Crunch the numbers
for your mortgage

Use our mortgage calculator to estimate your monthly mortgage payment.

The mortgage calculator provided here by THA Mortgage is for estimation purposes only. The results shown are not representative of all loan programs. Results are subject to program loan limits per each individual. Individual circumstances and timing may effect qualification, interest rates and payments. This calculator is not a commitment to lend. 

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We can help you receive approval so that you can keep going with your home search.

How to Use a Mortgage Calculator

Why should you use a mortgage calculator?
A mortgage calculator estimates your monthly mortgage payment and can include how much you’ll pay for principal and interest on the loan. It’s also common to include your taxes and insurance in your monthly mortgage payment.

How do I use a mortgage calculator?
Fill in the information in the calculator, starting with the following information: home price, down payment amount, loan term, and interest rate. If you’d prefer to calculate your mortgage with taxes and insurance, input that information yourself, or we can help you determine that information. Click on the “calculate” button to see how the numbers you put into the calculator determine your monthly payment.

Keep in mind that adding in or changing information in the calculator will change your monthly payment. Trying a different purchase price, down payment amount and mortgage term will show you varying options.

Understanding Mortgages

What is a mortgage?
A mortgage is a specific type of loan loan from a bank or financial institution that is used to help purchase a home.

The bank or financial institution pays for the cost of the home upfront, and then it is your responsibility to pay the lender back with interest included, over the term of the loan, which is a set period of time.

What is a down payment?
A down payment is the amount of money you pay to decrease the total size of the loan.

How much do I need for a down payment?
You will be able to get the best interest rates and a variety of loan options with a down payment of 20% or more, but it isn’t a necessity. Home buyers have loan options available for a lower down payment. Some loan programs are available to those who pay as little as 3% of the loan amount and some options for no money down. We can help present you with the best options for your financial situation.

What does term mean on the loan?
The term of the loan is the length of time you are given to pay off the loan. The most popular loan term for a mortgage is the 30-year term. Different terms may be available depending on your financial situation and the type of loan.

What term should I choose?
The term you choose depends on your budget and your goals. A shorter term will allow you to pay off the mortgage sooner and pay less interest, but it will be a higher payment. You will also build equity faster. A longer term offers more time to pay off the loan, which in turn will include more interest over the loan term.

What is interest and an interest rate?
Your mortgage company includes interest, a fee included within the mortgage, for borrowing money from their institution. Interest rates are included as a percentage. The amount of interest you pay is based on the interest rate percentage on your loan and your loan balance.

How is an interest rate determined?
Interest rates are determined by market trends, but also loan type, down payment and credit history.

Your Mortgage Payment

What does my mortgage payment typically include?
A monthly mortgage payment usually includes four parts: principal, interest, taxes and insurance.

The mortgage calculator above includes principal and interest, and can include private mortgage insurance, property taxes and homeowners insurance.

What does principal mean?
The principal is the amount of your loan that borrow from your lender without interest included.

What tax is a part of my mortgage payment?
Taxes included in your payment refer to the property tax, which varies based on your location.

What is homeowners insurance?
Your homeowners insurance is called a homeowners insurance premium and you pay for a policy to protect your home, belongings and finances. Many times this premium is added to your monthly mortgage payment.

It is typical for a lender to require you to purchase homeowners insurance to get a mortgage from them, however the coverage included in the plan may vary by your location. There are certain factors, like areas prone to flooding, that may require additional coverage.

Ready to begin but still have questions?

THA Mortgage can help answer those questions and review your financials with you. Fill out the online application to get started or contact us.