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Mortgage Calculator

Use this handy mortgage calculator while shopping around to arrive at an estimate of how the home loan terms offered by each lender may affect the amortization schedule on your new mortgage loan so that you can have an idea about the best loan for your needs at this time.

How much of a Mortgage Can I Afford?

According to some lenders, the mortgage payment should usually be no more than 28% of the borrower's total gross income. Those with lower debt-to-income ratios, higher credit scores, or both, however, are often approved for loans above 28% in some instances.

A chart displaying the principal, interest, payment and balance by date

Look for these results as a pop-up after completing the form.

How to find the Mortgage Calculator Information

Home Price: You'll find the list price of a given property just above the property image at the top of the page.

Down Payment: This will vary by the buyer in several ways. Regardless, when arriving at the down payment, also consider all of the additional funds likely needed to close, such as the closing costs, often up to three percent of the purchase price. In addition, plan for a home inspection, an appraisal, and incidentals (each up to $1,000). While only the loan down payment should be entered into this field, keeping the other additional expenses in mind beyond the required down payment will help the borrower arrive at a better estimate of all funds likely to be required to close. Yes, some of these expenses may be negotiable, but it is best to plan and be buttoned up for different scenarios.

Interest Rate: Get this figure from your pre-approval letter from the lender.

Private Mortgage Insurance (PMI): This figure may also be provided on the pre-approval letter for FHA Mortgages, but the loan officer or lender representative will also be a good source.

Annual Insurance: This figure will vary by carrier and property. Shop around for the best rate from a reputable insurance carrier and enter that number here.

Annual Property Taxes: This can be found in the listing under the Financial Information Header as "Annual Taxes."

Monthly HOA: This can be found in the listing under the Financial Information Header as "Annual Association Fee."

Calculate Principal and Interest

with this printable, easy-to-use worksheet in PDF.

Want More Certainty about the Estimated Monthly Mortgage Payments?

Please send me the property details, GA MLS Number, and other information, so that a fee sheet can be sent that describes what you may expect in an estimated mortgage payment in far greater detail