Property taxes and homeowners insurance.PMI is a policy that protects your lender and is generally required for conventional loans if you don’t put a minimum of 20% down. If you input a down payment of less than 20%, you’ll see private mortgage insurance included, depicted in yellow. This section also includes the amount of monthly interest you’ll be paying based on the rate and term of your home loan. For example, if your home costs $500,000 and you borrow $350,000, your mortgage will be $350,000. This amount, indicated in blue, includes the principal, which is the amount of money you’ll borrow. This section breaks down your monthly payment by the following: For more detailed results, look at the “Breakdown,” “Over time” and “Amortization” sections. Your total payment is displayed at the top. Understanding Your Mortgage Calculator Results Usually required by lenders, homeowners insurance protects the homeowner from weather-related damage, as well as potential liability from events that occur on the property. A tax assessed on real estate by the local government, usually based on the value of the property (including the land) you own. The amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of money.įor more accurate results, input all the information in the basic calculator, then switch to the “Advanced” tab and add the following: We offer terms of 16 years, 17 years, 18 years and more on most loans. Mortgage loan terms are typically 15 to 30 years, but Pennymac is proud to offer flex terms. The period of your home loan, generally measured in years. The larger your down payment, the less loan you’ll require. The cash you plan to deposit toward the purchase of the home. The price you’re willing to pay for your new home. Use the basic mortgage calculator to figure out your total monthly mortgage payment without considering the annual property taxes or homeowners insurance premiums. Play around with different interest rates, loan terms and down payment scenarios to find the best combination for your budget and future goals. Using our mortgage payment calculator is easy and helps you determine how much of a home you can financially manage. It’s important to ensure the home you’re buying aligns with your budget and financial goals.

Mortgage payment calculator with pmi