Calculate your monthly mortgage payment
Payment Breakdown
- Principal and Interest
- FHA Mortgage Insurance
- Property Tax
- Homeowners Insurance
- HOA/Other
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Mortgage Calculator Help
This section helps you in efficient use of the calculator so that you get to know not only the principal and interest but also other costs that make up your monthly mortgage payment.
On This Page
- About Our Mortgage Calculator
- Fixed And Moving Parts Of The Mortgage Calculator
- How Do I Calculate My Monthly Mortgage Payments?
- How Can I Use This To Reverse Calculate The Price Of Property I Can Afford?
- Mortgage Calculator Default Settings
- Deeper Look Into Settings For Different Mortgage Programs
- How Can You Install This Calculator On Your Website – Absolutely FREE!
About our mortgage calculator
This is a free to use / share / install mortgage calculator that helps in estimating your comprehensive monthly mortgage payment. This calculator takes into account property taxes, mortgage insurance premium (MIP), private mortgage insurance (PMI), HOA. Although this calculator works on desktop and mobile devices but the explanatory images used here will be mobile friendly.
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Fixed And Moving Parts Of The Mortgage Calculator
Fixed parts of the calculator are the ones that we set for you and provide and are same for all users, moving parts are those variables that vary from person to person depending upon their individual condition, although we do set base default for the same that you can change as per your conditions.
Fixed Parts Setting For The Calculator
- Property Taxes : These derive the base value from the state that you are purchasing the property in, you have the option to change and we do not overwrite your settings.
- Private Mortgage Insurance (PMI) : This is automatically calculated in conventional mortgage case once your down payment drops below 20%.
- Mortgage Insurance Premium (MIP) : This is auto calculated for USDA and FHA mortgage calculation types.
- VA Funding Fee : This ( 1.4% – 3.6% fee ) is auto calculated for VA calculations
- USDA Upfront Fee : This (1% fee) is auto calculated for USDA mortgage calculations.
Moving Parts Setting For The Calculator
You can select mortgage type, enter different home price, down payment, mortgage term, rate, property state, homeowners insurance, HOA etc to get an estimated value of your monthly mortgage.
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How Do I Calculate My Monthly Mortgage Payments?
Some default settings (explained later) are already done for, you can adjust the numbers for the following to come up with your monthly payments.
- Mortgage Type : This makes our calculator unique as you can switch between Conventional,FHA, USDA, VA loan types while staying on the same page. Select the appropriate mortgage type to change calculation criteria.
- Home Price : Under “Home Price”enter the price of the home you are looking to purchase.
- Down Payment : Under down payment we we have set and indicator whether it is required or not and if required what is the minimum for the same. You can adjust the value for your use case.
- Mortgage Term : You can switch between 15 year fixed and 30 year fixed.
- Rate Of Interest : Adjust as per your discussion with your loan officer, as he/she will be able to give you a more close numbers.
There are some more options which you can adjust as per your case like State, HOA, Homeowners Insurance.
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How Can I Use This To Reverse Calculate The Price Of Property I Can Afford?
Once you have made the settings as per your case using the previous section like mortgage type, home price, down payment etc , look at the calculated monthly payment like the one shown on the right side. Now you only need to adjust one thing i.e. the home price. Increase or decrease home price to get to a point which comes under your budget.

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Mortgage Calculator Default Settings
Here are the default settings for our calculator:
- Calculator Type : It is set to calculate mortgage payments based for conventional loans.
- Home Price : Home price is set to $200,000, change it as per your case.
- Down Payment : As we are calculating for conventional home loans the default is set to 20% which comes to $40,000/- for a home price of $200,000/-
- Mortgage Term : Default 30 year is selected for you.
- Interest Rate : This is set to 3.75%
- State (For Property Tax Calculation) : As we primarily operate in Florida and Ohio, we have set this to default to Florida
- Homeowners Insurance : This comes to $40
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Deeper Look Into Calculation For Different Mortgage Programs
There are some settings that you may have missed out on in first attempt, I will be focusing on them in this section. For this illustration we will be using default settings for rates as explained in previous section for FHA, USDA, VA in same order.
FHA Home Loan : First off look just to the right of down payment. You will see “Requires 3.5%” which is the minimum for FHA Home Loans. Adjust down payment to 3.5% to proceed.
After scrolling a little below you will see two types of FHA MIPs. The 1.75% is an upfront insurance part. This $3,378 is bundled in the home price and the second one 0.85% is an annual MIP which is paid along with your monthly mortgage payments.
Your monthly payment estimate is $1,250. If you look further down in the “Payment Breakdown”section you will see that 0.85% FHA annual MIP comes to $139 on a monthly basis.

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USDA Home Loan : First off you will notice that it says “Not required” in front of down payment. This is because USDA is a zero down payment home loan program. So lets adjust it to 0 in here and proceed.
You will see we added USDA Upfront fee of 1% which comes to $2,000, bundled in loan amount. Further down in ‘Payment Breakdown’ you will see USDA mortgage insurance of $59.
Look right in the center $1,196 for monthly payment, isn’t it less than FHA. The features like no down payment, lower monthly mortgage, lower mortgage insurance makes USDA popular among first time home buyers.

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VA Home Loan : First off you will notice that it says “Not required” in front of down payment. This is because VA just like USDA is a zero down payment home loan program and qualification criteria requires you to be a veteran.
You will see we added VA Funding fee of 3.6% which comes to $7,200, bundled in loan amount. Further down in ‘Payment Breakdown’ you will see VA mortgage insurance of BIG ZERO. Even with that high funding fee, your monthly payment is lower when compared with FHA and USDA loans.
That is it for the deeper analysis of mortgage calculator for different loan programs.

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How Can You Install This Calculator On Your Website – Absolutely FREE!
Contact me psaini at chflends.com and I will install it for free on your website. I might ask for a little favor to link back to this page.
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