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
Enter the estimated price of the home you are looking to purchase.
$100 000
Down Payment
Set the percentage of the home price you plan to pay upfront. Typically, a 20% down payment avoids PMI (Private Mortgage Insurance).
20.0% = $20,000
Interest rate
Adjust the interest rate. Check current rates from your lender or online sources.
7%
Did you know?
Your credit score has a significant impact on your interest rate.
Your estimated mortgage monthly payment is
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.
$532.24
Does this look good?
Disclaimer: The results provided by this calculator are for informational purposes only and are based on the data you entered. Actual loan terms, property taxes, and insurance costs may vary depending on your location and lender. Please consult with a licensed mortgage professional for a more accurate assessment.
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)
Homeowners insurance covers damages to your home and belongings. Typically ranges from 0.5% to 1% of the home value per year.
Your Estimated Monthly Payment of Taxes + Insurance:
PMI (Private Mortgage Insurance)
$83.33
$216.66
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.
$0
Property Taxes
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.
The total payment shown above 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.
$133.33
Disclaimer: The results provided by this calculator are for informational purposes only and are based on the data you entered. Actual loan terms, property taxes, and insurance costs may vary depending on your location and lender. Please consult with a licensed mortgage professional for a more accurate assessment.
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.
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.
To personalize our recommendations, please share your credit score and provide your contact details below.
