Important: Rate, points and APR may vary based on several factors including, but not limited to, state of property location, loan amount, documentation type, loan type, occupancy type, property type, loan to value and your credit score. Your final rate and points may be higher or lower than those quoted based on information relating to these factors, which may be determined after you apply. Rates shown are not available in all states. To get a custom quote based on your specific situation, contact a Chase Home Lending Advisor. Show
The annual percentage rate (APR), is the cost of credit over the term of the loan expressed as an annual rate. The APR shown here is based on the interest rate and any points. It does not take into account the processing fee or any other loan specific finance charges you may be required to pay. This tool assumes that private mortgage insurance (PMI), is required if you are making a down payment of less than 20 percent of the home's purchase price. The purpose of the insurance is to protect the lender if you default on the note. PMI typically costs between 0.5% and 1% of the entire loan amount on an annual basis. The cost varies based on the loan type (fixed rate or adjustable rate), loan term, and loan-to-value ratio. FHA, VA and jumbo loans are different. Results shown are estimates only. Speak with a Chase Home Lending Advisor for more specific information. Rates shown include approximately 1 point. Payments shown do not include amounts for taxes and insurance. Your actual rate, payment and costs could be higher. Get an official Loan Estimate before choosing a loan. For the Adjustable-Rate Mortgage (ARM) product, interest is fixed for a set period of time, and adjusts periodically thereafter. At the end of the fixed-rate period, the interest and payments may increase. The APR may increase after the loan consummation. Interest only loans may be available depending on your credit
profile and provide for the payment of interest only for a set period of time, and payments of principal and interest thereafter. While making interest only payments, principal is not reduced. At the end of this period your monthly payment will increase, possibly substantially, because you will be required to pay down the outstanding principal. Always consider paying more than the minimum payment to pay down the principal. All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply.
Use Zillow’s home loan calculator to quickly estimate your total mortgage payment including principal and interest, plus estimates for PMI, property taxes, home insurance and HOA fees. Enter the price of a home and down payment amount to calculate your estimated mortgage payment with an itemized breakdown and schedule. Adjust the loan details to fit your scenario more accurately. Get a more accurate estimateGet pre-qualified by a lender to see an even more accurate estimate of your monthly mortgage payment. Explore more mortgage calculators
Participating lenders may pay Zillow Group Marketplace, Inc. ("ZGMI") a fee to receive consumer contact information, like yours. ZGMI does not recommend or endorse any lender. We display lenders based on their location, customer reviews, and other data supplied by users. For more information on our advertising practices, see our Terms of Use & Privacy. ZGMI is a licensed mortgage broker, NMLS #1303160. A list of state licenses and disclosures is available here. How to calculate mortgage paymentsZillow's mortgage calculator gives you the opportunity to customize your mortgage details while making assumptions for fields you may not know quite yet. These autofill elements make the home loan calculator easy to use and can be updated at any point. Remember, your monthly house payment includes more than just repaying the amount you borrowed to purchase the home. The "principal" is the amount you borrowed and have to pay back (the loan itself), and the interest is the amount the lender charges for lending you the money. For most borrowers, the total monthly payment sent to your mortgage lender includes other costs, such as homeowner's insurance and taxes. If you have an escrow account, you pay a set amount toward these additional expenses as part of your monthly mortgage payment, which also includes your principal and interest. Your mortgage lender typically holds the money in the escrow account until those insurance and tax bills are due, and then pays them on your behalf. If your loan requires other types of insurance like private mortgage insurance (PMI) or homeowner's association dues (HOA), these premiums may also be included in your total mortgage payment. Home priceThe price is either the amount you paid for a home or the amount you may pay for a future home purchase. Down paymentMost home loans require at least 3% of the price of the home as a down payment. Some loans, like VA loans and some USDA loans allow zero down. Although it's a myth that a 20% down payment is required to obtain a loan, keep in mind that the higher your down payment, the lower your monthly payment. A 20% down payment also allows you to avoid paying private mortgage insurance on your loan. Loan programYour loan program can affect your interest rate and total monthly payments. Choose from 30-year fixed, 15-year fixed, and 5-year ARM loan scenarios in the calculator to see examples of how different loan terms mean different monthly payments. Learn more about loan types below. Interest rateMortgage interest is the cost you pay your lender each year to borrow their money, expressed as a percentage rate. The calculator auto-populates the current average interest rate. PMIPrivate Mortgage Insurance (PMI) is calculated based on your credit score and amount of down payment. If your loan amount is greater than 80% of the home purchase price, lenders require insurance on their investment. This is a monthly cost that increases your mortgage payment. Property taxesYour estimated annual property tax is based on the home purchase price. The total is divided by 12 months and applied to each monthly mortgage payment. If you know the specific amount of taxes, add as an annual total. Home insuranceHomeowner's insurance is based on the home price, and is expressed as an annual premium. The calculator divides that total by 12 months to adjust your monthly mortgage payment. Average annual premiums usually cost less than 1% of the home price and protect your liability as the property owner and insure against hazards, loss, etc. HOA duesHomeowners in some developments and townhome or condominium communities pay monthly Homeowner's Association (HOA) fees to collectively pay for amenities, maintenance and some insurance. Update to include your monthly HOA costs, if applicable. If there are no HOA costs, you can leave the field blank. Mortgage payment equationPrincipal + Interest + Mortgage Insurance (if applicable) + Escrow (if applicable) = Total monthly payment The traditional monthly mortgage payment calculation includes: Principal: The amount of money you borrowed. Interest: The cost of the loan. Mortgage insurance: The mandatory insurance to protect your lender's investment of 80% or more of the home's value. Escrow: The monthly cost of property taxes, HOA dues and homeowner's insurance. Payments: Multiply the years of your loan by 12 months to calculate the total number of payments. A 30-year term is 360 payments (30 years x 12 months = 360 payments). Type of home loans to considerThe loan type you select affects your monthly mortgage payment. Explore mortgage options to fit your purchasing scenario and save money.
