This tool will help you estimate your monthly mortgage payments in Ohio.
How to Use the Mortgage Calculator
Please fill in the following fields to calculate your monthly mortgage payment:
- Loan Amount: The total amount of money you are borrowing from the bank.
- Annual Interest Rate: The yearly interest rate expressed as a percentage.
- Loan Term: The duration of the loan in years.
- Annual Property Tax: The yearly tax you will pay on the property.
- Annual Home Insurance: The yearly insurance premium for the house.
- Monthly HOA Fees: Regular dues paid to the Home Owners Association.
Click “Calculate” to display your monthly mortgage payment in the “Result” field.
How the Calculation Works
The calculator uses the following formula to compute the monthly mortgage payment:
- Monthly Principal and Interest:
M = P[r(1+r)^n] / [(1+r)^n – 1] - Monthly Property Tax: Annual Property Tax divided by 12
- Monthly Home Insurance: Annual Home Insurance divided by 12
- Total Monthly Payment: Monthly Principal and Interest + Monthly Property Tax + Monthly Home Insurance + Monthly HOA Fees
Limitations
This calculator assumes a fixed interest rate and does not account for changes in tax rates, insurance premiums, or HOA fees over time. It also does not include potential additional costs such as PMI (Private Mortgage Insurance) for those who put down less than 20% of the home’s value, or other possible fees.