This calculator figures the length of a loan for a given minimum principal & interest payment along with the duration of the loan if the homeowner makes higher payments.After you edit the mortgage principal amount and/or the loan's interest rate it will show the minimum P&I payment associated with the interest on that loan in red text.
If the minimum payment range is above what you can afford then lower the mortgage principal amount until the number falls within your budget.
You can then enter a minimum and maximum affordable expense range and click on the "Calculate" button to see how long the loans will take to amortize & how much interest you will pay on either loan.
Understanding Other Expenses Associated With Homeownership
In addition to the core princiapl & interest payments homeowners are obligated to insure their property & most dwellings also have obligatory property taxes.
If you enter the taxes, insurance or HOA fees for a property those expenses will automatically be deducted from your max payment when calculating how long the loan will last. Above the loan duration information it will show the monthly fees associated with the loan along with what your equivalent P&I payment is after these fees are taken out of your maximum affordable payment figure. If you want to focus on the P&I payment while ignoring the other expenses then set the taxes, insurance, HOA fees & PMI to zero. If you do not enter a maximum affordable payment or you enter one which is below the minimum monthly P&I payment then the max payment will automatically be calculated as the sum of the minimum P&I payment along with the other monthly fees associated with the purchase.
How Much Mortgage Can I Afford?
Current Mortgage Rates
The following table highlights locally available current mortgage rates.