Calculate your monthly payment for fixed rate or adjustable rate loans.
Your monthly payment amount will vary based on how much you borrow, the interest rate, and the term of the loan. For example, if you borrow a total of $200,000 (including closing costs not paid for at closing) for 30 years at an interest rate of 5.35%, you could expect to pay $1116.83 for principal and interest.
Other items that may affect the amount of your monthly payment include whether you are required to escrow for real property taxes and homeowner's insurance and whether you are required to pay for private mortgage insurance ("PMI"). Assuming, in the above example, that real property taxes are $2700 per year and your homeowner's insurance costs $1200 per year, the monthly payment would increase by at least an additional $325 to $1441.83 if you are required to escrow these amounts. This is because you would be required to pay an extra $225 per month for real property taxes and $100 per month for homeowner's insurance.
If the amount you borrow is more than 80% of the value of the property, you may also be required to pay for PMI. PMI will vary greatly depending on the lender, the loan program, the amount of the loan, your credit qualifications, and the value of your home. The example does not include amounts for PMI which would increase the amount of the payment further.