Del Wright
Robert Stoll
Mark H. Goldman
Sheridan Titman
Emil E. Malizia
Norman Miller
Anonymous
Buy the house your monthly payments and utilities will be cheaper than paying rent.
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Mortgage Calculator
Before accumulating unsustainable debt, it’s important to use a Mortgage Calculator like the one below to help you determine your monthly mortgage payment and the time it would take to pay off your debt.
Home Price
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Down Payment
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Loan Amount
Interest Rate
Loan Term (Yrs)
Monthly Payment
Mortgage Summary
Monthly Payment
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Start Date
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Pay Off Date
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Total Interest
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Est. Closing Costs
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| Year | Interest | Ending Balance |
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See how your payments are allocated between interest and principal over time.
Total Home Ownership Cost
The total cost of home ownership is more than just mortgage payments. Additional monthly costs include homeowner's insurance, property taxes, Home Owners Association (HOA) dues or Condo fees, and maintainance costs. Use the options below to calcuate the full cost of homeownership. Enter your zipcode for more accurate estimates of property taxes and insurance.
Annual Income
Zip Code
The zip code is invalid, only a U.S. 5 digit code is allowed.
Marital Status
Home Type
Mortgage Payment
PMI
Property Taxes
Insurance
Association Dues
Other Maintainence
Utilities
Gas
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Electricity
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Heating Fuel
Total Cost:
Tax Savings:
Net Month Cost:
How you compare
Tips
Making smaller payments every two weeks instead of once a month saves you interest and pays down your loan faster. How? By making payments every two weeks you actually end up paying more per year (the equivalent of one extra monthly payment).
Cities with the Most Overleveraged Mortgage Debtors
Ask the Experts
As one of the biggest financial transactions of our lives, the purchase of a home requires careful assessment of our finances as well as the potential impact of a mortgage. For advice on both buying and owning a home, we asked a panel of experts to weigh in with their thoughts on the following key questions:
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Is now a good time to buy a home?
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What are the most common financial mistakes people make when buying a home, and which are most costly in the long-term?
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If someone is currently overleveraged and has trouble affording their mortgage payments, what steps should they take?
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Is there any way for an individual to tell if his or her local housing market is overpriced?
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Are there certain housing markets or circumstances in which it is acceptable to be overleveraged in mortgage debt? If so, how much is too much?
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Del Wright
Associate Professor of Law at the University of Missouri-Kansas City
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Robert Stoll
Certified Financial Planner and Founder of Honey Lake Advisors
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Mark H. Goldman
Residential Loan Officer at C2 Financial Corporation & Lecturer in the Finance Department at San Diego State University
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Sheridan Titman
Professor in the Department of Finance and Walter W. McAllister Centennial Chair in Financial Services in the McCombs School of Business at The University of Texas at Austin
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Emil E. Malizia
Professor in the Department of City & Regional Planning and Director of the Institute for Economic Development at The University of North Carolina at Chapel Hill
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Norman Miller
Professor of Real Estate and Hahn Chair of Real Estate Finance at the University of San Diego School of Business
More Experts
Community Discussion
While WalletHub’s Mortgage Calculator can be eye-opening, it’s also helpful to leverage the WalletHub community. Our members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered....show moreshow less
Anonymous
If you sell it and use the money as a down payment?
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