Mortgage payment calculator
You need an ACCURATE monthly payment Calculator to correctly estimate what your true mortgage payment would be based on a sales price and specific loan program.
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To the right is my mobile calculator app you can access by clicking on the cell phone picture. Use 1.25% of the sales price for annual property taxes-and a home insurance annual premium will range -depending on the property --anywhere from $1000 to as much as $4k or more.
Once you register with your email address and your own password the calculator can be used on a PC or you can download the Loanzify app from your cell phone's app store to your mobile phone for on the go access.
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Some facts about online mortgage payment calculators
Many online mortgage payment calculators intentionally or "accidentally" misrepresent the actual monthly housing payment based on a potential sales price.
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They often reflect erroneous, lower annual property tax amounts as well as unrealistic lower annual home insurance premiums --especially for a home in high fire danger areas ----and in doing so give a false expectation of lower monthly mortgage payments.
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My payment calculator will be far more accurate than nearly all available. Remember to use 1.25% of the sales price for an estimate of California annual property taxes --this percentage is the standard nearly all lenders use for a home purchase transaction.
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Monthly payment tip
A very quick way of calculating the monthly payment on a low or zero down payment purchase --based on average rates as of February 2024 —within a hundred dollars or so --- is to take the sales price divided by $1000 and multiply that number by about $8. For example, a $300,000 sales price divided by $1000 equals 300. 300 times $8 equals $2400 a month for a total payment including base loan payment-- property taxes-- home insurance and any mortgage insurance. A more accurate way is to use my online mortgage payment calculator —click on the picture to the right for access--it's quick and easy.
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Keep in mind that your credit score, property type and percentage of down payment will have a direct affect on the mortgage rate you would receive. An online payment calculator is a great tool however it will never be as accurate as what you can discover from a discussion with an experienced loan professional.
I'm happy to answer any questions you have without any sales pressure.