Mortgage Payment Calculator
Other mortgage payment considerations
- A higher down payment on a home can substantially lower your monthly payments and result in a lower interest rate on the loan.
- Your monthly mortgage amount goes toward several different items: the Principal and Interest (P&I), Property Taxes, Private Mortgage Insurance (PMI), and hazard insurance.
- In most cases, a 30-year fixed mortgage will have a lower monthly payment amount but at a higher interest rate than a 15-year fixed, which allows you to pay off your home faster and with less interest.
Buying a new home is exciting but can also be confusing if you are new to home loans and mortgage financing. If you are considering purchasing a new home, you are probably wondering how much you will pay monthly for your mortgage. Calculating mortgage payments makes it easy to predict your payment amount based on your projected down payment amount and interest rate. The calculator interest rate is based on the current average. Your actual mortgage rate will be based on individual factors, such as your credit score and the amount of your down payment.
How is a mortgage payment calculated?
To calculate a mortgage, lenders look at the total cost, the down payment amount, the loan type (i.e., 15- or 30-year fixed), and the interest rate. Property taxes, insurance, and HOA dues may also be included in the calculation.
There are different types of loans; each will make a difference in determining your monthly payment. Our mortgage calculator will help you compare and estimate the costs of each type of mortgage, including a 30-year fixed rate, a 15-year fixed rate, and a 5/1 ARM.
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Our financial calculators are provided as a free service to our Members. The information these calculators supply is from various sources based on calculations we believe to be reliable (but are not guaranteed, explicit, or implied) regarding their accuracy or applicability to your specific circumstances. All examples are hypothetical and illustrative and do not intend to provide investment advice. TDECU does not accept any liability for loss or damage whatsoever, which may be attributable to the reliance on and use of the calculators. Use of any calculator constitutes acceptance of the terms of this agreement. TDECU recommends finding a qualified professional for advice about your personal finance issues.