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Estimate your Monthly Mortgage Payments

With Austin Capital Mortgage, you can easily estimate your monthly mortgage payments. Put your assumptions on the home you want to buy, and we’ll quickly calculate an estimated monthly payment.

Mortgage Calculator

With Austin Capital Mortgage, you can easily estimate your monthly mortgage payments. Our mortgage calculator is a tool that helps you estimate your monthly mortgage payments based on certain inputs, such as the loan amount, interest rate, and loan term. Simply put in your assumptions on the home you want to buy and we’ll quickly calculate an estimated monthly payment.

Once you've entered your information, the mortgage calculator will calculate your estimated monthly mortgage payment. Keep in mind that the numbers generated by a mortgage calculator are only estimates, and your actual monthly payments may vary based on factors like your credit score, down payment, and other factors. Nonetheless, a mortgage calculator can be a helpful tool in understanding how much you can expect to pay each month for your mortgage.

Estimate your Loan payment:

    1. 2.957% APR Estimated rate, yours may differ.
    2. Purchase Loan
    3. Property taxes are generally estimated to be 1.8% of the home's value, but may vary based on your location. Your Loan Officer can help you determine property tax rates in your area.
    4. Annual homeowners insurance is typically 0.35% of the home's value but can vary based on insurer.

Your Estimated
Monthly Payment:
$845

  • Principal & Interest $592
  • Taxes $150
  • Insurance $44
  • PMI $59

Loan Totals:

  • Purchase Price $150,000
  • Down Payment $7,500
  • Total Loan Amount $142,500

Estimated Taxes & Insurance: Property taxes are generally estimated to be 1.2% of the home's value, but may vary based on your location. Annual homeowners insurance is roughly 0.35% of the home's value but can change based on insurer. Your loan specialist can help you determine property tax and insurance rates in your area.

PMI The PMI (Private Mortgage Insurance) is a mortgage lenders' protection in the event of a default. PMI is paid monthly as part of your mortgage payment to the lender. Once a borrower has paid the equivalent of the 20% down payment, PMI can be removed from the monthly mortgage payment.

Estimated Monthly Payment:
$845
See Payment Breakdown

FAQs

Got a question? We’re here to help.

  • How much house can I afford?

    To determine how much house you can afford, you'll need to consider your income, expenses, and other financial obligations. Generally, a good rule of thumb is that your total housing expenses (including mortgage, property taxes, and insurance) should not exceed 40-45% of your gross monthly income. Lenders use the "front-end ratio" guideline to determine how much they can afford to borrow.


    However, it's also important to consider your overall financial picture and ensure you can comfortably afford the mortgage payment along with your other expenses and financial goals, such as saving for retirement or paying off debt.


    Here are the steps you can take to estimate how much house you can afford:


    Determine your gross monthly income. This is your income before taxes and other deductions.


    Calculate your monthly debt obligations. This includes credit card payments, car loans, and student loans.


    Subtract your monthly debt obligations from your gross monthly income. This will give you your maximum monthly housing payment.


    Multiply your maximum monthly housing payment by .40-.45 to estimate your total mortgage payment.


    Use a mortgage calculator to estimate how much house you can afford based on your maximum mortgage payment, down payment, interest rate, and loan term.


    Remember that other factors, such as your credit score, employment history, and the amount of your down payment, may also affect how much you can afford to borrow. It's always a good idea to speak with a lender or mortgage professional to better understand your options and what you can realistically afford.

  • What will my monthly mortgage payment be?

    To calculate your monthly mortgage payment, you'll need to know the loan amount, the interest rate, and the loan term. You can then use a mortgage calculator or a formula to calculate your monthly payment.


    Here's an example using a 30-year fixed-rate mortgage for $250,000 with a 5.5% interest rate:


    Convert the annual interest rate to a monthly rate. To do this, divide the annual rate by 12:

    5.5% / 12 = 0.45833333


    Calculate the number of monthly payments. Multiply the number of years by 12:

    30 years x 12 months/year = 360 monthly payments


    Use the formula to calculate the monthly payment:

    M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]


    Where:

    M = monthly payment

    P = loan amount

    i = monthly interest rate

    n = number of monthly payments


    M = 250,000 [0.45833333(1 + 0.45833333)^360] / [(1 + 0.45833333)^360 – 1]


    M = $1,320.61 (rounded to the nearest cent)


    Therefore, the monthly mortgage payment (M) would be $1,320.61 approximately. Keep in mind that this is just an estimate, and your actual monthly payment may vary depending on factors such as property taxes, homeowner's insurance, and any private mortgage insurance (PMI) that may be required if your down payment is less than 20% of the home's value.

  • How will different down payment amounts affect my monthly payment?

    Different down payment amounts can significantly impact your monthly mortgage payment. The larger your down payment, the lower your monthly payment will be. This is because a larger down payment reduces the loan amount, which in turn reduces the interest you'll pay over the life of the loan.


    For example, let's say you're considering a 30-year fixed-rate mortgage for $250,000 with a 5.5% interest rate. If you put down 20%, or $50,000, your loan amount would be $200,000. Using a mortgage calculator, your monthly principal and interest payment would be around $1,135.58 (rounded to the nearest cent). This calculation assumes that the loan is fully amortizing, meaning the payments will pay off the loan in full by the end of the 30-year term. Remember that this calculation does not include other potential costs associated with homeownership, such as property taxes, homeowners insurance, and private mortgage insurance (PMI), if applicable.


    But if you put down 10%, or $25,000, your loan amount would be $225,000, and your monthly principal and interest payment would be around $1,073.64. That's an increase of over $100 monthly or about $1,200 yearly.


