Whether you’re a first time home buyer, buying an investment property, or looking to downsize, monthly mortgage calculators can help estimate what your expected monthly payments will look like.
However, not all mortgage loan calculators are built the same. Many free mortgage calculators only factor in the home price, down payment amount, loan term, and interest rate. Wyndham Capital’s simple and free mortgage calculator allows you to factor in costs associated with HOA fees, home insurance, and property taxes, giving you a much more realistic estimated mortgage payment amount. Our free and simple calculator helps buyers determine how much house they can afford with calculations using your desired location, annual income, monthly debt, and down payment amount.
Are you a first time home buyer? Beginning the home buying journey can come with a lot of questions and even more surprises. Using a mortgage calculator with down payment, taxes, home insurance, and associated fee input options help first time home buyers appropriately plan the next steps in their home buying journey without the shock of surprise costs associated with property taxes, HOA fees, and mortgage interest.
Thinking of buying an investment property but not sure if you can afford it? Our free mortgage calculator with taxes, principal, interest, and insurance breakdowns showing mortgage payment calculations and cost which can be used to compare against potential rental income, maintenance costs, and other costs related to owning an investment property.
Diving into retirement and looking to relocate or downsize? Wyndham's simple mortgage calculator can make buying a home on a new budget easy. Solid numbers take the guesswork out of what you can afford in different cities and states around the country, allowing you to more accurately narrow down the places and homes to fit this new chapter in your life.
Have lower interest rates caught your eye? Plug your figures into our free mortgage calculator with a newer, more attractive interest rate to help you decide whether refinancing a mortgage makes sense. Then, speak with one of our seasoned mortgage loan officers to get the ball rolling towards a more attractive mortgage loan.
Below is a list of common monthly mortgage calculator terms you’ll see on free mortgage calculators. Wyndham Capital’s free monthly mortgage calculator uses the following figures to deliver the most accurate estimate of what you can expect to be approved for when it comes time to apply for a home loan.
The listed price of the home before taxes, insurance, fees, or any other charges are added.
The purchase location is where the home you want to buy is located. Knowing the purchase location helps lenders determine the current interest rate, tax rate, home insurance cost and homes within the area that fit your price range.
The amount of money (typically between 3-20% or more) of the home price, paid by the buyer at closing.
The principal loan amount is the initial amount of money you borrow from your lender in order to buy a home.
Interest is the percentage of the principal charged by the lender and added to your monthly mortgage payment. The amount of interest you’re charged will depend on your interest rate and amount borrowed.
Also known as PMI, private mortgage insurance is a monthly mortgage insurance charge added to home loans with less than a 20% down payment. The percentage of PMI charged typically varies between .5% and 5% of the total loan amount. Our free mortgage calculator will give you an estimate of what you can expect to pay in monthly PMI fees based on the information entered.
Your annual income is used to determine your loan to income ratio amount. When entering annual income into a house payment calculator, use your gross income, or, the income you have before taxes are deducted.
This is the total amount of monthly monetary obligations you’re responsible for, including auto and student loans, minimum credit card payments, child support or alimony, and any other debt you pay on a monthly basis. This number helps determine your debt-to-income ratio, a key component to the home loan approval process.
The amount of money paid to your local government, based on the assessed value of your home and the tax rate in your city/town. Property tax can be rolled into your monthly mortgage payment in the form of ESCROW or paid directly to your local government as a property tax bill. A monthly mortgage calculator with taxes can help estimate what a monthly mortgage payment with taxes included would look like.
Homeowners Association dues are the monthly fees you pay to live in a certain condominium, community or co-op. HOA fees vary from one homeowners’ association to another and tend to increase as time goes on.
Not including taxes or insurance, the most basic monthly mortgage payment calculator formula is:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
P = principal loan amount
i = monthly interest rate
n = number of months required to repay the loan
If you want to avoid private mortgage insurance (PMI) and have more equity in your home, it’s recommended you save at least 20% of your total loan amount for a down payment. In many cases, you’ll need at least a 3.5% down payment to purchase a home. You can use a mortgage calculator with down payment input to see how the amount you put down affects your monthly mortgage payment.
If you have a fixed-rate mortgage, you’ll pay the same interest and principal every month for the life of your loan. If you have an adjustable-rate mortgage, you’ll pay more or less from month to month, depending on whether interest rates increase or decrease. Higher interest rates will make a loan more expensive and limit the amount borrowers qualify for, while lower interest rates give borrowers more buying power. Use a house payment calculator and change the interest rate to see how an adjustable-rate mortgage payment could change from month to month.
Fixed-rate mortgages have payments that are the same each month for the life of the loan. On the other hand, adjustable-rate mortgages are mortgage loans where the interest rate can go up or down over the life of the loan, resulting in somewhat unpredictable mortgage loan payments from one month to another. The appeal of adjustable-rate mortgages is the chance to save money if interest rates drop.
A mortgage payment will always include the principal loan amount and interest. You can choose to also include things like your homeowner's insurance, taxes, or homeowners association fees (if applicable) in your mortgage payment, or you can pay them separately.
Just like our simple mortgage calculator, working with Wyndham Capital Mortgage provides a seamless home buying process no matter where you are on your homeownership journey to help you find the right mortgage that best suits your life.