Mortgage Calculator

Start a Payment Calculation

Use this calculator to get an estimate of your monthly payments. Remember, these are only estimates. We've made some assumptions about general credit scores, purchase areas, and insurance coverages that work for most borrowers. Your actual payment amounts will vary, and you should speak with a mortgage adviser for details that fit your situation.

Here's a look at some of the key numbers that go into your payment estimate.

Purchase Price

This is the amount you agree to pay for the home. Sometimes you'll see this called sales price or contract amount.

Down Payment Amount

Down payment often starts at 3.5% for first-time homebuyers. Other common amounts include 10% and 20%, but you can put whatever amount works for you. If you're a veteran or active duty military member, you are eligible for 0% down.

Mortgage Period (Years)

This is the term of your mortgage, or how many years you'll borrow the money for. The most-common answers here are 15 and 30.

Annual Insurance Rate

This number (0.50%) is an estimate of homeowners insurance to get you started, and your amount will vary based on area and coverage selections. If you plan to buy in a coastal county, you may want to increase this number to 0.75% for better estimates.

Annual Property Tax Rate

2.5% is a good starting point for averages across the state of Texas. Your mortgage adviser will help you get an exact rate based on your purchase location.

Other Costs

If you put less than 20% down on a home, you'll be required to pay some form of mortgage insurance. The calculator automatically includes that number in your monthly payment estimate if your down payment amount is less than 20% of your purchase price.