Edit Content
Edit Content

Mortgage Calculator



Table of Contents

Calculate your Mortgage payments today

Looking to buy a new home? Use our mortgage calculator to estimate your monthly payments. Simply enter your loan amount, interest rate, and loan term, and the calculator will provide an estimate of your monthly mortgage payment. Our easy-to-use calculator can help you plan for your new home and make informed financial decisions. Try it out today!

Estimate Your Monthly Mortgage Payment

Our mortgage calculator is an essential tool for anyone looking to buy a new home. By using this easy-to-use calculator, you can estimate your monthly mortgage payment and plan for your new home purchase with confidence.

How It Works

Simply enter the loan amount, interest rate, and loan term into the calculator, and it will provide you with an estimate of your monthly mortgage payment. This tool can help you determine whether a particular home is within your budget and make informed financial decisions.

Step by Step guide to use mortgage calculator

  1. Select the desired loan amount
  2. Select the desired down payment that you will be making
  3. Select annual interest rate. If you are unsure about it, slide it to get the amount on different rates.
  4. Select the total loan period in years.
  5. Get the results at the end. You will get the monthly payments, interest payments, principal amount and everything to plan your loan.

If you are still looking for more guidance about your mortgage planning, feel free to contact me for your next real estate mortgage or if you are looking for a luxury property around California. 

Mortgage Calculator

Benefits of Using a Mortgage Calculator

There are several benefits to using a mortgage calculator when planning for your new home purchase. It can help you:

  • Estimate your monthly mortgage payment and plan for your budget
  • Compare different mortgage options and interest rates
  • Determine the total cost of your mortgage over time
  • Make informed financial decisions and avoid surprises down the road

Get Started Today

Our mortgage calculator is free and easy to use. Try it out today to estimate your monthly mortgage payment and plan for your new home purchase with confidence. If you have any questions or need further assistance, don’t hesitate to contact us. We’re here to help!

Contact us

Looking to buy a home

Your Realtor; Edgar Torossian will be able to help you get connected with a professional to get through the Loan Pre-Approval process in no time!

Getting mortgage for your first home

As a first-time homebuyer, getting a mortgage can be an overwhelming process, but with the right financial tips, you can feel confident in your decision. Here are some tips to keep in mind as you navigate the mortgage process:

  1. Save for a down payment: It’s important to have a sizable down payment to secure a favorable mortgage rate. Aim to save at least 20% of the home’s purchase price, but even a smaller amount can help reduce your monthly payments.

  2. Determine a budget: Knowing how much house you can afford is crucial to avoid overspending. Consider all of your monthly expenses and future expenses, such as home maintenance and repairs.

  3. Shop around for the best rate: Lenders offer different rates, so it’s important to shop around and compare offers. Look at the Annual Percentage Rate (APR) as it includes the interest rate and any additional fees.

  4. Get pre-approved: A pre-approval from a lender shows sellers that you are a serious buyer and can help you stand out in a competitive market. It also gives you a better idea of how much you can afford.

  5. Understand the different types of mortgages: There are different types of mortgages available, such as fixed-rate and adjustable-rate mortgages. Consider your financial goals and how long you plan to live in the home before choosing a mortgage.

  6. Factor in additional costs: Closing costs, property taxes, and homeowners insurance are additional expenses that come with homeownership. Make sure to factor these costs into your budget and mortgage payments.

Remember, buying a home is a big investment and it’s important to make informed decisions. By following these financial tips, you can feel more confident and prepared as a first-time homebuyer.

How to get a pre approved mortgage loan?

Getting pre-approved for a mortgage is an important step in the home buying process. It allows you to know how much you can afford and shows sellers that you are a serious buyer. Follow these steps to get loan pre-approval for a mortgage:

  1. Gather your financial documents: Lenders will require documentation to verify your income, assets, and debts. This includes W-2 forms, pay stubs, tax returns, bank statements, and any other financial statements.

  2. Choose a lender: Shop around for lenders and compare their rates, fees, and services. You can also ask for recommendations from family and friends or work with a mortgage broker who can connect you with multiple lenders.

  3. Submit a pre-approval application: Once you’ve chosen a lender, you can submit a pre-approval application. This will require you to provide your personal and financial information and authorize a credit check.

  4. Wait for the lender to review your application: The lender will review your application and documentation to determine your creditworthiness and the maximum amount you can borrow. This process can take a few days to a week.

  5. Receive a pre-approval letter: If you are approved, the lender will provide a pre-approval letter that outlines the maximum loan amount you can borrow, the interest rate, and any conditions that must be met.

Remember, getting pre-approved does not guarantee that you will be approved for a mortgage. It’s important to maintain your financial stability and avoid making major changes to your credit profile until after your home purchase is complete.

Additional Expenses of Home Ownership: Closing Costs, Property Taxes, Homeowners Insurance

When you purchase a home, there are several costs associated with homeownership. These costs include closing costs, property taxes, homeowners insurance, and additional expenses. In this article, we will discuss each of these costs in detail and provide average amounts to help you better understand the costs associated with buying and owning a home.

Closing Costs Closing costs are the fees and expenses associated with finalizing the purchase of your home. These costs typically range from 2% to 5% of the purchase price of the home. Some of the fees that are included in closing costs may include:

  • Appraisal fees: $300 to $500
  • Loan origination fees: 0.5% to 1% of the loan amount
  • Title search and insurance fees: $700 to $900
  • Inspection fees: $300 to $500
  • Attorney fees: $500 to $1,000

It’s important to note that closing costs can vary depending on your location and the specific details of your transaction.

Property Taxes

Property taxes are an annual fee that homeowners pay to their local government. The amount of property taxes you will pay is based on the assessed value of your home and the tax rate in your area. The average property tax rate in the United States is 1.08%. This means that if your home is valued at $300,000, you can expect to pay approximately $3,240 in property taxes each year.

Homeowners Insurance

Homeowners insurance is a type of insurance policy that provides coverage for your home and personal property. The cost of homeowners insurance can vary depending on factors such as the location of your home, the age of your home, and the amount of coverage you need. The average cost of homeowners insurance in the United States is $1,192 per year.

Additional Expenses

In addition to closing costs, property taxes, and homeowners insurance, there are other expenses that come with homeownership. These expenses may include:

  • Maintenance and repairs: It’s important to budget for regular maintenance and repairs to keep your home in good condition. The average homeowner spends about 1% to 4% of the home’s value each year on maintenance and repairs.
  • Utilities: You will need to pay for utilities such as electricity, gas, and water.
  • Homeowners association fees: If you live in a community with a homeowners association, you may be required to pay monthly or annual fees for the upkeep of common areas and amenities.

Closing costs, property taxes, homeowners insurance, and additional expenses are all important costs to consider when buying and owning a home. It’s important to budget for these expenses to ensure that you can afford to buy and maintain your home. By understanding these costs and estimating the amounts you can better plan for homeownership.