Pennsylvania Mortgage Calculator: Estimate Your Monthly Payment

Home Price:

You can provide the maximum cost of the home you are willing to consider, and the calculator will return the payment amount to expect.

Down Payment:

Enter the down payment amount in dollars or a percentage of the purchase cost.

Interest Rate:

Provide the loan’s interest rate. You can obtain this from MoneyGeek’s daily mortgage rates report or individual mortgage lenders.

Loan Terms:

Provide the desired duration of your loan by choosing a number from the drop-down list. Most people select either 15 or 30 years, but other options are also available.

Payments per Year:

Choose the number of payments you wish to make per year, which will determine your payment plan. For monthly payments, choose 12.

Property Tax:

You can input Pennsylvania’s annual tax bill of $3,442 under “Other fees.” If you have the monthly tax information and wish to enter it, select the “Monthly” option.

HOA Fees:

Click on the “Annually” or “Monthly” options to provide your homeowners association fees if your property has them.

Principal & Interest:

The principal is the amount you receive from your lender and interest is the compensation to the lender for giving you the loan.

Monthly Payment:

This payment comprises the principal and interest you repay each month. It also includes property taxes, homeowners insurance and HOA fees.

Principal Payment:

The principal payment is the part of your monthly mortgage payment that reduces your original loan balance.

Interest Payment:

The part of your monthly mortgage payment that covers the interest costs. The interest amount keeps reducing as you pay your loan.

Total Cost with Interest:

The total cost comprises your principal balance and interest paid throughout your mortgage.