Mortgage Calculators

Mortgage Calculators Find the loan that’s right for you!

Crunch your own numbers with our mortgage calculators, and run as many different scenarios as you’d like.
Or call (833)-LoanPower if you prefer expert advice from one of our loan officers. Conventional FHA VA Refinance Affordability Conventional Conventional mortgages are ideal for buyers with good credit and money to put down. They typically require a higher down payment, usually 5%-20% and also have higher income and credit score requirements than government loans.

How to Calculate Mortgage Payments

Use the LoanPower 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.

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 price
The price is either the amount you paid for a home or the amount you may pay for a future home purchase. Down Payment
Most 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 program
Your loan program can affect your interest rate and total monthly payments. Choose from 30-year fixed, 15-year fixed, and 5/1 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 rate
Mortgage 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. PMI
Private 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 taxes
Your 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 insurance
Homeowner’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 dues
Homeowners 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.

Calculators are provided for informational purposes only and not for loan prequalification, loan preapproval, loan application or offer of credit.. You should not make any decisions based simply on the information provided. Values indicated are estimates and may not be accurate and are only to be used as a guide. This calculator should not be relied upon in any way as the sole source of information. Please consult your financial, tax or legal advisers for an accurate assessment of your loan payments and any advice relating to your personal circumstances.

FHA FHA loans are designed to benefit first-time homebuyers and buyers with less than perfect credit and not a lot of money to put down. FHA loan limits vary by county. Click here to see the loan limits in your area.

Using the FHA Mortgage Calculator
This calculator allows you to compute the monthly/bi-weekly mortgage payment for your FHA mortgage loan, including the Upfront Mortgage Insurance Premium (UFMIP) and Annual Mortgage Insurance Premium (MIP). It also helps you understand the total cost of home ownership over the entire loan term, by taking into account one-time expenses (closing costs, home furnishing etc.) and recurring costs such as property taxes, homeowner’s insurance and HOA fees. Here are some important points that you should be aware of: FHA Loan limits vary nationwide for single-family, two-family, three-family and four-family properties. You should lookup county-level FHA loan limits for your State and enter the home value accordingly.
Currently, FHA mandates a minimum 3.5% down payment towards your house. Historically, it has been 3%.

FHA requires one-time UFMIP and recurring MIP (similar to Private Mortgage Insurance – PMI – with Conventional Loans) based on loan-to-value (LTV), your credit score, amortization period, refinance or purchase etc. The rules, to calculate the value and duration of MIPs, are complex and have changed over the years.

VA If you are a veteran or a current member of the U.S. military, you can apply for a VA Loan, which currently offers up to 100% home financing. Thank you for your service!

How to Use the VA Mortgage Calculator

LoanPower’s VA loan payments calculator can help you quickly estimate the monthly mortgage payments for your new home. Here’s the info you’ll need to enter into the VA loan calculator:

Home Price
Enter the purchase price of the home you want to buy. The VA limits the amount you can borrow while still putting $0 down. See the limits for each state. Down Payment
In most cases, VA loans do not require a down payment unless the home purchase price is greater than the VA loan limits for your area. ZIP Code
Enter your ZIP code and the calculator will take your county’s VA loan limits into consideration to let you know if a down payment is required. Loan Program
Your loan program can affect your interest rate and monthly payments. Choose from 30-year fixed, 15-year fixed, and 5/1 ARM in the calculator. Interest Rate
This is pre-filled with the current average mortgage rate. Your actual rate will vary based on factors like credit score and down payment. Property Tax
The mortgage payment calculator includes estimated property taxes based on the home’s value. You can edit this in the advanced options. Home Insurance
Home insurance or homeowners insurance is typically required by lenders. You can edit this number in the VA loan calculator advanced options. HOA Dues
In the VA loan calculator advanced options, you can also add any HOA dues you expect to pay each month.

Refinance Curious about refinancing your home? Rates are historically low and now may be the right time to start saving money every month! Crunch the numbers and see if refinancing is right for you.

What is Mortgage Refinancing?
Refinancing a mortgage is the process of replacing your existing loan by acquiring a new home loan in its place that suits your financial circumstances. The funds from your new mortgage pay off your existing mortgage.

Just like acquiring your purchase mortgage, you’ll need to gather your supporting documentation such as your recent pay stubs, W-2s, and bank statements. But you’ll also need details about your existing mortgage, including the remaining loan amount, the number of years left to pay and the interest rate. This information helps you and your lender calculate the best refinance loan option for your financial situation.

How to Calculate Refinance Savings
To calculate the value of refinancing your home, compare the monthly payment of your current loan to the proposed payment on the new loan. Then use an amortization schedule to compare the principal balance on your proposed loan after making the same number of payments you’ve currently made on your existing loan. Both the monthly payment and principal balance of the new loan should be lower. Enter your specific details into the refinance calculator above for a detailed savings breakdown. Is refinancing worth it?
Typically, it is worthwhile to refinance if the reduction in total interest expected to be paid over the life of the loan is greater than the cost of acquiring the loan.

