Finding your monthly mortgage payment is easy now. No more complicated equations. It’s simple, plug it in, and our calculator will do the work.
You can use it to:
Figure out your monthly mortgage payments
Calculate amortization schedules
Get today’s mortgage rates with a personalized quote
The price of a home a buyer is interested in.
The amount of money you would pay upfront towards your home purchase.
There are loan programs that allow a minimum 3% down payment option. VA and USDA Loans offer a 0% down payment.
Compare different loan benefits such as low equity/down payment with our Loan Options Chart.
The middle FICO credit score out of all 3 credit bureaus (Experian, Equifax, TransUnion), not the average of the 3 credit scores.
A FICO credit score is between 300 and 850. A higher FICO credit score could qualify you for a lower mortgage rate.
Purchase property zip code.
Term of Home Loan
The number of years you would like to structure your home loan.
It's important to remember that the shorter the term, the higher the mortgage payment.
Private Mortgage Insurance (PMI) is paid in monthly installments by a borrower or upfront as part of the closing costs.
This insurance allows a lender to lend more than 80% percent of the property value while protecting the lender of risk or default on the home loan. PMI is only needed when the down payment is less than 20%.
This insurance can be requested for removal once the mortgage is paid down to 80%. PMI is automatically removed with no request when the mortgage is paid down to 78%. Qualified Veterans do not have to pay PMI.
A person who is active in the military or has been honorably discharged. Qualified Veterans can receive 100% financing and do not have to pay Private Mortgage Insurance (PMI).
Annual Property Taxes
This is an estimated number - Property Taxes are calculated by multiplying a town's General Tax Rate by the property's assessed value, which is determined by the municipal's tax assessor.
A town's General Tax Rate is used when calculating property taxes - a list of general property tax rates by town in NJ can be found here.
Annual Homeowner's Insurance
Annual homeowner's insurance covers damage to or losses occurring on the homeowner's property and inside the home - also, known as hazard insurance.
Coverage can include liability for accidents that happen on the property or in the homeowner's house by the homeowner, family members or pets.
Annual HOA Dues
Annual Home Owners' Association (HOA) Dues are fees a condo owner pays to cover the cost of maintaining the condo buildings' common areas like landscaping, lobbies, elevators, etc.
A description of the property a home buyer is interested in or a home owner currently owns.
Describes whether someone intends to live in the house as a primary residency or if the home will be used for different purposes like a vacation home or investment property where tenants pay rent.
Mortgage interest rates quoted assumes a FICO score of 760
Maximum loan-to-value ratio of 80% on a primary residence
Interest rates and Annual Percentage Rates (APR) are assumptions based on a purchase transaction.
Interest rate assumptions are based on a loan amount of $300,000
The mortgage interest rate, Annual Percentage Rate (APR) and monthly mortgage payment may be different based on the specific terms, verification of information, credit history, property type, and other contributing factors as determined by Get A Rate.
Subject to Get A Rates underwriting approval, not all applications are approved.
Rate assumptions are for the state of New Jersey.
Payments shown are principal and interest payment only and do not include taxes and insurance.
Mortgage Rates are subject to change daily without notice.
Restriction may apply
Private Mortgage Insurance has not been added into the payments disclosed. FHA, VA and conventional loans with a loan to value ratio greater than 80% will require Private Mortgage Insurance (PMI), unless priced as a no PMI option.
Lender Fee $995
Single Family Residence
Rate assumptions are based on 30 day rate locks.
Rate assumptions are based on December 5, 2020 pricing.
NMLS #907795 Licensed Residential Mortgage Lender in CA, WA, GA, TX, PA, CT, FL, SC and NJ (by the NJ Department of Banking and Insurance). Equal Housing Opportunity Lender. When and if acting as a broker, Get A Rate will not make commitments or fund mortgage loans. Registered NY Mortgage Broker. All NY mortgage loans are arranged with third party lenders - Get A Rate LLC does not directly offer or guarantee NY interest rates or loan programs and does not directly issue commitments or make final decisions on loan terms. Authorized website by the New York State Department of Financial Services.
Get A Rate LLC is an FHA Approved Direct Lending Institution, and is not acting on behalf of or at the direction of HUD/FHA or the Federal government. These programs are not a commitment to lend and program guidelines are subject to change.
Rates as of 12/5/20. Recently advertised rates are subject to change without notice. Advertised rates are based on an owner-occupied, single-family, residential properties, a credit score over 760, 75% LTV purchase/rate term, the debt-to-income ratio is less than 36%, and an escrow account for the payment of taxes and insurance.
If LTV > 80%, PMI will be added to your monthly mortgage payment on conventional loans. FHA Loans will always have upfront MIP as well as annual MIP added. Military/VA loans will require a VA Funding Fee unless otherwise exempted.
An advertised rate is not guaranteed and does not constitute an approval. Actual payments will vary based on your individual situation and current rates. Not all applicants will be approved. Minimum credit score requirements apply. The lock period for your rate is 30 days. Fees and charges may apply.
Full documentation, acceptable properties, insurance, and additional underwriting is required. Loans are secured by liens against real property. Terms, conditions, and restrictions apply. NY Loans are arranged through third parties. Lending services may not be available in all areas.
Please remember that we don’t have all your information. Therefore, the rate and payment results you see from this calculator may not reflect your actual situation. Get A Rate offers a wide variety of loan options. You may still qualify for a loan even if your situation doesn’t match our assumptions. To get more accurate and personalized results, please call to talk to one of our mortgage experts.
Calculations computed by Get A Rate Rent vs. Buy and Affordability calculators are estimations. Get A Rate is not an accounting firm or financial advisor. Please consult a tax professional and/or financial advisor for more accurate information.