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Home » Mortgage Calculator

Free Mortgage Payment Calculator Courtesy of Good Greek Loan

Our free mortgage payment calculator lets you quickly estimate your monthly mortgage payments over the life of the loan. You can accurately assess your financial commitment by adjusting factors like the interest rate and down payment amount. Simply enter your details into the form and discover how much you can afford.

Get a Mortgage Payment Estimate Now*

For Informational Purposes Only

Purchase price

Please enter here the amount you expect to pay for a home.

Down payment

Down payment is cash that you pay upfront for your home.

Term in years

Number of years you have to pay.

Interest rate (per year)

The percentage of interest that you will pay on your mortgage for a specific term.

Property Tax

Enter your property tax here if you know it.

Home Insurance

Most lenders require home insurance. Enter its price here.

PMI

PMI is Private Mortgage Insurance which is usually required to pay if your Down payment less than 20%.

Calculate

* Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance and the origination fee and or point(s), which are paid when the mortgage is first originated. The APR is normally higher than the simple interest rate.

How to Use the Mortgage Calculator

While our free mortgage calculator – courtesy of Good Greek Loan at Waterman Bank – is simple to use, the estimates it provides can help buyers make smart financial decisions. Please be aware that the calculator is for informational purposes only. Now let’s look at each element of the tool.

Purchase Price

The purchase price is the total cost of the property before deductions like the down payment are removed. An experienced real estate agent can often negotiate a lower price depending on market demand.

Down Payment

The down payment is the initial upfront amount a buyer pays towards the total purchase price. Contributing a higher percentage of the purchase price may reduce the monthly mortgage payments.

Term in Years

The term is the number of years you commit to repay the loan. Buyers often have terms of 15, 20 and 30 years, with the length influencing the monthly payment amount.

Interest Rate

The interest rate is the annual borrowing cost over the mortgage term. Lenders typically offer fixed-rate and variable-rate loans, with the type of loan affecting the total amount paid over the course of the mortgage.

Property Tax

Property taxes are based on the assessed value of the property. Rates will vary among Florida counties, and the tax rate should be factored into monthly repayment costs.

Home Insurance

Home insurance protects against theft, fires, natural disasters and other unforeseen circumstances. The Good Greek Insurance Agency can provide affordable homeowners insurance.

PMI

Private Mortgage Insurance (PMI) is usually required when a buyer pays a down payment of less than 20%. This insurance protects lenders against loan defaults.

Use the Free Good Greek Realty Mortgage Calculator

Good Greek Realty is a total relocation company providing trusted services in property buying and selling, moving solutions and home loans and mortgages. If you are buying a home or selling a property call (561) 935-3331, or contact us online to learn about the Good Greek Realty difference.

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