Buying a home comes with a lot of moving pieces. Your monthly mortgage payment does not only hinge on one number. It also depends on your home price, down payment, interest rate, loan term, and monthly costs like property taxes, homeowners’ insurance, and HOA dues.
Sun East’s Mortgage Payment Calculator helps you estimate your monthly payment in minutes so you can compare options before you talk with a mortgage specialist or apply.
In this article, we’ll walk you through the Mortgage Payment Calculator step by step so you can use this new tool with confidence. Let’s jump in!
What Our Calculator Helps You Estimate
On the calculator page, you will see two key views:
Total Monthly Payment Breakdown
This view offers a clear snapshot of your estimated monthly payment, plus a simple breakdown (Principal & Interest, Home Insurance, Taxes & Other Fees).
Quick note: Lenders often group the core monthly mortgage components as PITI (Principal, Interest, Taxes, and Insurance).
Mortgage Over Time
This option offers a longer-term view that shows how your balance, principal paid, and total interest paid change over the life of the loan.
Before You Start, Gather a Few Numbers
You can run the calculator with estimates, but getting accurate figures make your results more realistic:
- A target home price (or median of a price range)
- Your down payment amount
- A rate estimate (from current market info or a quote)
- Your expected property tax rate
- A rough annual homeowners insurance estimate
- Any monthly HOA or condo fees
Step by Step Mortgage Payment Calculator Walk-Through
Step 1. Enter Mortgage Details
In the Edit Your Mortgage Details section, fill in:
- Home Price:
Start with the list price you have in mind.
- Down Payment:
Add the amount you plan to put down. A bigger down payment usually lowers your loan amount, which often lowers your monthly principal and interest.
- Loan Type:
Choose the option that fits your plan. The calculator includes:
- 10, 15, 20, 30, and 40-Year Fixed-Rate Mortgage
- 15 and 30 Year Fixed FHA/VA
- 30 Year Fixed 203K (FHA Only)
- Mortgage Interest Rate:
The rate shown is prefilled with today’s Sun East mortgage rate based on the term selected above. Feel free to edit it to test different rate scenarios. If you are shopping, try a range such as your expected rate, then add 0.50% and 1.00% to see how sensitive your payment feels.
Step 2. Add Taxes, Insurance, and HOA Fees
Click the Tax, Insurance & HOA Fees dropdown, then enter:
- Annual Property Tax (%)
- Annual Homeowners Insurance
- Monthly HOA/Condo Fees
These fields help the calculator estimate your total monthly payment, not just principal and interest. Many monthly payments include taxes and insurance, and some loans also add mortgage insurance depending on your situation.
Step 3. Read Your Results
Under Total Monthly Payment Breakdown, you will see:
- Your estimated total monthly payment
- A breakdown that shows what drives the number (Principal & Interest, Home Insurance, Taxes & Other Fees)
Click Expand Details to see more line items, including a view of interest payments and the entries you can edit.
Tip: If the total monthly payment looks higher than you expected, check your taxes, insurance, and HOA numbers first. Those costs can shift the monthly total to more than you might expect.
Step 4: Check the “Mortgage Over Time” Tab
Click Mortgage Over Time to see how your mortgage changes year by year. You can review:
- Remaining mortgage balance
- Principal paid
- Total interest paid
This view helps you compare loan types in a way that a single monthly payment cannot. For example, a longer term can lower the payment, but it can increase total interest over the life of the loan.
5 Smart Scenarios to Try (In Under 5 Minutes)
Use the same home price and test one change at a time to see how your monthly payment changes:
- Down payment test: 5% vs 10% vs 20%
- Term test: 15 vs 30 vs 40 year fixed
- Rate test: expected rate vs +0.50% vs +1.00%
- Taxes and insurance reality check: update those fields with your best estimates
- HOA impact: add condo dues if you plan to buy in an HOA community
A Few Important Notes to Keep Expectations on Track
- This calculator gives you an estimate, not a quote. Your final rate and payment depend on your unique details.
- Some costs sit outside the monthly payment. Closing costs and other upfront expenses can surprise buyers if you only focus on the monthly number.
- Your total monthly payment can include more than principal and interest. Many borrowers pay taxes and insurance monthly through escrow, and some borrowers may pay mortgage insurance depending on the loan and down payment.
Ready for the Next Step?
After you run a few scenarios, talk with our mortgage team about the option that fits your goals.
Our Mortgage Payment Calculator helps you build a clear, customizable estimate of your monthly mortgage payment. It’s one more way Sun East rises above and goes beyond to help you make the most of your membership.
Disclaimer
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