Mortgage Calculator
Payment Breakdown
Amortization Schedule
Estimated Payment:
(Actual mortgage amount may vary, this is only an estimate. See Disclaimer.)
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How to use Monvvo mortgage calculator
- Enter the total purchase price of the home or its current market value if you're refinancing.
- Specify your down payment amount and choose the mortgage term length, typically 30, 20, 15, or 10 years.
- Provide the anticipated or current interest rate, adjusting if necessary to reflect your actual rate.
- Include the annual property tax amount for a more accurate monthly payment estimate.
- If applicable, enter the cost of private mortgage insurance (PMI) for down payments less than 20%.
- Finally, click the calculate button to get an estimate of your monthly mortgage payment.
Mortgage Terms
Home Price
The home price is the total cost of purchasing the property, including the base price of the house and any additional fees or costs associated with the purchase.
Down Payment
The down payment is the initial amount of money you pay upfront when purchasing a home, which is typically a percentage of the total home price. This amount reduces the loan amount you need to borrow.
Loan Term
The loan term is the length of time over which you agree to repay your mortgage loan. It is typically expressed in years, such as 15 or 30 years.
Interest Rate
The interest rate is the percentage charged on the loan amount by the lender, which determines the cost of borrowing money for your mortgage.
Property Taxes
Property taxes are annual/monthly taxes paid by homeowners to local government authorities, based on the assessed value of the property.
PMI Expense
Private Mortgage Insurance (PMI) is a type of insurance that protects the lender if you default on your mortgage. It is typically required if your down payment is less than 20%.
HOA Fees
Homeowner's Association (HOA) fees are monthly or annual dues paid by homeowners in a residential community to cover the maintenance of common areas.