How to Use Our Mortgage Calculator

Our mortgage calculator gives you a quick estimate of your monthly house payment. First, enter the home price, your down payment, the interest rate, and the loan term. Then add your property taxes, homeowners insurance, and any HOA fees. As a result, you see a fuller picture of what you may pay each month, not just principal and interest.

You can also choose a monthly or bi-weekly payment schedule. In addition, the calculator shows your payment breakdown and a full payment schedule over the life of the loan.

Tips for Getting the Most From Your Estimate

Try a few different scenarios. For example, change the down payment to see how it moves your monthly payment. Next, switch between loan terms to compare a shorter loan with a longer one. A shorter term often means a higher payment, but you pay off the home sooner.

Also, use realistic numbers for taxes and insurance. These costs vary by county and by home, so a local figure gives you a better result. If your loan needs private mortgage insurance (PMI), add it too, since it can raise your payment. Finally, try the extra payment fields to see how paying a little more each month could shorten your loan.

Estimate First, Then Get a Pre-Approval

Of course, a calculator only gives you an estimate. Its results are not a guarantee for any particular loan. Your actual payment depends on your credit, income, the property, and the loan program you choose. So when you want real numbers, our team can help you get a free pre-approval.

Lending Hand Mortgage has its home office in Madison, Tennessee, near Nashville. In addition, we help home buyers and homeowners in every state where we hold a license. Whether you plan to buy your first home or refinance, we will guide you through each step.