Mortgage Calculator
Estimate Your Monthly Payment with Ease
Planning to buy a new home? Use our easy-to-navigate mortgage calculator to estimate your monthly payments and understand how factors like interest rates and down payments influence your costs.
Home Price Mode
Budget Mode
Monthly Budget
Type or slide in your ideal monthly housing budget. This helps us calculate how much home you can afford.
Already have a home in mind? Try switching to Home Price Mode instead.
Down Payment
Enter the amount you’ve saved upfront. More down means a smaller loan and lower monthly payments.
Your down payment is the amount you pay upfront toward the home's price. The rest is typically covered by your mortgage loan. Putting at least 20% down can help you avoid private mortgage insurance (PMI), but even smaller amounts—like 3% or 5%—can get you started on the path to homeownership.
Estimate the rate you might qualify for. 6–8% is common today, but better credit may mean a lower rate.
Interest Rate
The interest rate is the yearly cost you pay to borrow money. It affects how much house you can afford. Your final rate depends on your credit score, income, loan type, and market conditions. This is just an estimate—your real rate will be determined when you apply.
Did you know?
Your credit score has a significant impact on your interest rate.
We use a standard PMI rate of 0.8% for estimation purposes. Actual PMI rates can vary based on your credit score, loan type, and down payment amount.
Estimated property taxes and homeowners insurance based on typical rates. Actual costs vary widely by location, property type, and coverage. This is only a rough estimate to help you plan.
Disclaimer: This calculator is for educational and informational purposes only and does not constitute financial advice or a lending offer. All results are estimates based on user input and assumptions, and may not reflect actual loan terms, costs, or eligibility. This tool is not a pre-approval. Actual loan terms and qualifications will depend on a full application and lender review. We strongly recommend speaking with a licensed mortgage professional to review your unique financial situation before making any homebuying decisions.
Home Price
Enter or slide to set your home price. Still exploring? Switch to Budget Mode to see what you can afford.
This is the total price of the home you’re planning to buy. You can use the slider or type the amount manually. If you're still in the early stages and don't have a property picked out, Budget Mode can help estimate what price fits your monthly budget.
Down Payment
Type or slide your upfront amount. More down = lower payments and no mortgage insurance.
Your down payment is the amount you pay upfront toward the home's price. The rest is typically covered by your mortgage loan. Putting at least 20% down can help you avoid private mortgage insurance (PMI), but even smaller amounts—like 3% or 5%—can get you started on the path to homeownership.
Interest Rate
Choose the estimated interest rate you might qualify for. If you’re not sure, 6–8% is a common range for many buyers today.
The interest rate is the yearly cost you pay to borrow money. It affects how much house you can afford. Your final rate depends on your credit score, income, loan type, and market conditions. This is just an estimate—your real rate will be determined when you apply.
Did you know?
Your credit score has a significant impact on your interest rate.
This estimate includes only your mortgage payment (principal and interest). It does not account for additional costs such as homeowners insurance, property taxes, or PMI (Private Mortgage Insurance), which can significantly impact your total monthly payment.
You can calculate an estimate of these additional costs in the section below.
Disclaimer: This calculator is for educational and informational purposes only and does not constitute financial advice or a lending offer. All results are estimates based on user input and assumptions, and may not reflect actual loan terms, costs, or eligibility. This tool is not a pre-approval. Actual loan terms and qualifications will depend on a full application and lender review. We strongly recommend speaking with a licensed mortgage professional to review your unique financial situation before making any homebuying decisions.
Additional Costs
When calculating your mortgage payment, it's important to consider more than just the loan and interest. Homeownership comes with extra expenses, such as property taxes, homeowners insurance, and, in some cases, private mortgage insurance (PMI). These costs vary based on your location, loan details, and home value. Use this section to estimate your total monthly payment, including these essential expenses.
Homeowners Insurance (% per year of home value)
PMI (Private Mortgage Insurance)
Property Taxes
The total payment shown here is an estimate and includes only typical costs such as homeowners insurance, property taxes, and PMI. These costs can vary significantly based on your location, the value of your home, and your lender's requirements. The default values provided are based on average estimates in Pennsylvania. We encourage you to contact us or consult local resources to refine your calculations.
PMI is required if your down payment is less than 20% of the home price. PMI rates vary but average around 0.5% to 1% of the loan amount per year.
Homeowners insurance covers damages to your home and belongings. Typically ranges from 0.5% to 1% of the home value per year.
Property taxes are based on the value of the home and local tax rates. Rates typically range from 0.5% to 2% of the home value per year.
Disclaimer: This calculator is for educational and informational purposes only and does not constitute financial advice or a lending offer. All results are estimates based on user input and assumptions, and may not reflect actual loan terms, costs, or eligibility. This tool is not a pre-approval. Actual loan terms and qualifications will depend on a full application and lender review. We strongly recommend speaking with a licensed mortgage professional to review your unique financial situation before making any homebuying decisions.
How Credit Score Affects Your Mortgage
What is a credit score?
Your credit score is a numerical representation of your creditworthiness. Lenders use it to determine your mortgage interest rate. Scores typically range from 300 to 850.
How does it affect my loan?
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A higher credit score can lower your interest rate, saving you thousands of dollars over the life of your loan.
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A lower credit score may result in a higher rate or require a larger down payment.
Where can I check my credit score?
You can check your credit score for free through:
Understanding Homeowners Insurance
What is homeowners insurance?
It protects your home against damages or disasters, such as fire, storms, or theft. It also includes liability protection for accidents on your property.
Is it required?
Yes, most lenders require homeowners insurance as part of your mortgage agreement.
How much does it cost?
On average, homeowners insurance costs around $1,200–$1,500 per year in Pennsylvania. Rates depend on your location, home value, and coverage amount.
Tips to lower your cost:
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Bundle with other insurance policies.
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Increase your deductible.
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Compare rates from multiple providers.
What You Need to Know About Property Taxes
What are property taxes?
Property taxes are annual fees paid to your local government based on the assessed value of your property and the local tax rate.
How much are property taxes in Pennsylvania?
Rates vary by county but generally range from 1% to 3% of your home’s value annually.
How are they paid?
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Often included in your monthly mortgage payment through escrow.
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Alternatively, you can pay them directly to your local tax authority.
Property tax resources:
What is PMI and When Do You Need It?
What is PMI?
PMI is insurance that protects the lender if you default on your mortgage. It is typically required if your down payment is less than 20%.
How much does PMI cost?
PMI usually costs between 0.5% and 1% of the loan amount annually.
For example:
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On a $200,000 loan, PMI might cost $1,000–$2,000 per year.
How can I avoid PMI?
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Save for a 20% down payment.
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Look for lender-paid PMI options.
Can PMI be removed?
Yes! Once you’ve paid down your loan to 80% of its original value, you can request to have PMI removed.
Your estimated mortgage monthly payment is
$1,991
Estimated Home Price
$509,632
If you're a resident of Pennsylvania, our team is here to help you secure the best mortgage. For a more personalized conversation, please share your details below.
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