How do I calculate a mortgage payment to determine how much home I can afford?
To start, you can use our Mortgage Calculator below to determine what a monthly mortgage payment for a new home or refinance will be, including escrow items like property taxes and insurance.
Remember that, in addition to your monthly mortgage payment, there are a number of potential additional one-time costs to consider, including:
- Downpayment (varies between 3% and 10%)
- Closing costs (generally about 2.5%)
- Prepaid expenses (pre-paid escrow costs like property taxes and insurance premiums)
- Utility adjustments (generally heating/cooking fuel)
- Cash reserves (if applicable)
If you’d like more specific information about bottom-line costs for your particular situation, please contact one of our local mortgage experts at a branch near you. We can help you understand your options and even pre-qualify you for a mortgage or refinance.
Many homebuyers ask, "How much do I qualify for?" when inquiring about purchasing a home, however, there is often a difference between what someone qualifies for and what someone is realistically comfortable affording. The calculator below attempts to identify: what your comfortable/target payment is for a home, how much of a loan that payment can support and whether or not you may qualify for that amount.
- This is not a commitment to lend.
- The information provided by these calculators is for illustrative purposes only.
- Results are not guaranteed and do not consider all loan program offerings. Speak with a Loan Officer for further information on other loan programs.
- Homeowner's Insurance and property tax amounts can fluctuate from year to year.
Mortgages we offer
Whether you have found a house for your family to call home, land to purchase in your ideal location, or have the blueprints to build or renovate the home of your dreams, we can help.