Mortgage Calculator

per year
per year

Your total monthly payment

Principal & Interest
Home insurance
Property taxes


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Penn Street Mortgage offers a wide range of mortgage loans from dozens of lenders, credit unions, and wholesale financial institutions. Our large network offers you a better opportunity to obtain the loan product and interest rate that best suits your needs.

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Using a Mortgage Calculator With Taxes and Insurance | PA

Figuring out your monthly mortgage payment can be complicated! We hear from clients all the time that understanding exactly what they can afford and how much they will pay can be confusing. With insurance, property taxes, interest rates and your down payment, countless small factors will impact how much you are actually paying each month.

That is why a mortgage calculator can help you get clarity and understanding on what your monthly payment will be so you can explore the Pennsylvania housing market with the knowledge you need to get your monthly mortgage payment to an affordable place.

Understand your monthly mortgage payment

If you have never used a mortgage calculator, take some time to explore how it can help you predict the cost of your mortgage payments. Since you can customize each field and category, you can enter personalized information related to your budget, like personal property taxes in the area or how much your homeowners insurance might cost.

You will also be able to see how your monthly payments will go towards principal and interest over time since this will change as you pay down your Pennsylvania mortgage.

Getting the financial clarity you need

Whether you are a first-time home buyer or looking to refinance, this Pennsylvania mortgage calculator can help you understand the affordability of different loan scenarios.

You can explore different home prices, down payment amounts, and loan terms and get the clarity you need to see what fits within your budget before you make an offer for a home.

One of the key ways you can use a mortgage calculator is to figure out how different loan products and interest rates can impact your monthly payments. You can see how getting a fixed rate mortgage versus an adjustable-rate mortgage will impact your monthly payments over time and ensure you are making the right financial decision when it comes to your home loan.

Not sure which one will work best? A fixed-rate mortgage offers predictability while an adjustable-rate mortgage may initially offer lower payments but a higher interest rate after the initial period. By using our mortgage calculator, you can easily compare these home loan products and understand the financial implications to your monthly payment.

Breaking down each category of the calculator

Ready to get started using the mortgage calculator? Before you dive in, it can be helpful to understand each of the categories and how you should calculate your costs.

Here are the categories you will want to enter to get a picture of your Pennsylvania mortgage payment accurately.

Purchase Price

Let’s start with the basics! The purchase price is the amount you plan to pay for a home, before any deductions for a down payment. This is the list price of the home that you plan to buy.

Down Payment

The down payment is the portion of the home’s price that you will pay upfront when you get your mortgage. The amount you input here is the largest factor in how much your loan will be for, and will also greatly impact your monthly payment. A larger down payment can help decrease your loan amount and result in a lower monthly payment.

Term in Years

The term of your mortgage is the length of time you have to repay the loan. Common mortgage terms are 15, 20, and 30 years, but you can choose other time frames as well. The longer your loan term, the smaller your mortgage payment will be since it is spread out over a longer period of time.

Interest Rate

Your loan’s interest rate is a huge factor in how much you will pay each month. This is the current market rate that you are qualified for. We can help you get pre-qualified and share some insights into the current national average for interest rates. Of course, lower interest rates mean lower costs to borrow over the life of the loan. This is also where getting a fixed rate versus an adjustable rate mortgage can impact your monthly payment over the length of the loan.

Property Tax

Local governments charge property tax on homeowners based on the assessed value of their property and land. These annual taxes should be considered when calculating what your realistic monthly mortgage payment will be, but the tough part is they will likely change each year. You want to ensure you are in a position to afford any changes in property tax year over year.

Home Insurance

Homeowners insurance is necessary to protect your property against damage, theft or disasters that might impact your home. While the cost will vary based on your location, property value, and coverage selections, it is a crucial part of calculating how much your loan payments are. As you shop for your home, you can get quotes from an insurance provider about how much to factor in for basic homeowners insurance.


Another cost you might need to factor in is your private mortgage insurance. If you are purchasing a home with less than 20% as a down payment, you will have to get PMI. This protects the lender if you are not able to make payments on your loan, and will eventually go away once you have reached at least 20% equity in the home. We can help you calculate what your PMI might be and how to potentially avoid it with a larger down payment.

