See how your options change depending on your down payment, how much you borrow and your interest rate.
It’s important to ensure the home you’re buying aligns with your budget and financial goals. Using our mortgage payment calculator is easy and helps you determine how much of a home you can financially manage. Play around with different interest rates, loan terms and down payment scenarios to find the best combination for your budget and future goals.
Use the basic mortgage calculator to figure out your total monthly mortgage payment without considering the annual property taxes or homeowners insurance premiums.
Enter the following information:
For more accurate results, input all the information in the basic calculator, then switch to the “Advanced” tab and add the following:
Your total payment is displayed at the top. For more detailed results, look at the “Breakdown,” “Over time” and “Amortization” sections.
This section breaks down your monthly payment by the following:
Over time is a view of how much of your monthly payment will go toward principal vs. interest throughout the years. More of your payment will be applied to your principal as you get closer to the end of your mortgage term.
The amortization section shows your amortization schedule, a table listing all your scheduled payments throughout your loan term. Get a month-by-month look at your payment, remaining balance, principal and interest paid, and cumulative interest paid.
A mortgage is a loan secured against real property, where the property—or home—is collateral. It’s a legal agreement between a lender and the borrower. A mortgage allows a homeowner to pay back the lender in installments over an agreed-upon time period (the term) and interest rate.
Getting a mortgage requires applying to a lender. But first, it’s a good idea to determine your budget and the amount you’ll be qualified to borrow. Check out the Pennymac Mortgage Blog for info to help save you money, time and peace of mind during the mortgage process.
Your down payment amount depends on a few factors. A home down payment of 20% of the purchase price is typically recommended, since this will help you avoid paying private mortgage insurance. But first-time homebuyers may be able to put down less, while certain loan types, such as FHA loans, may have different down payment requirements.
A mortgage payment typically includes your loan principal, interest, property taxes and homeowners insurance premium.
Know how much you can afford? Ready to see your personalized home loan rate? Get a mortgage rate quote in seconds!
Pennymac Correspondent Group specializes in the acquisition of newly originated U.S. residential home loans from independent mortgage bankers, banks and credit unions.
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Arizona Mortgage Banker License # 0911088. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. Massachusetts Mortgage Lender License # MC35953. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. §47.206 (3) & (4). Licensed by the N.J. Department of Banking and Insurance. Licensed Mortgage Banker-NYS Department of Financial Services. North Carolina Permit No. 119504607, 119505929, 119506567, 119506570, 119507419. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. For more information, review Pennymac's state licenses and important notices. Co-op loans not available. Some products may not be available in all states. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. All loan programs subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. Other restrictions apply. (09-2024)
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