Innovative Mortgage Solutions

Free mortgage calculator

Use our free mortgage calculator to estimate your monthly mortgage payments

FREE Mortgage Calculator

Wondering how much home you can afford? Our mortgage calculator lets you easily estimate your monthly payments, including HOA and insurance, by entering just a few numbers. It also shows the total interest over the life of your loan, helping you plan with greater accuracy.

* Please note: this calculator is for illustration payments and actual payments may vary.

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How To Use the Mortgage Calculator?

Our mortgage calculator is a powerful free tool that you can use to estimate your monthly mortgage payments. But first, let's go through some basic tips to help you make better use of the calculator.

How to calculate your mortgage payments?

Innovative mortgage calculator makes this math problem quick and easy.

PURCHASE PRICE:

Under "Purchase price," enter the home price, if you're trying to buy or enter your property current value if you're refinancing.

MORTGAGE TERM:

Under Mortgage term, click the arrow button to adjust the length of the mortgage in case you want a different term than 30 years.

DOWN PAYMENT:

Under Down payment, enter the amount of the down payment you want to make if you’re buying or enter the amount of your equity if you're refinancing.

A down payment is the amount of cash you pay from your pocket to purchase a home, and the home equity is the amount of cash you have built in your home minus the loan balance you owe on your current mortgage.

ANNUAL TAXES:

Under Annual Taxes enter the amount of real estate taxes paid each year either on the home you want to buy or the property you want to refinance .

INTEREST RATE:

under Interest rate enter the current average rate.

HOMEOWNER'S INSURANCE

Under Annual Insurance enter the amount or the hazard insurance that you are currently paying or your home or you may request a quote from your insurance agent for the property you are interested in buying.

HOA

Under monthly HOA enter the monthly amount you pay for the homeowners association dues. You may also get the HOA dues amount from the property details on the MLS.

Does this Mortgage Calculator Include PMI?

If you apply for a conventional loan and pay less than 20% for your down payment, you will need to get a private mortgage insurance or what's also known as PMI. The PMI protects a lender in case a borrower defaults on a loan.

As a home owner, you will be responsible for the PMI monthly payments, even though the PMI offers you no protection as a homeowner.

You may also be able to request from your lender to remove the PMI from your mortgage loan once your have built at least 20% in equity.

Our EZ Mortgage calculator does not include the PMI as part of the mortgage monthly payments since this number constantly changes based on various factors. Therefore, you have to keep in mind that the PMI will also have to be ultimately added by your loan originator to your total payments to give you a more accurate mortgage payment that you will qualify for.

What's included in a Mortgage Payment ?

When buying a house with a mortgage, the home price isn’t the only cost involved. There are basically four parts to a typical monthly mortgage payment, including the principal, interest, taxes and insurance.

Besides, for qualifying purposes, a lender will also add the amount of the HOA to the monthly mortgage payments to determine if a borrower qualifies for the home loan.

So, if you are trying to estimate you monthly mortgage payment, don't forget to include all the pertinent numbers to get a more accurate picture.

While our EZ mortgage calculator can give you a clear idea of how much monthly payments you can expect for your PITI mortgage payments, we want to encourage you to start a your pre-approval with us to be better prepared for you home hunting endeavor.

How much mortgage per month can I afford?

If you are wondering how much mortgage per month can I afford, a good measure is to use the 28% by 36% rule, which means that you shouldn't spend more than twenty eight percent of your gross monthly income on your home mortgage cost and no more than thirty six percent on your total debt, including your monthly mortgage payments, your auto loans, your credit card debt and any other debt you may have.

How much money should I save before buying a house?

How much money to Save for a Down Payment to buy a house totally depends the purchase price of the home you want to buy and the type of market at the time you want to buy your house.

While most traditional banks want you to put at least 20 percent down to minimize their risk, at Florida EZ Mortgage we help lots of home buyers buy their homes with as little down payment as possible.

Usually, we originate loans with as little as 3% down, but in many cases we have helped many borrowers qualify for loans with $0 down.

Thanks to our extended network of whole sale lenders, we are able to offer various government First Time Home Buyers loans and Down Payment Assistance Programs that allow us to help you buy your dream home with $0 Down Payment. Get Pre-qualified with us today to find out if you can buy a home with $0 money Down.