Calculate your monthly payment with accuracy | Reach out to Penn Street Mortgage!

While a calculator is great for customizing and exploring your total monthly payment, working with a credible mortgage broker like Penn Street Mortgage is the most accurate way to understand the home-buying process and your potential costs.

If you are looking for the most up-to-date information on interest rates, home loan programs and what you might qualify for, give us a call. We are here to help you get the most competitive rates and the best loan for you and your budget. 

FAQs for Penn Street Mortgage Calculator

Get an idea of your monthly mortgage payment with our Pennsylvania mortgage calculator

A Pennsylvania mortgage calculator is a great resource to see first hand how the purchase price of your home impacts your monthly mortgage payment. You want to ensure that you can afford your monthly loan payments — but you also need to know how additional expenses like basic homeowners insurance, property taxes, and your down payment will affect your monthly payment calculation.

That is where our mortgage calculator can help! Here are some frequently asked questions about using our mortgage calculator and how you can make the most of it.

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To use the mortgage calculator, you need to know the purchase price of the home, the amount you plan to pay as a down payment, the term of the loan in years, the interest rate, your property tax, home insurance costs, and if applicable, the payment amount for Private Mortgage Insurance (PMI).

Even if you are not sure what your property tax or home insurance cost will be, you can put in the national average to get an idea of your total monthly payment. Our team can also help you calculate a more specific and custom loan based on your financial information and the home you are looking to purchase.

By using the calculator, you can determine your monthly mortgage payment based on factors like interest rates, down payment, property tax, and insurance. This can help you as you start the home-buying process and see how different mortgage rates, home prices, down payment amounts, and loan terms will impact your monthly payment.

Yes, the calculator includes an option to input Private Mortgage Insurance (PMI), which is typically required if your down payment is less than 20% of the home’s purchase price. This is why – if possible – it is always better to put at least 20% of the purchase price as a down payment so you can avoid this added monthly expense.

Yes, the mortgage calculator allows you to enter annual property taxes and home insurance costs to provide a more comprehensive monthly payment estimate, including principal, interest, PMI (if applicable), property taxes, and home insurance.

While you can enter these in with an initial amount, keep in mind that these expenses will fluctuate over the course of your loan, so it is a good idea to keep a little wiggle room in your budget so when your property tax bill or homeowners insurance changes, you are still able to afford your monthly payments.

Calculating the monthly payment for a loan or mortgage involves a number of factors, but one of the most important is your loan’s interest rate.

The interest rate represents the cost of borrowing the money, and it can have a significant impact on the overall cost of the loan.

When you take out a loan or mortgage, you agree to pay back the borrowed amount plus interest over a set period of time. A lower interest rate means that you will pay less in interest over the life of the loan, which, in turn, reduces your monthly payments.

This is why working with a mortgage broker like Penn Street Mortgage can have a big impact on how much you pay every month. We are able to shop around from multiple financial institutions to get you the best rate possible. When you are able to compare rates and see what your best option is, you can feel confident to make an informed financial decision.

The term in years refers to the length of time you have to repay the loan. It is common to get a loan that is either 15, 20, or 30 years long. The length of the term affects your monthly payments — the longer your loan term is, the smaller your monthly payments are, but you will pay more in interest over the life of the loan.

Property taxes vary by location, and home insurance costs depend on factors like property value and coverage selections. You can get estimates of housing costs from your local tax assessment office and insurance providers. Inputting these estimates into the calculator will help you better understand your potential monthly mortgage payments.

Once you have an idea of what you can afford, reaching out to our team at Penn Street Mortgage is a great next step. We can provide up-to-date information on interest rates, home loan programs, and help you get pre-qualified to see what you might qualify for.

Our pre-approval process will give you and any seller confidence as you start getting serious about making an offer on a home. You can get started today with a fast pre-approval so you can see your Pennsylvania mortgage options.

Absolutely! That is what we are here for. We offer a wide range of mortgage loans from various mortgage lenders, and we will help you choose the loan product and interest rate that best suits your needs. We want you to make the right financial decision for your home loan!

If you need further assistance or more personalized advice, the team at Penn Street Mortgage is ready to help.

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Contact us directly to discuss your mortgage options and tackle the Pennsylvania housing market with confidence.

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