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If you have decided to buy a home, it may be necessary to finance your purchase through mortgage payments. Typically, this financing is done through your bank or another financial institution. It is best to consult with your bank to determine how much you could potentially qualify for and your options for repayment. Mortgage loan terms can last anywhere from five to 30 years. Your monthly payments will depend primarily on the amount of your loan, the length of your loan, and your interest rate. Your interest rate will depend on the financial institution’s guidelines, but also on your personal credit history/score (if married, it will depend on your partner’s credit score as well).
When lenders underwrite your loan, they calculate your insurance and property taxes as if they were paid monthly. This calculator below does the same thing. The calculator will factor in insurance and property taxes in addition to the loan amount and your interest rate. If your future house requires Homeowner’s Association fees or mortgage insurance, you may have to add those costs in yourself. Use our calculator below to get an idea of what your mortgage payments might be.