Mortgage Calculator
Estimated monthly payments include principal and interest and are not an offer to lend. Tax, insurance, and other fees and charges may apply. Default interest rate displayed is illustrative only. Interest rates, total cost of mortgage, and monthly mortgage payment are estimates based on information provided. Actual mortgage payment and interest rate may be higher or lower than those displayed and will depend on your mortgage product, collateral, and credit history.
Crunch your own numbers with our mortgage calculators for refinance or a purchase loan, and run as many different scenarios as you’d like.
What It Shows
- Estimated monthly principal and interest payment
- Projected taxes, insurance, PMI, and HOA costs
- Complete monthly housing payment estimate (PITI)
What It Doesn’t
- Your final interest rate or loan approval
- Actual closing costs or lender fees
- Future changes to taxes, insurance, or HOA dues
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Glossary
Every input and output the calculator uses, explained in plain terms.
Current Loan Inputs
Inputs (New Loan)
Outputs
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Frequently Asked Questions
What is a mortgage calculator and how does it work?
Mortgage calculators are informational, online, interactive tools designed to illustrate various mortgage scenarios. Calculators can give you a sense of how much home you could possibly afford, monthly payments and more as you navigate the home loan process.
What does PITI stand for in a mortgage payment?
PITI stands for principal, interest, taxes, and insurance — the four components of a standard mortgage payment collected together each month. When homeowners association (HOA) dues are added, the payment is often called PITIA. Fannie Mae consumer education resources use PITI to help borrowers understand the true monthly cost of homeownership.
How much house can I afford on my income?
Use an affordability calculator with your gross monthly income, existing debts, and down payment to estimate a comfortable home price range based on your budget and financial goals.
What's the difference between principal and interest?
Principal is the portion of your payment that reduces the balance you owe. Interest is what the lender charges to lend you the money. Early in the loan term, most of your payment goes toward interest, but the split gradually shifts toward principal as your balance declines through the amortization schedule.
What is PMI and when do I have to pay it?
Private mortgage insurance (PMI) is required on conventional loans when your down payment is less than 20%, resulting in a loan-to-value ratio above 80%. Under the federal Homeowners Protection Act, servicers must automatically cancel PMI when your balance reaches 78% of the original purchase price.
*loanDepot Lifetime Guarantee is non-transferable and does not apply to loans obtained to purchase a new property, new loans that result in the creation of a separate lien on the current property (i.e., a “home equity loan”), renovation loans, bond loan programs, and down payment assistance programs. “Lender fee” does not include discount points associated with the loan transaction nor does it include fee associated with third-party closing costs. Terms and conditions apply. Please refer to the website: http://www.loanDepot.com/lifetime-guarantee for the most current terms and conditions as they are subject to change without notice.