Monitor refinance rates regularly and use the LoanPower free refinance calculator to make sure a refinance is worth it for your financial circumstances.

Calculate the breakeven point
Use a mortgage refinance calculator to determine the breakeven point, which is the number of months it takes for the savings to outweigh the cost of refinancing. Divide the breakeven timeframe (months) by 12 to calculate the number of years you need to make payments on the loan before realizing any savings from the refinance. If you plan to sell before the breakeven point, it is probably not financially worth it to refinance. Calculate refinance amortization
Mortgage payments are amortized, meaning your mortgage total remains the same each month, but the amount of principal and interest varies with each payment. Amortization ensures you pay more interest than principal during the first half of your loan term. Refinancing restarts your mortgage amortization schedule with the new loan, reducing the amount of principal you’re paying each month. If you plan to sell your home soon or if you’ve been paying your mortgage for more than half of the term, be sure to use a loan refinance calculator.

NOTE: By refinancing your existing loan, your total finance charges may be higher over the life of the loan. Review all of your refinancing options carefully.

Affordability Not sure how much of a home you can afford? Enter your personalized information below to get a good ballpark figure of the type of home you can afford today!

How to Calculate Affordability

The LoanPower affordability calculator allows you to customize your payment details, while also providing helpful suggestions in each field to get you started. You can calculate affordability based on your annual income, monthly debts and down payment, or based on your estimated monthly payments and down payment amount.

Our calculator also includes advanced filters to help you get a more accurate estimate of your house affordability, including specific amounts of property taxes, homeowner’s insurance and HOA dues (if applicable). Learn more about the line items in our calculator to determine your ideal housing budget.

Annual income
This is the total amount of money earned for the year before taxes and other deductions. You can usually find the amount on your W2 form. If you have a co-borrower who will contribute to the mortgage, combine the total of both incomes to get your annual income. Total monthly debts
These are recurring monthly expenses like car payments, minimum credit card payments or student loans. You can adjust this amount in our affordability calculator as needed. For example, if you have a $250 monthly car payment and $50 minimum credit card payment, your monthly debt would be $300. Down payment
The amount of money you spend upfront to purchase a home. Most home loans require a down payment of at least 3%. A 20% down payment is ideal to lower your monthly payment, avoid private mortgage insurance and increase your affordability. For a $250,000 home, a down payment of 3% is $7,500 and a down payment of 20% is $50,000. Debt-to-income ratio (DTI)
The total of your monthly debt payments divided by your gross monthly income, which is shown as a percentage. Your DTI is one way lenders measure your ability to manage monthly payments and repay the money you plan to borrow. Our affordability calculator will suggest a DTI of 36% by default. You can get an estimate of your debt-to-income ratio using our DTI Calculator. Interest rate
The amount that a lender charges a borrower for taking out a loan. Typically, the interest rate is expressed as an annual percentage of the loan balance. The borrower makes payments (with interest) to the lender over a set period of time until the loan is paid in full. Our affordability calculator uses the current national average mortgage rate. Your interest rate will vary based on factors like credit score and down payment. Calculate your mortgage interest rate. Loan term
The length by which you agree to pay back the home loan. The most common term for a mortgage is 30 years, or 360 months, but different terms are available depending on the type of home loan that works best for your situation. You can edit your loan term (in months) in the affordability calculator’s advanced options. Property tax
When owning a home, you pay annual property taxes based on the assessed value of the property or purchase price of the home, which can affect your affordability. The tax rate you pay can vary by state, county and municipality. Our calculator assumes a property tax rate by default, but you can edit this amount in the calculator’s advanced options. To obtain a more accurate total payment amount, get pre-qualified by a lender. Homeowner’s insurance (HOI)
Also known as homeowner’s insurance is a type of property insurance that covers a private residence. Typically, HOI is required to get a home loan. The cost may vary depending on your location, type of coverage, any discounts you qualify for and your insurance provider. Generally, homeowner’s insurance costs roughly $35 per month for every $100,000 of the home’s value. Consult your insurance carrier for the exact cost. You can edit the calculator’s default amount in the advanced options. Private mortgage insurance (PMI)
Many lenders commonly require private mortgage insurance if a borrower contributes less than a 20% down payment on a home purchase. PMI protects the lender against losses that may occur when a borrower defaults on a mortgage loan. Our calculator bases the PMI on the home price and down payment amount. You can choose to include or exclude PMI in the advanced options of the affordability calculator. Homeowner’s Association (HOA) dues
Some communities, such as condominiums and townhomes, are governed by a homeowner’s association (HOA) that maintains communal areas and enforces rules and regulations for a monthly fee. Any HOA dues you pay each month can affect your affordability. You can edit this number in the affordability calculator advanced options.

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Refinancing: Please review all of your refinancing options carefully. By refinancing you existing loan, your total finance charges may be higher over the life of the loan.