First Time Home Buyers
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Mortgage Payment
 




Everything you need to know about your mortgage payment, including a mortgage payment calculator, tips for lowering your mortgage payments, and where to find mortgage down payment assistance

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Up To $10,000 Down Payment Assistance

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In the grey box below is an incredibly simple mortgage payment calculator. Simply change the numbers in the table below to whatever you like, and determine your mortgage payments by clicking the calculate now button. Results appear instantly in the lower box.
Years:
Interest:
Loan Amount:
Annual Tax:
Annual Insurance:

Mortgage Payment Results

Monthly Principle + Interest
Monthly Tax
Monthly Insurance
Total Payment

Tips for lowering your mortgage payments
Everyone wants a low mortgage payment. With mortgage rates today still in the range of historical lows, now is an excellent time to lock in mortgage deals. You will need to shop around for several lenders in order to obtain the lowest bank mortgage rates. Some banks will advertise an interest rate that is quite a bit lower than average, however, before you commit to any such loan, read the fine print. Many times there are super stringent requirements that disqualify most borrowers, and you will in turn be offered a higher than average rate. Shop around, and make certain you don't fall victim to this bait-and-switch tactic.

Getting mortgage down payment assistance

Another method to help you achieve the lowest mortgage payment possible, is the use of down payment assistance programs. Some of these are outright grants given to first time home buyers, while others have to be repaid, but have a much lower interest rate. Every program available should be sought in order to achieve a very affordable mortgage payment that won't break the monthly budget.

See also other mortgage payment resources:

Mortgage graduated payment information from Wikipedia

Explanation of the formula for a mortgage payment calculator.

 


   
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