Mortgage Calculator

How much will my house payment be?

Once you’ve determined your budget for a new home, it’s time to start thinking about your mortgage options and payments. Midwest Bank offers a wide range of mortgages, such as FHL, fixed rate, USDA, VA home loans, and more. Our team can help you to choose the right option for you.

Every potential homeowner should calculate their potential mortgage payment first though. This calculator will help you to compute a mortgage’s monthly payment amount based on the principal amount borrowed, the length of the loan and the annual interest rate. This calculator will also compute your total mortgage payment which will include your property tax, property insurance and PMI payments. Then, once you have computed the monthly payment, click on the “Create Amortization Schedule” button to create a report you can print out.

This calculator will compute a mortgage’s monthly payment amount based on the principal amount borrowed

The total amount you would be borrowing to purchase the home.

The annual interest rate you expect to pay on this mortgage.

The number of years you will be financing the home loan for.

The annual property tax payment you expect to pay. As a rule of thumb, you can expect to pay 1.1% (home price X .011) of the purchase price per year.

The annual homeowner’s insurance payment you expect to pay. As a rule of thumb, you can expect to pay 1.5% (home price X .015) of the purchase price per year.

The monthly Private Mortgage Insurance (PMI) you expect to pay. If your downpayment is less than 20% of the value of the home you are buying, you may be required to pay mortgage insurance of somewhere between 0.02% and 0.07% of your principal balance each month (e.g, principal balance X .00043).

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

a close up of Steven Petersen, an assistant Vice President and Mortgage Loan Officer at the Norfolk Branch

Take the next steps with us

Now that you’ve calculated your approximate monthly payment, we’re here to help you find the right home loan to meet your needs. We have a number of mortgage options and we understand that this is not a one-size-fits-all process. Our mortgage lenders will sit down with you, answer your questions, and walk you through the whole process.

Find a branch near you

Send us a message and we’ll help you get started.

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