    You can use a mortgage calculator to compare scenarios to see how different down payment amounts affect your monthly payment. Enter the loan amount, loan term, interest rate, and different down payment amounts to see how your monthly payment will change. Remember that other factors, such as property taxes and homeowner's insurance, may also affect your monthly payment, so consider those.

  • How much will I pay in interest over the life of the loan?

    To calculate how much you'll pay in interest over the life of the loan, you can use a mortgage calculator or a loan amortization schedule. Here's an example:


    Let's say you're taking out a 30-year fixed-rate mortgage for $250,000 with a 4% interest rate and a monthly payment of $1,193.54. Over the life of the loan, you'll make 360 payments (12 payments per year for 30 years). The total amount you'll pay back, including principal and interest, is $429,674.69.


    To calculate how much of that is interest, you can subtract the loan amount from the total amount paid back:


    $429,674.69 (total amount paid back) - $250,000 (loan amount) = $179,674.69 (total interest paid)


    So in this example, you would pay a total of $179,674.69 in interest over the life of the loan. Remember that this is just an estimate, and the actual amount of interest you'll pay may vary depending on factors such as the loan term, interest rate, and whether you make any extra payments or refinance the loan.

  • How will different interest rates affect my monthly payment?

    Different interest rates can have a significant impact on your monthly mortgage payment. Generally, when interest rates increase, your monthly mortgage payment will increase; when interest rates decrease, your mortgage payment will decrease.


    For example, let's say you're considering a 30-year fixed-rate mortgage for $250,000 with a 20% down payment. If the interest rate is 3.5%, your monthly principal and interest payment would be around $898.09. But if the interest rate is 4.5%, your monthly principal and interest payment would be around $1,013.37. That's an increase of over $100 monthly or about $1,200 yearly.


    You can use a mortgage calculator to compare different rates to see how different interest rates will affect your monthly payment. Just enter the loan amount, loan term, and different interest rates to see how your monthly payment will change. Remember that other factors, such as property taxes and homeowner's insurance, may also affect your monthly payment, so be sure to consider those.

  • How can a mortgage calculator help?

    A mortgage calculator can be a helpful tool for anyone who is considering buying a home or refinancing their existing mortgage. Here are some of the ways that a mortgage calculator can help:


    Estimate your monthly payment: A mortgage calculator can help you estimate your monthly mortgage payment based on the loan amount, interest rate, and loan term. This can help you budget and plan for your monthly expenses.


    Compare different scenarios: A mortgage calculator can help you compare different scenarios, such as different loan amounts, interest rates, and loan terms, to see how they will affect your monthly payment and the overall loan cost. This can help you make an informed decision about the type of mortgage that is best for your situation.


    Calculate your down payment: A mortgage calculator can help you calculate your down payment and determine how much you'll need to save to reach your goal.


    Factor in additional costs: A mortgage calculator can help you factor in additional costs such as property taxes, homeowner's insurance, and private mortgage insurance (PMI) if required. This can give you a more accurate picture of the total cost of homeownership.


    Determine how much you can afford: A mortgage calculator can help you estimate how much house you can afford based on your income, expenses, and other financial obligations.


    Overall, a mortgage calculator can be a valuable tool for anyone considering buying a home or refinancing their existing mortgage. It can help you make an informed decision about your mortgage and budget for your monthly expenses.

  • What are typical costs included in a mortgage payment?

    A typical mortgage payment includes several components. Here are the main costs that may be included in a mortgage payment:


    Principal: This is the amount of money you borrow to purchase a home. Each mortgage payment you make goes towards paying down the principal, which reduces the amount of money you owe.


    Interest: This is the cost of borrowing money from the lender. Interest is calculated based on the principal balance and the interest rate of the loan. Most mortgages have a fixed interest rate, meaning the rate stays the same throughout the life of the loan, while some have a variable interest rate that may fluctuate over time.


    Property taxes: Property taxes are assessed by the local government based on the value of the property. The amount of property taxes you pay can vary depending on the location and value of the property.


    Homeowner's insurance: This is insurance that protects your home and belongings from damage or loss. It is typically required by the lender to protect their investment in the property.


    Private mortgage insurance (PMI): If your down payment is less than 20% of the home's value, you may be required to pay PMI, which protects the lender in case you default on the loan.


    Homeowners Association (HOA) fees: If you live in a community with an HOA, you may be required to pay fees for services such as maintenance, landscaping, or amenities like a community pool or clubhouse.


    The specific components of your mortgage payment may vary depending on your loan type and other factors. It's important to carefully review your mortgage agreement and ask your lender any questions you may have about the costs included in your payment.

  • What is the mortgage payment formula?

    The formula for calculating a mortgage payment depends on your mortgage type. The most common type of mortgage is a fixed-rate mortgage, which has a fixed interest rate for the life of the loan. The formula for calculating the monthly mortgage payment on a fixed-rate mortgage is as follows:


    M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]


    where:


    M = monthly mortgage payment

    P = principal (the amount of the loan)

    i = interest rate (expressed as a monthly decimal)

    n = number of months in the loan term


    To use this formula, you need to know the principal amount of the loan, the interest rate, and the loan term in months. You can then plug these values into the formula to calculate the monthly mortgage payment.


    It's worth noting that other types of mortgages, such as adjustable-rate mortgages, interest-only mortgages, and balloon mortgages, have different formulas for calculating the monthly payment. If you have one of these types of mortgages, you should consult your mortgage agreement or speak with your lender to determine the appropriate formula for calculating your monthly payment.

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