Calculate Your Monthly Mortgage Payment

When you’re looking to buy a home, whether you are a first-time homebuyer or purchasing your second home, determining what the monthly mortgage payment will be is vital.

With our mortgage calculator, you can estimate your monthly mortgage payment based on a variety of factors, like the principal loan amount, monthly interest rate and the length of the loan. Typically, the mortgage payment will be the most expensive part of your cost of living. Using our mortgage payment calculator, you can determine if the mortgage loan amount is within your reach or if it is more than your budget.

To see how the amount of a monthly mortgage payment can change, try inputting different loan terms, interest rates, and down payments.

To calculate what your monthly mortgage payment could be, you’ll need to know:

  • Principal Loan Amount
  • Interest Rate
  • Length of Loan


First-Time Homebuyers

A successful homebuying experience is dependent upon buyers having all of the important details and information from the beginning of the process to signing the paperwork to close on the house.

But it can be difficult for first-time homebuyers to determine how much they can afford to pay between the down payment and monthly mortgage payment.

And keep in mind, the other fees associated with buying a home, such as homeowner’s insurance and legal fees. These fees can also impact how much a person can comfortably afford.

Using our loan mortgage calculator can help first-time homebuyers determine if their dream home is within reach.

Ways to Reduce Your Monthly Mortgage Payment

With HRCCU’s mortgage calculator, homebuyers can find different ways to reduce their monthly payments.

If the expected monthly mortgage payment looks loftier than anticipated, it may be a sign to look for a home that fits comfortably within your budget. Fees like PMI, homeowner’s insurance and property taxes can increase your overall monthly mortgage payments.

To decrease your monthly payment, a longer loan term may be necessary. With a longer term established, you will end up paying more interest over the course of the loan, but in the short-term, the monthly payment will be lower.

Private Mortgage Insurance (PMI) is a protective fee assessed by a lender if it is determined that the loan may be risky and susceptible to defaulting.

PMI is typically imposed if you cannot put down the usual down payment — 20% of the total price of the home up front.

There are a few ways to avoid PMI. The obvious one is to buy a home that you can afford to put 20% down, but that isn’t always feasible.

If you are concerned about PMI or being able to afford a down payment and a monthly mortgage, all HRCCU mortgages include up to 95% financing and no PMI to help you get more house on your budget.

Mortgage Rates (no cash-out refinance)

30-year fixed 2.90%
20-year fixed 2.65%
15-year fixed 2.25%
10/1 ARM 2.75%

Get Approved for a Mortgage Today

Once you’ve figured out how much you can afford, it’s time to get approved for a mortgage.

Our seasoned loan specialists will work with you to find the loan that best fits your needs, your budget and your lifestyle.

Contact us today to start your homebuying journey.

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