First Time Homebuyer Information & Education

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Mortgage Calculator

Use the mortgage calculator below to give you a general idea as to how much of a mortgage you can afford to stay within your monthly budget for housing expenses. Don't forget to factor in property taxes and homeowners insurance into your payments to give you a more accurate estimate of approximate monthly payments. The first step that you should take when planning to buy your first home is to work out a very item specific budget with your spouse. Figure out how much you spend on everything from credit cards, auto loans, cell phones, food bills, utilities, family vacations, savings, investments, retirement accounts, school clothes, personal spending money, etc... The more precise your budget is the better idea you can get as to how much you can afford to spend on your monthly mortgage payment. Remember the idea of homeownership is not to completely change your lifestyle and the way you are accustomed to living, but to enjoy the comfort of owning your own home and putting your money into something that will produce a nice return later on in life. Therefore, have fun with the calculator below and figure out a rough idea as to how much of a mortgage loan amount you can afford based on your budget that you have created.

 

 
Loan Amount $
Interest Rate %
Loan Term Years
Principal $
+ Interest $
= Monthly Payment $

 

Information listed above is to be used for educational purposes only and is not guaranteed

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