Mortgage Calculator

What will my monthly payment be?

Enter your home price, down payment, and rate to see a real, itemized breakdown - not just a rough guess. Adjust any number and your results update instantly.

Your Numbers

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The purchase price of the home you're considering, or the price you're currently shopping around.
$
How much cash you'll put down at closing. Many programs allow as little as 3-3.5% down - you don't need 20%.
A 30-year loan has lower monthly payments spread over more time. A 15-year loan pays off faster and usually has a lower rate, but a higher monthly payment.
6.5%
An estimate for calculation purposes - your actual rate depends on credit, loan program, and current market conditions. We'll confirm your real rate during pre-qualification.
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Property taxes on Long Island vary significantly by township. Enter your best estimate of the annual property tax bill for the area you're considering - or ask your loan officer for a more precise number.
An estimated annual homeowner's insurance premium. Actual cost depends on the home's value, age, location, and coverage.
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Private mortgage insurance, required on most Conventional loans when your down payment is under 20%. Leave at $0 if you're putting 20% or more down, or ask your loan officer for an estimate.
Estimated Monthly Payment
$3,619
Loan amount: $450,000 on a $500,000 home
Principal & Interest$2,844
Property Tax$625
Home Insurance$150
Est. Monthly Payment (PITI)$3,619
Loan-to-Value90%
Get Pre-Qualified Call (631) 851-4420

This is an estimate for planning purposes, not a loan offer or pre-qualification. Talk to a Coltrain loan officer for your exact numbers.

How This Works

What actually goes into this number

PITI: The Real Monthly Cost

Your payment isn't just Principal & Interest - it's P.I.T.I.: Principal, Interest, Taxes, and Insurance, all bundled into one monthly number.

Loan-to-Value (LTV)

The percentage of the home's price you're borrowing versus paying in cash upfront. A lower LTV (a bigger down payment) usually means better rates and no PMI.

Why Property Taxes Matter So Much

On Long Island, property taxes can add hundreds of dollars a month and meaningfully change your real monthly payment. Getting your township's real number matters more here than in most of the country.

Common Questions

Monthly payment calculator, explained

Is this the same as a pre-qualification?+

No. This calculator gives you a planning estimate based on the numbers you enter. A real pre-qualification involves verifying your income, credit, and assets, and gives you an actual number you can make offers with.

Why does my property tax amount matter so much?+

Because it's a recurring cost baked into every monthly payment, unlike a one-time closing cost. On Long Island specifically, tax bills vary a lot by township, so a rough areawide estimate can be meaningfully off from your actual town's bill.

Do I need to include PMI?+

Only if your down payment is under 20% on a Conventional loan, or you're using an FHA loan (which has its own mortgage insurance rules). If you're not sure, leave it at $0 and ask your loan officer for a precise estimate.

How is Principal & Interest actually calculated?+

It's based on your loan amount, interest rate, and term, spread evenly across every monthly payment for the life of the loan - a standard amortization formula lenders use industry-wide.

Ready When You Are

Turn this estimate into a real pre-qualification.

No pressure, no obligation - just a clear, verified number from a local loan officer.

Get Pre-Qualified Call Coltrain Mortgage