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Home Purchase
Why District
Read about all the benefits
Process overview
Simplified and easy to understand
Apply now
Start your application
Get a quote
See your rate with no commitment
Perks
Free refinance for 3 years
Refinance with no closing costs
No closing costs
Zero costs options, what it means
Realtor credits
Get .5% towards your closing costs
18 Day closing
2X more likely to get your offer accepted
Price match guarantee
We beat competitors’ rates by .125% or more
Rate defense
Never miss out on rates dropping
Refinance
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Reviews
Hear from our customers
Contact
Answers within 2 business hours
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Calculate your mortgage payment

Mortgage Affordability Calculator

Calculate a mortgage payment you can afford.

How to Calculate Mortgage Payment

Purchasing a home is a massive expense, perhaps the biggest that you will make in your entire life. Most buyers cannot afford to pay the full price of a home upfront, and even those that can afford it may choose not to for one reason or another. A mortgage loan is a tool that makes buying a home possible for almost anyone. There are several different types of loans that you can apply for, including:

Whether or not you qualify for these variations depends on factors like lifestyle, monthly income, career, and cash reserves.

How a Mortgage Works

A mortgage lender is an entity that gives out a loan for a buyer to be able to afford the full home price based on the loan term. They enter into an agreement with the borrower that requires the buyer to pay a monthly payment to pay back the loan principal and interest over a certain period, usually 15, 20, or 30 years. The interest rate allows the lender to make money off of the transaction while the buyer gets to acquire the home even if they cannot afford the listing price. Variables of the loan are if private mortgage insurance is required, down payment, interest rate, purchase price, loan amount, closing costs, and the type of loan whether a fixed rate mortgage or an adjustable. All of those things will be entered into a mortgage calculator to determine the monthly payment.

There are two parts to every home loan amount; the mortgage principal and interest. The principal is the amount that is needed to cover the price of the home after the down payment. Interest is the additional cost that depends on the interest rate laid out in your contract with the lender. In general, long-term mortgages have the borrower pay higher portions of the total interest at the beginning of the loan term with less of those monthly payments going toward the principal loan. The longer you own the home, the more you pay toward the principal with each monthly mortgage payment. Other payment models are available, so this is not always the requirement.

Calculating Monthly Mortgage Payments

If you plan to take out a mortgage loan to pay for your home, then you will be making a monthly house payment for the duration of the loan term unless you choose to sell. Understanding this number is a key aspect of figuring out how much house you can afford. There are many factors that will have an effect on the total monthly payment amount that you will be required to pay to own the home.

Calculate Your Monthly Mortgage Payment Below

Want to see how your money borrowed will affect your monthly rate for a mortgage loan? Check out the mortgage payment calculator below to estimate your monthly mortgage rates. You can adjust the pay upfront, the home price, and see the breakdown of the purchase price, principal and interest, taxes and insurance, and the life of the loan.
Calculate your monthly payment

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Home Purchase
Why District
Read about all the benefits
Process overview
Simplified and easy to understand
Apply now
Start your application
Get a quote
See your rate with no commitment
Perks
Free refinance for 3 years
Refinance with no closing costs
No closing costs
Zero costs options, what it means
Realtor credits
Get .5% towards your closing costs
18 Day closing
2X more likely to get your offer accepted
Price match guarantee
We beat competitors’ rates by .125% or more
Rate defense
Never miss out on rates dropping
Refinance
Rates
Reviews
Hear from our customers
Contact
Answers within 2 business hours
Meet the crew
Our experts, mission, and values
Careers
Join us in making a difference
Blog
Our knowledge at your convenience
Mortgage secrets
Short videos with tips&tricks
Video library
A short description can be here
Calculator
Calculate your mortgage payment
Apply nowGet a quote