How much of your income should go to mortgage?

The Rule of thumb is that a mortgage borrower shouldn't pay more than 28% of his/her monthly gross income on mortgage payments, including principal, interest, taxes, homeowner's insurance and HOA. A Gross income is what a person make before they pay their taxes.

However, how much income should go to a mortgage is a personal preference since each mortgage borrower is unique in the way he/she decides to handle their finances.

Best Home Loans for First-Time Home Buyers

FHA Loans (Federal Housing Administration)

Overview: FHA loans are government-backed mortgages with lenient credit requirements, making them ideal for first-time homebuyers.
Down Payment: As low as 3.5% of the home’s purchase price.
Credit Score: Minimum credit score of 580 (with 3.5% down); 500-579 may qualify with a higher down payment (10%).
Benefits:
- Low down payment requirement
- Easier credit qualifications
- Flexible debt-to-income (DTI) ratio limits
Best For: Buyers with lower credit scores or limited savings for a down payment.

VA Loans (Veterans Affairs)

Overview: VA loans are designed for eligible veterans, active-duty service members, and their families, offering excellent terms with no down payment.
Down Payment: 0% (no down payment required).
Credit Score: No official minimum, but most lenders look for a score of 620 or higher.
Benefits:
- No down payment or private mortgage insurance (PMI)
- Competitive interest rates
- Easier qualification compared to conventional loans
Best For: Eligible military personnel and veterans looking for a zero-down payment option with favorable terms.

USDA Loans (U.S. Department of Agriculture)

Overview: USDA loans are government-backed loans designed to help buyers in eligible rural and suburban areas.
Down Payment: 0% (no down payment required).
Credit Score: 640+ is generally required.
Benefits:
- No down payment for eligible buyers
- Low mortgage insurance costs compared to other loans
- Competitive fixed interest rates
Best For: Buyers in eligible rural or suburban areas with limited savings for a down payment.

Fannie Mae HomeReady® Mortgage

Overview: A conventional loan program designed for low-to-moderate-income buyers that offers reduced down payment requirements and flexible credit criteria.
Down Payment: As low as 3%.
Credit Score: Minimum 620.
Benefits:
- Low down payment
- Reduced mortgage insurance costs
- Allows for non-traditional income sources (boarder income, rental income)
Best For: Buyers with moderate credit who want a low down payment and flexible income qualifications.

Freddie Mac Home Possible® Mortgage

Overview: Another conventional loan for low- to moderate-income first-time buyers, offering a low down payment and flexibility.
Down Payment: As low as 3%.
Credit Score: Minimum 620.
Benefits:
- Low down payment
- Reduced mortgage insurance costs
- Flexible credit and income requirements
Best For: First-time buyers with moderate credit who need flexible down payment options.

State and Local First-Time Homebuyer Programs

Overview: Many states, cities, and counties offer special loan programs or grants for first-time homebuyers, often with down payment assistance.
Down Payment: Varies by program, but many offer down payment assistance or grants.
Credit Score: Varies by program, typically 580-640 minimum.
Benefits:
- Assistance with down payments and closing costs
- Potential for reduced mortgage insurance premiums
- Lower interest rates in some cases
Best For: First-time buyers needing financial assistance to cover down payment and closing costs.

Good Neighbor Next Door Program (HUD)

Overview: This HUD program offers significant discounts to certain professions (teachers, law enforcement officers, firefighters, and EMTs) who purchase homes in revitalization areas.
Down Payment: As low as $100 if financing with an FHA loan.
Credit Score: Minimum 580 for FHA financing.
Benefits:
- 50% discount on the list price of the home
- Low down payment with FHA financing
Best For: Public servants looking to purchase homes in designated revitalization areas.

Conclusion:

First-time homebuyers have access to a wide range of loan options, each offering different benefits depending on financial needs, credit scores, and locations. FHA and conventional loans are widely used, but special programs like VA, USDA, and state-backed initiatives offer great alternatives for eligible buyers. It’s important to explore all your options and choose the loan that best aligns with your financial situation and homeownership goals.

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Innovative Mortgage Solutions

Free mortgage calculator

Use our free mortgage calculator to estimate your monthly mortgage payments