Mortgage Calculator

Explore what your home loan would cost monthly


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FREE Mortgage Calculator

See what your Monthly Payment could be.

Ready to take the plunge into homeownership? Our mortgage calculator can give you an accurate estimation of your monthly payments so that you’re ready when it comes time to make one of the biggest investments in your lifetime.

Start with our home loan calculation tool and determine numbers like loan amount, down payment, and interest rate — all factors affecting what kind of house fits into your budget! Being prepared ahead of time gives you a competitive edge during negotiations between lenders as well – plus peace of mind knowing exactly what’s within reach for both now and later.

Remember, there is more than just an attractive interest rate when it comes to taking out a mortgage. Make sure you’re getting into something that will last with our easy-to-use mortgage calculator – this way your long-term commitment of up to 30 years can be satisfying for both today and tomorrow.

F.A.Q. about Mortgages

What is a mortgage?

A mortgage is an advantageous loan designed to help you purchase a home. When applying for one, lenders carefully consider your credit score, current debts, and money saved as eligibility criteria – with the latter serving as noteworthy collateral if payments are not made within 90 days. Should that be the case, banks can foreclose on your property before reselling it in order to make up for any lost funds from unresolved rent costs.

Mortgage Insurance

Mortgage insurance is an important part of the loan process, and can help individuals attain a home even with suboptimal credit scores or low down payments. For conventional mortgages, mortgage insurance will be assessed if you don’t meet the 20% threshold for your required down payment- however, this cost could later be canceled after reaching 80%. Government loans including FHA & USDA are also great options that may offer lower rates on their mortgage premiums throughout the entire life cycle of the loan.

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How do you calculate a mortgage payment?

Your mortgage payment is composed of several vital components, tailored to fit your financial picture. An important factor includes the principal amount you are borrowing – plus interest, which represents a fee charged by the bank for this specific loan agreement. The breakdown also might include 1/12th of real estate taxes and home insurance each month as well as any required mortgage insurance (if applicable). Taking the annual rate quoted and dividing it by 12 gives an accurate representation of how much these figures will total on a monthly basis in terms regards to your outstanding balance owed.

How much mortgage can I afford?

Making sure you know how much mortgage you can afford is key to a successful home-buying experience. Lenders typically use your income, credit score, and current debts when determining the amount of mortgage they are willing to offer. The rule of thumb for most lenders allows up to a 43 – 50% debt-to-income ratio so that paying off your monthly expenses (mortgage + other existing debts) won’t exceed more than half of what comes in from take-home pay each month.



Using a mortgage to purchase your dream home is an excellent way to get the keys in hand. This loan includes not only principal and interest payments but also any necessary real estate taxes or homeowner insurance that may be required by some lenders – all helping you on your journey toward homeownership!

Mortgage Calculator

Make sure you’re confident in your home-buying or refinance decision by using a mortgage calculator. It’s the perfect tool for setting realistic expectations and budgeting out what you can afford. Get an accurate estimate of monthly payments, so that when it comes time to make offers on homes, there won’t be any surprises!

Purchase Price

When buying a home, the purchase price is incredibly important. This final cost will be discussed between you and your seller before it’s written on the sales contract—providing an agreement both parties can accept. After this number has been determined, lenders use it as their reference point to determine how much mortgage money they’ll provide for that property!

Down Payment

Investing in a home is an exciting venture, and the down payment is one of your first steps! Generally speaking, you need to put at least 3.5% toward the purchase price; however, depending on certain factors it can be more. For example, if you are buying a $100,000 property that would require either $3,500 (for only 3.5%) or up to $20k for the full 20%.

Interest Rates

If you’re considering taking out a loan, make sure to check the lender’s interest rate before signing on! Interest rate is the percentage the lender is charging you for financing your deal. As an added bonus, paying your principal balance down will also lower that fee- saving you money over time.

Mortgage Term

The mortgage term is the time you have to pay the loan back. Most borrowers take out a 30-year or 360-month term, but there are other options including a 10, 15, and 20-year term. The less time you borrow the money, the lower the interest rate a lender will charge.

Start Date

Starting your mortgage is an exciting journey! Be sure to keep track of the closing date, as this will determine when you make that first payment – typically one month after. So if you close on a loan on January 15th, expect to jump into action come March 1st with those arrears payments – and let the adventure begin.

Property Tax

Property taxes are an important cost to consider when buying a home in the US. By visiting your county assessor’s website, you can easily find out the exact tax rate for your area and make sure it fits within your budget. Most mortgage lenders require that these taxes be paid monthly as part of their payment plan, guaranteeing they will remain on time without worry.

Property Insurance

Property insurance is an important safeguard for homeowners and lenders alike. Not only does it protect your financial investment in the property, but also safeguards against major losses resulting from natural disasters or other events that could leave your lender with no recourse if you couldn’t afford to rebuild. Investing in this type of coverage will give both parties peace of mind knowing they are well-protected should the worst occur.


PMI, or Private Mortgage Insurance, is a safeguard for lenders who issue conventional loans with deposits of less than 20%. In the event that you default on your loan payment for over 90 days, PMI ensures your lender will receive part of their losses through foreclosure. As such, it offers peace of mind to both borrowers and lenders alike while safeguarding against potential financial risks.


“We couldn’t be happier working with Syla Lending. Their team was professional and helped me close on my investment property quickly.”

Alison Garcia / Home Buyer

“Every time I called, I spoke to my broker. It’s important to me to have somebody who’s knowledgeable answering my questions and taking my calls.”

Miles Johnson / Investor

“We plan on using Syla for all our investment property loans. We received great service, the rates were excellent and my broker was always accessible”

Barbie McGee / Investor

Excellent Rates and Personalized Attention

We are broker-owners focused on offering our borrowers the best pricing available