See What You Can Afford
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$12,250
Rates change daily. This is an estimate.
$2,859
Estimated Monthly Payment
Includes financed UFMIP of $5,911
FHA MIP is required for the life of the loan on most FHA loans.
This calculator provides estimates only and is for educational purposes. It is not a loan offer, pre-qualification, or commitment to lend. Actual payments, rates, and terms may vary based on your credit profile, loan program, property type, and other factors.
These are estimates. Want your real numbers?
Property tax estimates are based on a general rate of 1.2% and vary by county and assessment. Homeowner's insurance is estimated at $1,500/year and varies by coverage, provider, and property. Mortgage insurance calculations are estimates. FHA MIP rates are based on current FHA guidelines and are subject to change. Conventional PMI varies significantly by borrower and is not guaranteed at the estimated rate. For accurate numbers specific to your situation, contact Michael Garcia, NMLS #2343952.
Michael Garcia | Mortgage Loan Originator | NMLS #2343952
Equity Smart Home Loans, Inc. | NMLS #856170
What's actually in your mortgage payment?
Most people just see one number. Here's what's behind it.
Principal
This is the part that actually pays down your loan balance. Every month, a piece of your payment chips away at what you owe. Early on, this piece is small. It gets bigger over time.
Interest
This is what the lender charges you for borrowing the money. It's based on your interest rate. In the first few years, most of your payment goes here. That's normal.
Property Taxes
Your county charges taxes on your home every year. Instead of paying one big bill, your lender collects a piece each month and holds it in escrow. They pay the county for you when it's due.
Homeowner's Insurance
This protects your home if something goes wrong. Fire, storm damage, theft. Your lender requires it. Like taxes, a piece of the premium gets collected monthly and paid through escrow.
Mortgage Insurance (PMI or MIP)
If you put less than 20% down, there's an extra charge to protect the lender in case you stop paying. On FHA loans it's called MIP and it lasts the life of the loan. On Conventional loans it's called PMI and it goes away once you hit 20% equity. VA loans don't have it at all.
So what is escrow?
Escrow is basically a holding account your lender sets up. Every month, part of your payment goes into this account. Your lender uses that money to pay your property taxes and homeowner's insurance when they come due.
Think of it like a savings jar. You put a little in each month so when the big bills show up, the money is already there.
Your lender will send you an escrow statement once a year showing what they collected and what they paid out. Sometimes the numbers don't line up perfectly, so your payment might go up or down a little each year. That's called an escrow adjustment. It's normal.
Not every loan requires escrow. But most do, especially if you put less than 20% down.
Take the free assessment or book a call to get your specific numbers.