If you decide to pay for points, you'll pay more upfront in exchange for a lower monthly payment. Other costs in this category include application fees, underwriting fees, processing fees and administrative fees. These costs are charged by the lender for 'originating,' or creating your loan. Closing costs: When you close on your new home, your closing cost may range from 3% to 6% of the total mortgage amount.Down payment: Depending on your home loan type, a typical down payment is usually 20% - though some types of loans will let you put down less - and even, in some cases, nothing.In addition to the principal and interest, there are other upfront and monthly costs to consider as part of the homebuying process: A standard 30-year fixed mortgage, for example, would have 360 payments (30 x 12 = 360). To find this, multiply the number of years in your loan term by 12 (the number of months in one year) and you'll get your total number of payments. n = the number of monthly payments you'll make over the lifetime of the home loan.Most lenders list this as an annual figure, so you'll need to divide this number by 12 to calculate your monthly rate. Want to estimate how much you'll pay each month for your mortgage? This calculator uses the standard mortgage equation to determine your estimated monthly payment. It's also worth acknowledging that this calculator can only provide an estimate: Your payment will depend on your specific situation, including your property, state of residence and the lender's particular terms and conditions. We do offer some guidelines for estimating those below, though. This calculator excludes expenses like private mortgage insurance, a down payment, closing costs and attorney fees.

Monthly payment mortgage calculator