees should be included when evaluating your total monthly housing expense. They can also affect the amount a lender determines you can afford.
Your Payment Is Only Part of the Picture
Two homes with the same price can have very different monthly costs because of differences in taxes, HOA or condo fees, insurance and financing. That's why it's often more useful to shop based on a comfortable monthly payment rather than purchase price alone.
Ready to Take the Next Step?
Whether you're ready to start looking at homes or still figuring out your buying power, The Robinson Group can help you determine the right next step.
See Homes That Fit Your Budget
Now that you have an estimated payment, see homes for sale in Maryland and DC
that may fit your price range.
Not Sure What You Can Afford?
Let's talk through your goals, timeline and next steps
so you can approach your home search with a clear plan.
Mortgage Calculator Disclaimer:
Calculator results are estimates for informational purposes only and are not a loan quote, pre-approval or guarantee of financing. Actual rates, payments, taxes, insurance, mortgage insurance and other costs may vary. Consult a qualified mortgage professional for information specific to your financing options.