Conventional loan (conforming loan)Conventional loans are backed by private lenders, like a bank, rather than the federal government and often have strict requirements around credit score and debt-to-income ratios. If you have excellent credit with a 20% down payment, a conventional loan may be a great option, as it usually offers lower interest rates without private mortgage insurance (PMI). You can still obtain a conventional loan with less than a 20% down payment, but PMI will be required. FHA loan (government loan)An FHA loan is government-backed, insured by the Federal Housing Administration. FHA loans have looser requirements around credit scores and allow for low down payments. An FHA loan will come with mandatory mortgage insurance for the life of the loan. VA loan (government loan)VA loans are partially backed by the Department of Veterans Affairs, allowing eligible veterans to purchase homes with zero down payment (in most cases) at competitive rates. You won't pay PMI, but VA loans do require a funding fee. USDA loan (government loan)The United States Department of Agriculture backs USDA loans that benefit low-income borrowers purchasing in eligible, rural areas. Credit requirements are loose on USDA loans. While an upfront funding fee is required on these loans, your down payment can be as little as zero down without paying PMI. Jumbo mortgages (non-conforming)Jumbo loans are named based on the size of the loan. When a loan exceeds a certain amount (the conforming loan limit), it's not insured by the Federal government. Loan limits change annually and are specific to the local market. Jumbo loans allow you to purchase more expensive properties but often require 20% down, which can cost more than $100,000 at closing. Rates are competitive. Mortgage options and terminologyIn addition to mortgages options (loan types), consider some of these program differences and mortgage terminology. Loan termA mortgage loan term is the maximum length of time you have to repay the loan. Common mortgage terms are 30-year or 15-year. Longer terms usually have higher rates but lower monthly payments. Shorter terms help pay off loans quickly, saving on interest. It is possible to pay down your loan faster than the set term by making additional monthly payments toward your principal loan balance. Fixed rate vs adjustable rateA fixed rate is when your interest rate remains the same for your entire loan term. An adjustable rate stays the same for a predetermined length of time and then resets to a new interest rate on scheduled intervals. A 5-year ARM, for instance, offers a fixed interest rate for 5 years and then adjusts each year for the remaining length of the loan. Typically the first fixed period offers a low rate, making it beneficial if you plan to refinance or move before the first rate adjustment. Conforming loans vs non-conforming loansConforming loans have maximum loan amounts that are set by the government and conform to other rules set by Fannie Mae or Freddie Mac, the companies that provide backing for conforming loans. A non-conforming loan is less standardized with eligibility and pricing varying widely by lender. Non-conforming loans are not limited to the size limit of conforming loans, like a jumbo loan, or the guidelines like government-backed loans, although lenders will have their own criteria. Start your home buying research with a mortgage calculatorA mortgage payment calculator is a powerful real estate tool that can help you do more than just estimate your monthly payments. Here are some additional ways to use our mortgage calculator:
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What is the average mortgage payment including taxes and insurance?A monthly mortgage payment includes the mortgage and interest on the loan, as well as escrow items such as homeowners insurance and property taxes, and any HOA fees. For new applicants in April 2022, the median mortgage payment was $1,889, according to the Mortgage Bankers Association (MBA).
Does mortgage calculator include taxes and insurance?The mortgage payment calculator can give you a reality check on how much you can expect to pay each month, especially when considering all the costs, including taxes, insurance and private mortgage insurance.
How do you calculate monthly mortgage payments?M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1].. M = Total monthly payment.. P = The total amount of your loan.. I = Your interest rate, as a monthly percentage.. N = The total amount of months in your timeline for paying off your mortgage.. How much will a 300 000 mortgage cost per month?On a $300,000 mortgage with a 3% APR, you'd pay $2,071.74 per month on a 15-year loan and $1,264.81 on a 30-year loan, not including escrow. Escrow costs vary depending on your home's location, insurer, and other details.
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