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Mortgage Calculator

Learn What Your Mortgage Payments Will Look Like with My Simple Calculator

Knowledge Is Power

I’ve seen firsthand how important it is to understand your finances when considering a new home. That’s why I offer this simple Mortgage Calculator. The tool is designed to give you a basic idea of what your mortgage payments might look like.

Easy to Use

I’ve made sure that using my Mortgage Calculator is as simple as possible. Enter the price of a home and down payment amount to calculate your estimated mortgage payment. Adjust the loan details to fit your scenario more accurately. 

Enter Your Information Here

Interested In Buying Or Selling A Home In Virginia Beach?

I’m here to answer all your questions. As an experienced Virginia Beach real estate professional, I have unique expertise and plenty of tools to help you achieve your goals. Give me a call or send me an email to talk about your real estate plans.

Your Mortgage Questions Answered

What’s a Mortgage?

Well, consider a mortgage your best friend when you’re looking to become a homeowner. A mortgage loan lets you buy a home without paying the total price upfront. Instead, you agree to repay the loan over a certain period until the property is entirely yours.

How Do You Get a Mortgage?

You can secure a mortgage through various financial institutions. These include banks, credit unions, or specialized mortgage lenders. Whether you’re just window shopping or ready to buy, the lender will assess your credit score, history, and employment status to make a decision.

How Much Mortgage Can You Afford?

The amount of mortgage you can afford is influenced by several factors. These include your income, expenses, credit history, and existing debt. Considering all these factors, you can calculate the mortgage payment you can afford.

What’s Mortgage Insurance?

Mortgage insurance is like a safety net for the lender. It’s a policy designed to protect them if you fail to meet your payment obligations or default on the loan. It helps offset potential losses for the lender, reducing their risk.

What Are Mortgage Points?

Mortgage points are like a trade-off. You pay these fees to the lender upfront for a lower interest rate on your mortgage loan. By purchasing “discount points,” you agree to higher closing costs in exchange for a lower interest rate over the life of the loan.

How Do You Calculate a Mortgage Payment?

Calculating a mortgage payment involves a complex formula, but don’t worry, a mortgage calculator can simplify this process.

What’s a Jumbo Mortgage/Loan?

A jumbo mortgage or loan is like a super-sized conventional loan. It’s used to finance amounts exceeding the conventional loan limit set by the Federal Housing Finance Agency.

How Can You Pay Off a Mortgage Faster?

You can pay off your mortgage faster by paying more than the calculated amount on your mortgage. This reduces the interest you pay over time. Another strategy is to make bi-weekly loan payments, resulting in an extra payment each year.

What’s an FHA Loan?

An FHA loan is a mortgage loan insured by the Federal Housing Association. It’s like a helping hand from the federal government for first-time and returning home buyers, allowing them to close on a property with a down payment as low as 3.5%.

What’s a Home Equity Loan?

A home equity loan uses the value of your current property as collateral. The loan is issued as a lump sum based on the present value of your home.

What’s a Conventional Loan/Mortgage?

A private lender provides a conventional loan and is not backed by a government agency like the FHA. The government does not insure this type of loan and may have stricter qualification requirements.


Mortgage Definitions

Home Price

The home price is the cost of the property you decide to purchase. It varies based on location, size, quality, and improvements made to the property, and it fluctuates with the real estate market. The home price determines the mortgage loan amount and the down payment.

Down Payment

A down payment is a percentage of the home’s value you pay upfront in cash. The standard down payment is 20%, but certain loans allow for lower down payments, sometimes as low as 0% (VA Loan) or 3.5% (FHA Loan).

Interest Rate

The interest rate, or mortgage rate, is the interest rate charged on the mortgage. It can be fixed or variable and is heavily influenced by the borrower’s credit profile. You can refinance your loan at a lower interest rate at any point in the loan term.

Loan Term

The loan term is the number of years you’ll be making monthly mortgage payments. It may change during the loan life if you decide to refinance the loan, make additional payments, or pay more than the minimum monthly payment.

Property Taxes

Property taxes are paid by the homeowner and collected by the local government to fund services like law enforcement, highway construction, and education. They’re based on the value of the property, including the land.

Home Insurance

Home insurance is a type of property insurance that covers losses and damages to your residence. It provides liability coverage in case of an accident that may impact the residence or property.

HOA Fees

Homeowners Association Fee, or HOA fee, is a monthly payment made by homeowners in certain types of properties like condominiums and townhouses. These fees offset the cost of maintaining the building, facilities, and common areas.


Private Mortgage Insurance (PMI) is required if you decide to put down less than the standard 20% down payment. PMI reduces the risk for the lender when the loan-to-value ratio is higher than 80%.

LTV (Loan-To-Value)

Loan-To-Value assesses lending risk lenders use to approve a mortgage loan. Higher LTV ratios are considered higher risk and may include higher interest rates.


The principal is the actual balance of the loan, excluding any interest payments, taxes, or insurance. It’s the original amount borrowed from the lender.


Interest is the primary cost of borrowing and is calculated as a percentage of the principal amount of the loan.


Principal, interest, property taxes, and home insurance (PITI) are the four components of a monthly mortgage payment. Both borrowers and lenders use PITI to determine the affordability of a property.

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