# Monthly Mortgage Payment

Do you want to know what your monthly payments will look like?

Now, you can calculate your monthly mortgage payment, including principal, insurance and taxes, with our handy Monthly Mortgage Payment calculator.

As you can see by the information listed to the left, the amount you pay on a monthly basis can change based on the amount of your loan, the interest rate and the term of your loan.

There are many other factors that can also be taken into consideration when determining this figure. Even the value of your home can have a significant role in the calculation of your monthly mortgage payment.

Example Calculation:

You plan to borrow \$250,000.00 for 30 years.

Your interest rate is fixed at 5.0%.

The value of your home is \$300,000.00.

You will be paying \$3,000.00 a year in property taxes and \$1,500.00 a year for insurance.

From this information, you can expect that your local monthly payments will equal \$1,894.14 (\$1,342.05 principal, \$250.00 taxes and \$125.00 insurance).

Calculate your monthly payment with applicable financial charges, PMI, hazard insurance, and property taxes.

Amount
\$
Interest Rate
%
Length
years

Home Value
\$

#### Taxes And Insurance Information

Annual Taxes
Annual Insurance
Annual Private Mortgage Insurance (PMI)

 Monthly Principal & Interests \$1,342.05 Monthly Real Estate Taxes \$250.00 Monthly Insurance \$125.00 Loan To Value Ratio 83.33% Months With PMI 31 Monthly PMI \$177.08 Total Monthly Payments \$1,894.14

As you can see, your payment will vary depending on how much you will be borrowing, the interest rate, and the length of your loan. Other factors also need to be taken into consideration, such as your taxes, your insurance, and your PMI, all of which are included in your monthly house payment. Even the value of your home will affect your payment.

Just as an example, let's say you are borrowing \$250,000.00 for 30 years with an interest rate of 5.000%. If the value of your home is \$300,000.00, your property taxes \$3,000.00 per year and your insurance is \$1,500.00 per year, you can expect to be making a total payment of \$1,894.14. This is because you need to pay \$1,342.05 toward the actual loan, plus \$250.00 for real estate taxes and \$125.00 toward insurance.

Since your loan to value ratio is 83.33%, you will also have to pay PMI for 31 months and this will tack on an extra \$177.08 a month. Don't forget to drop the PMI when the 31 months is complete and you might save yourself some money each month, but remember, that, in most cases, you will need to finish re-appraisal process to do so.

Disclaimers: The information provided by these calculators is for illustrative purposes only. There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. The default figures shown are hypothetical and may not be applicable to your individual situation. The calculated results are also intended for illustrative purposes only and accuracy is not guaranteed. There is not tax or financial advice given. Default and calculated tax data are for illustrative purposes only. Be sure to consult a tax or financial professional regarding your specific situation and before relying on the results.

Any hypothetical monthly mortgage payments reflect hypothetical Principal & Interest amounts rounded to the nearest dollar amount and may not include insurance, taxes, or other possible fees. These figures and rates are for educational purposes only and do not reflect an official mortgage loan offer.

We have many other Mortgage Calculators for you to use.

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