What will my monthly payment actually be?
Mortgage payment calculator
Most payment calculators show you principal and interest and stop, which understates a real Carolinas payment by hundreds of dollars a month. This one shows all five parts, because escrow is not optional and neither is knowing about it.
Change the program and watch the mortgage insurance line move. That single row explains most of the difference between a conventional loan and an FHA loan.
Mecklenburg ≈ 0.85%
NC average ≈ $1,650
0 if none
Estimated monthly payment
$2,410
$308,750 loan · 30 yr · 6.250%
- Principal & interest
- $1,901
- Property taxes
- $230
- Homeowners insurance
- $138
- Mortgage insurance
- $142
Cash down
$16,250
Interest over term
$375,620
Estimate only. Mortgage insurance, taxes and insurance are illustrative and vary by county, credit profile and program. This is not an offer to enter into an agreement or a commitment to lend. Not all applicants will qualify. Information and rates are subject to change without notice. All loans are subject to credit review and approval. Call 704-728-4548 for a quote built on your actual file.
Get a real number
A pre-approval replaces every estimate on this page with a figure you can put in an offer — including your actual rate, your actual escrow and your actual cash to close.
What it accounts for
- Principal and interest on the loan amount and term you set
- Property taxes, estimated from a rate you can adjust to your county
- Homeowners insurance, annual premium divided by twelve
- Mortgage insurance, by program and loan-to-value
- HOA dues, which count toward qualifying whether you like them or not
What it cannot know
- It is not a rate quote. The rate field is yours to set, and a real rate depends on your credit, loan-to-value, program, property type and lock period.
- Mortgage insurance figures are illustrative tiers. Real MI is priced off your score and loan-to-value.
- It does not know your county’s actual tax rate or what an insurer will quote you on a specific roof.
Questions
About this calculation
Because it includes taxes, insurance, mortgage insurance and HOA dues. Those are part of the payment that leaves your account, and in parts of Mecklenburg and Union counties they add several hundred dollars a month.
Yes. The rate is fixed; property taxes and insurance premiums are not. When they rise, your servicer recalculates the escrow portion and your payment goes up. That is normal and it is not a change to your loan.
Whatever a lender has actually quoted you. If nobody has, use a figure you have seen in market commentary to get a rough shape, then call me for a real one before you rely on it.
Output is an estimate for illustration and planning only, based on the figures you enter. It is not an offer of credit, a rate quote or a commitment to lend, and mortgage insurance figures are illustrative rather than quoted premiums. This is not an offer to enter into an agreement or a commitment to lend. Not all applicants will qualify. Information and rates are subject to change without notice. All loans are subject to credit review and approval. Fairway Home Mortgage is a division of Fairway Independent Mortgage Corporation. NMLS Entity ID #2289.
Next step
Numbers you can actually make an offer with.
A pre-approval takes about 24 hours from a complete document set and costs nothing. It replaces every estimate here with a figure a listing agent will take seriously.