This calculator will help you estimate how much your monthly mortgage payment will be. For example, if you purchase a home for $450,000, 10% downpayment, 7.25% interest rate over a 30 year period, your monthly mortgage payment would be $2762.81.



This does not include your property taxes or homeowners insurance.*



How Much Will My Monthly Mortgage Payment Be?
Home Loan Amount:
My Down Payment:
My Interest Rate:
Number of Years To Pay Back My Loan:
My Monthly Mortgage Payment*:

Property Taxes: Refer to the Maryland property tax rates by county chart to find your property tax rate. Your buyer's agent can assist you with estimating your monthly Maryland state property tax.



Homeowner's insurance: You can lower your home insurance rate by bundling your insurance needs. Use the same insurance company for your home, auto and other insurance needs to find the best rate.



Private Mortgage Insurance (PMI): If you purchase a home and cannot put down a 20% downpayment, your lender will require private mortgage insurance. There a number of ways to get around PMI. The most widely used method is to get a 80 - 10- 10 mortgage loan. You make a downpayment of 10%. You get a first loan to finance 80% of your mortgage and a second loan to finance the remaining 10% of your mortgage.



How Much Do I Need To Earn?
Mortgage Amount Balance to be financed after down payment.
Mortgage Term Number of years over which mortgage payments arescheduled.
Mortgage Interest Rate Mortgage Interest Rate Percentage. For example, 7.00
Annual Property Taxes Assessed Value or Sales Price x Property Tax Rate
Other Annual Debt Including non-home loans - Total Monthly Payments x 12
Excluding utilities, insurance or household expenses, etc.
Monthly Mortgage Payment =
Monthly Expenses + Mortgage Payment =
Required Annual Household Income =




MDHomeBuyers101.com provides free individual first time home buyer counseling and group seminars throughout Maryland with a special focus in Montgomery County, Prince George's county and Howard County. Cities include:Gaithersburg, Germantown, Olney, Silver Spring, Rockville, Potomac, Montgomery Village, Laytonsville, Sandy Spring, Takoma Park, Laurel, Columbia, etc.



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Weichert Realtors. Office: 301-681-0555