Mortgage Calculator

Whether you’re a first-time homebuyer or a seasoned homeowner, our mortgage calculator tool simplifies the process of estimating monthly payments, interest rates, and loan terms. Just input your loan info and your taxes and insurance, and gain valuable insights into your potential mortgage options.

The Morgan Franklin Foundation wants to help you empower yourself with the knowledge needed to make informed decisions about your wealth. Check out our other calculators and our online courses to learn how to gain financial independence (don’t worry, it’s all absolutely free).

Advanced Mortgage Calculator

Loan Information

Value of House minus your down payment.

Taxes and Insurance


Monthly Mortgage Expenses






Next Steps To Qualify for a Mortgage:


Increase Your Income

Your Loan Officer will be looking at your income and expenses to qualify you. The higher your income and the lower your monthly debt expenses result in a better debt-to-income ratio. 


Trim Expenses/Liabilities

Remove what you don’t need. Pay down debt. Ask yourself – will this improve my debt-to-income ratio? 


Increase your Credit Score

Pay down your balances, don’t open new accounts, hold onto accounts you already have, and make sure you make payments on time.

Want to learn more?

Why are taxes and insurance included?

Oftentimes, the bank/lender will include the taxes and insurance expense for your house in an escrow account. You set aside funds monthly into the account at no additional cost. The bank will pay your expenses out of the escrow account when they come due. 

What is PMI?

Private Mortgage Insurance (PMI). PMI is an insurance policy that the lender requires when you have a down payment less than 20%. PMI covers the risk of you defaulting for the lender. Once you have enough equity in the house – PMI can be canceled. Several scenarios can happen to remove PMI: You can make payments as regularly scheduled, you can make additional payments to pay down the mortgage faster, or your house can appreciate in value. 

How much should I put down for a down payment?

This will depend on your unique financial situation. As a first time homebuyer – there are unique programs through the FHA that allow 3.5% down. If you have more saved, 20% down would allow you to not pay PMI. You want to make sure you have adequate emergency savings, the payment that fits your budget, and budget for repairs/maintenance after closing. 

How much can I afford for a mortgage?

Your loan officer will work with you to determine what your maximum payment is per month. You want to factor in lifestyle costs, long term goals, investing, and savings into your desired monthly payment. A high monthly payment could limit your other goals.