Mortgage & Affordability Calculators
Estimate Your Payment and Buying Power
Our Mortgage & Affordability Calculators help you estimate your monthly mortgage payment and determine how much home you can afford. These interactive tools make it easy to understand loan payments, interest costs, and homebuying budgets before you apply for financing.
Use this online mortgage calculator to estimate your payment and compare affordability options side by side.
How Our Mortgage & Affordability Calculators Work
The Mortgage Payment Calculator estimates your monthly payment including principal, interest, property taxes, homeowners insurance, and private mortgage insurance (PMI). It models a standard loan amortization schedule to show how your payments evolve over time. Each month, the portion going toward interest decreases while the portion applied to your principal increases, helping you build equity faster.
The Home Affordability Calculator estimates your price range based on income, debt, and down payment. It provides both conservative and aggressive affordability ranges so you can plan your purchase confidently.
How to Use the Mortgage & Affordability Calculators
- Mortgage Payment Calculator
Use this to estimate your monthly payment for a specific home price and loan setup.
- Adjust your home price and down payment.
- Open Advanced Settings to adjust: property tax, homeowners insurance, HOA dues, PMI, loan type (Conventional, FHA, VA, USDA), loan term (15-year fixed or 30-year fixed), credit score, interest rate.
- Review results: total monthly payment (principal, interest, taxes, and insurance — often called PITI), payment breakdown by principal vs. interest, and equity over time.
- Affordability Calculator
Use this to see how much home you can afford based on your finances.
- Enter annual income and monthly debt (for example, credit cards, car loans, student loans).
- Add down payment, ZIP code, and estimated interest rate.
- Optional: adjust homeowners insurance and property tax to match your area.
- Review results: estimated affordable home price, conservative vs. aggressive label, projected monthly payment, and debt ratio context.
- Use Both Together
Start with the Affordability Calculator to set a realistic price range. Plug that price into the Mortgage Payment Calculator to see how loan type, term, and rate affect your monthly payment and long-term cost. Compare a few scenarios and note which combination fits your budget and goals.
Why Use a Mortgage Calculator or Home Affordability Calculator
Mortgage calculators are essential for anyone planning to buy or refinance a home. They help you understand your budget, estimate monthly payments, and compare loan options before applying. By testing multiple scenarios, you can make informed decisions and plan confidently for your next home purchase.
Next Steps: Get Personalized Mortgage Advice
After reviewing your results, the next step is to get prequalified with Embrace Home Loans. Our loan officers can confirm your rate, loan options, and monthly payment based on your credit profile and location. They’ll help you move from planning to purchasing with confidence.
Frequently asked questions
Yes. Start with the Affordability Calculator to estimate your ideal price range, then use the Mortgage Payment Calculator to see how that price translates into monthly payments.
Absolutely. You can adjust the loan term (for example, 15 vs. 30 years) or modify interest rates to see how your monthly and total interest payments change. This helps you choose the most affordable mortgage option for your budget.
They provide reliable estimates based on your inputs, but actual loan terms depend on your credit, property type, and lender guidelines.
Property taxes and homeowners insurance are typically paid through an escrow account and added to your monthly mortgage payment. The calculator allows you to input estimated annual costs to see how they affect your total monthly amount.
Once you’ve estimated your monthly payment, the next step is to get a personalized quote from a loan officer. The calculator provides a general estimate, but an Embrace® Loan Officer can confirm exact rates, fees, and terms based on your credit, location, and loan type.
A larger down payment lowers your loan amount, which means smaller monthly payments and less interest paid over time. You can adjust your down payment amount in the calculator to see how it impacts your total cost.
30-Year Fixed-Rate Purchase Mortgage Example: *Assumptions. The monthly payment on a $270,000 30 year fixed-rate mortgage at an interest rate of 6.50% with a 90% loan-to-value (LTV) would be $1,706.59 with 2 points due at closing and an Annual Percentage Rate (APR) of 6.784%. Payment does not include taxes, insurance premiums and certain other fees that will result in a higher monthly payment. Assumptions are based on current market rates and other factors. Mortgage insurance may be required for LTV >80%. If mortgage insurance is required, it will increase the APR and monthly payment. Terms are subject to change without notice and may not be available at the time of application. Loan amount and other restrictions may apply in certain areas.
