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Mortgage Payment Calculator

Let our free mortgage payment calculator give you a better idea of what you could be paying each month with your new mortgage.

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How to Calculate Your Mortgage Payment

Our mortgage payment calculator estimates how much you might pay each month for principal and interest, taxes and insurance, and PMI if required. Change the default values to personalize your estimate!

All fields are required.


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Purchase price can not be lower than Home Loan Amount


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This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of how much your monthly mortgage payment might be, speak with a loan advisor at Freedom Mortgage.

Based on the values you provided, your total monthly payment might be $*

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The Right Loans for Homebuyers

We have affordable loans for buying homes. We're here to help make choosing the right loan simpler.

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How to Use a Mortgage Payment Calculator

To estimate your monthly mortgage payment, insert your numbers into these fields in our calculator.

  • Home loan amount
  • Purchase price
  • Loan term (years)
  • Interest rate
  • Property taxes (yearly)
  • Home insurance (yearly)

You can generally choose between 15- and 30-year loan terms when you get a mortgage. Your loan term has a big impact on your monthly payment.

Typically, 15-year loans have higher minimum monthly payments but can save you money in interest over the life of the mortgage. Usually, 30-year loans have lower minimum monthly payments but cost you money in interest.

Your interest rate has a significant effect on how much you pay each month. Higher loan amounts and purchase prices usually increase your monthly payment. The same is true for property taxes and homeowners insurance, the costs of which are frequently included in your mortgage payment.

How Loan Type Affects Your Monthly Mortgage Payment

Your loan type can influence your interest rate and your mortgage insurance costs, which can affect your monthly payment when you buy or refinance a home.

Conventional loans Conventional loans may have higher interest rates than VA, FHA, and USDA Loans. Conventional loans also have private mortgage insurance (PMI), which you'll need to pay unless you make a 20% down payment or the value of your home's equity is 20% or more. It's often possible to remove your PMI once the value of your equity reaches 20%.
VA loans VA loans may have lower interest rates, compared to Conventional loans. VA loans do not have monthly mortgage insurance payments, but you will probably need to pay a one-time funding fee when you buy or refinance a home.
FHA loans FHA loans may have lower interest rates, compared to Conventional loans. FHA loans have monthly mortgage insurance premiums (MIP) you will need to pay.
USDA loans USDA loans may have lower interest rates, compared to Conventional loans. USDA loans have monthly mortgage guarantee fees you will need to pay. You will likely need to pay these premiums for the life of the loan, regardless of the value of your home's equity.

Benefits of Using a Mortgage Payment Calculator

When you are buying or refinancing a home, a mortgage payment calculator can help you estimate home prices you can afford. It can help you understand how interest rates affect how much you'll pay. It can also help you see how the cost of property taxes and homeowners' insurance, which are typically included in your monthly bill, impact how much you pay.

Keep in mind that this calculator only provides an estimate of your mortgage payment, based on the values you enter. Getting prequalified or preapproved to buy a home can also help you understand affordable home prices for you.

Our mortgage payment calculator does not include the cost of Homeowners' association (HOA) fees you may need to pay. It also does not include the cost of home maintenance and repairs, which you will likely need to pay when you own a home.

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