Mortgage Calculator

What's My Monthly Payment?

We’ve included this basic mortgage calculator for your convenience to allow you to independently calculate your future monthly house payment. This tool can be helpful to see how your down payment, the term of your loan, whether it’s a 30 year, or another length such as a 20 year or 15-year amortization will impact your monthly house payment. We want to make sure that you are not only comfortable with your new home, but that your house payment is acceptable to your own personal budget.

Please keep in mind that when using this Mortgage Calculator that there are some variables that may not be reflected here. Monthly costs such as Mortgage Insurance is required on many loan types, and that monthly dollar amount varies based on the loan type that you’re best qualified for. There are also loan programs that do not have a Monthly Mortgage Insurance cost, but instead have a one-time fee that is financed onto your loan amount. Your Mortgage Advisor at Focus Home Lending can guide you through those details once you’re ready to take the first step of contacting them.

Down Payments

One exciting thing that many people are not aware of, is that there are several Zero down payment loan options available to home buyers. Those loan types are very specific, some of them have credit score and Income limitations associated, so your Focus Home Lending Mortgage Advisor will review your application once submitted and will let you know if you are a candidate for that loan type. Some of those loan types include VA, USDA/Rural Development, and there are now FHA Down Payment assistance options available as well. All of these can be helpful for homebuyers who have the challenge of coming up with a large down payment.

Many First-time homebuyers can qualify for as little as Zero to 3% down payment so the common misconception that 20% down payment is required to purchase a home can be dismissed.

Annual Taxes

The annual taxes are referring to the Property Taxes assessed in the area that you’re purchasing a home in. You can find most of that information online, or you can also reach out to one of our Mortgage Advisors who can help you locate that information as well. If you are unsure of what the property taxes are, you can use a general calculation of between 1 to 1.5% of the property value on the slider above. Again, this number is only an estimate and for specific’s please reach out to our team, we would be happy to assist you.

Annual insurance

The Annual insurance is referring to your Homeowners insurance policy (Hazard policy). This policy is selected by you and once you have an insurance quote from the company of your choosing, we will integrate your insurance policy into your monthly house payment. So the quote your insurance company provides you, will dictate this monthly ongoing cost.

Monthly HOA 

The Monthly HOA will only exist if you are purchasing or refinancing a home that is part of an active Homeowners Association. When looking at properties online, these are often referred to as HOA dues or HOA fees. Your mortgage company will not incorporate the HOA dues into your actual mortgage payment, but we are required to consider that monthly payment when calculating your qualifying debt to income ratio, so higher monthly HOA dues will have an impact on your qualification. This is an important detail to discuss with your Mortgage Advisor when talking through your monthly mortgage payment options and affordability.