Mortgage Calculator
Estimate your monthly payment and total cost of your home loan
Loan Details
Home Price
$500,000
$
$50K$3M
Down Payment
$100,000 (20%)
$
0%60%
Interest Rate
6.50%
%
1%15%
Loan Term
30 Years
yr
5 yrs30 yrs
Additional Monthly Costs
Property Tax Rate
1.20% → $500/mo
%
0%5% annual
Home Insurance
$1,800/yr → $150/mo
$
$0$10,000/yr
PMI Rate
0.50% → N/A (down ≥ 20%)
%
0%2% annual
Typically required when down payment < 20%. Applied to loan amount.
Your Estimate
Monthly Payment
$3,178
Total all-in monthly payment
Principal & Interest
$2,528/mo
Property Tax
$500/mo
Home Insurance
$150/mo
PMI
N/A
Total Monthly Payment
$3,178/mo
Loan Amount
$400,000
Total Interest Paid
$510,089
Monthly Payment Breakdown
80%
P&I
Principal
$400,000
Interest
$510,089
Tax
$500/mo
Insurance
$150/mo
PMI
N/A
Speak with a Merrimack Wealth Advisor
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A mortgage estimate is just the start. Our advisors can help you build a comprehensive financial plan for your home purchase and beyond.
Merrimack Wealth Management, LLC is a member firm of The Fiduciary Alliance, LLC, which is a Securities and Exchange Commission registered investment adviser. Estimates are for illustrative purposes only and do not constitute financial, tax, or legal advice. Actual payments vary based on credit, lender terms, taxes, and insurance. |
Merrimack Wealth Management — 461 Main St, Tewksbury MA · (978) 851-4411