Mortgage Calculator

Mortgage calculator

Estimating your monthly payment

As you start taking the first steps toward homeownership, it’s important to have an understanding of what your monthly house payment might be, so you can best prepare for what’s ahead. The amount you’ll pay is dependent on your home price, down payment percentage, loan type, and interest rate. Use the calculator below to estimate your costs.

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**Assumptions. You are purchasing a single family home and primary residence. Rate is fixed. Debt-to-income ratio is less than 41% and excellent credit. These assumptions are subject to change without notice.

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*This mortgage calculator is for illustrative purposes only and is not a guarantee. The monthly payment illustration on this tool does not include amounts for property taxes, insurance premiums, homeowner's association dues, or other factors that potentially could affect your monthly payment. Therefore, your actual monthly payment will be higher. Interest rates change frequently and without notice. Financing availability and terms will depend on your situation.

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How do I calculate monthly mortgage payments?

The best way to know what your mortgage payment might be is to speak with a mortgage professional. You can also use a mortgage calculator to estimate your payment, but keep in mind, that this is only an estimate and likely will not include all the items that make up your monthly payment. The amount you’ll pay monthly is dependent on the price of the home, your down payment amount, loan term, loan type, interest rate, property tax rate, insurance rates, and in some cases homeowners association assessments.

How do lenders calculate monthly mortgage interest?

Interest on your loan is calculated using your locked rate, loan balance and typically a 30-year repayment schedule. To see an amortization schedule, and view how interest is paid, please utilize our amortization calculator by visiting Payment Amortization (

How do I calculate mortgage interest deduction?

To learn about eligible deductions, it’s best to consult with a tax professional. A mortgage interest deduction is an itemized tax deduction. To qualify, you must itemize your deductions. Generally speaking, for those who qualify the mortgage interest amount is reflected on IRS Form 1098 provided by your mortgage company.

How can I estimate my monthly mortgage payment?

The best way to get an accurate estimate of what your mortgage payment will be is to talk to a Loan Originator. They will be able to ensure you are provided a total monthly payment which can include Principal, Mortgage Interest, Property Taxes, Mortgage Insurance (if applicable), Home Insurance, and Homeowner’s Association Dues (if applicable). There are also a wide variety of mortgage calculators that you can find online. We have the following available for you through Shea Mortgage at Calculators (

How do I calculate mortgage payoff?

Interest on your monthly mortgage payment is calculated monthly but for a mortgage payoff, interest is calculated daily to give you that final payment amount. It’s best to contact your mortgage lender to get a payoff amount based on the date you plan to pay off your mortgage. To get an idea of what your payoff amount may be there is a formula you can use. Multiply the loan balance by the interest rate and divide by 365 to get the daily interest amount. Then, multiply that number by days until payoff and add it to the loan balance.

How do I calculate Private Mortgage Insurance (PMI)?

Private mortgage insurance (PMI) protects the lender against loss which could result from a mortgage default. It is usually required by a lender when the borrower’s down payment on the home is less than 20%. It can be difficult to calculate PMI as the amount paid is dependent on loan amount, down payment amount, credit score and debt-to-income ratio. PMI can be estimated by using a PMI calculator like this one on Nerd Wallet.

How do I calculate PMI removal?

To remove PMI, your loan needs to be eligible for PMI cancellation which happens when the loan balance has reached between 78-80% of the value of the original purchase price. To estimate this amount, take your original home purchase price and multiply it by .80. This will give you the loan balance you’ll need to achieve for your PMI to be cancelled.

What is included in a Monthly Mortgage Payment?

Monthly Mortgage Payments can include the following: Principal, Mortgage Interest, Property Taxes, Mortgage Insurance (if applicable), Home Insurance, and Homeowner’s Association Dues (if applicable). Principal is the amount that is paid back to cover the amount borrowed, Mortgage Interest is the cost charged for the usage of the money, Property Taxes are determined by and paid to your local City or County, Home Insurance is Hazard Insurance for your home, Mortgage Insurance (if required) protects the lender against loss due to a borrower non-payment or default, and Homeowner Association Dues are fees that cover various costs/services to maintain common areas if the home you own is part of an association.

How do I calculate debt-to-income (DTI) ratio for a mortgage?

The debt-to-income ratio measures your monthly debt compared to your gross income. To calculate your debt-to-income (DTI) ratio, add up all monthly debt and divide by your gross monthly income.

What are closing costs and how should I estimate them?

Closing costs are fees associated with the purchase of your home. Some fees are paid to your lender, and others are paid to third parties such as a title company, appraiser, or escrow company. Closing costs are generally 3% of your sales price, but will vary based on your loan amount, purchase price, and whether or not you pay cash or finance your home. 
Sources: Shea Mortgage, Bankrate, Investopedia, NerdWallet


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