Innovation Mortgage

Free Tool

Mortgage Calculators

Start with the full payment calculator below, then scroll down for quick Conventional, FHA, VA, and DSCR estimates. Everything updates in real time.

Our mortgage calculators are for demonstration purposes only and may not reflect actual numbers for your specific mortgage. Contact us and we will walk you through the best possible mortgage scenario for your specific needs.

Your Loan Details

$
$50k$2000k
$
$0k$340k
%
0%50%
%
1.0%12.0%

Optional (Taxes, Insurance, HOA)

$
$0.0k$25.0k
$
$0$6000
$
$0$1000

Your Estimated Payment

$2,724.03

per month (PITI)

Principal & Interest
$2,149.03
Property Tax
$425.00
Insurance
$150.00
Loan Amount$340,000
Down Payment$85,000 (20.0%)
Loan Term30 years
Total Interest$433,651
Total Paid$773,651
Payoff DateJul 2056

Monthly Payment Breakdown

Where every dollar goes

Total

$2,724

per month

  • Principal11%$307.36
  • Interest68%$1,841.67
  • Property Tax16%$425.00
  • Insurance6%$150.00

Principal vs Interest Over Time

Cumulative amount paid each year

$0$193,413$386,826$580,238$773,651Yr 5Yr 10Yr 15Yr 20Yr 25Yr 30
Principal
Interest

Like what you see? Talk to one of our loan officers for a real quote.

Call (248) 720-1032

By Loan Type

More mortgage calculators

Quick estimates for the most common loan types. Tap one to jump to it. Every result updates as you type.

ConventionalFHAVADSCR
Conventional

Conventional Loan Calculator

The most common loan. Put down as little as 3%. With less than 20% down, a monthly PMI (private mortgage insurance) estimate is added, and it drops off later once you reach 20% equity.

$
%

$85,000 down

%

Estimated Monthly Payment

$2,149.03

Principal, interest

Loan Amount
$340,000
Principal & Interest
$2,149.03
PMI20%+ down
None
FHA

FHA Loan Calculator

Government-backed and flexible on credit, with as little as 3.5% down. FHA adds an upfront mortgage insurance fee (rolled into the loan) plus a monthly insurance amount (MIP).

$
%

$12,250 down (3.5% minimum)

%

Estimated Monthly Payment

$2,326.97

Principal, interest, and monthly MIP

Base Loan
$337,750
Upfront MIP1.75% financed
$5,911
Principal & Interest
$2,172.17
Monthly MIP
$154.80
VA

VA Loan Calculator

For eligible veterans, active duty, and surviving spouses. Zero down is allowed and there is no monthly mortgage insurance. A one-time VA funding fee is usually rolled into the loan (waived for many disabled veterans).

$
%

$0 down (0% allowed)

%

Estimated Monthly Payment

$2,515.82

Principal and interest, no monthly mortgage insurance

Base Loan
$400,000
Funding Fee2.15% financed
$8,600
Total Loan
$408,600
DSCR (Investors)

DSCR Calculator

DSCR (debt service coverage ratio) is how investor loans qualify a rental: the property's rent divided by its monthly payment, instead of your personal income. Many lenders look for 1.00 or higher, with the best pricing at 1.25 and up.

$
%

$87,500 down

%
$
$

Used to get the full monthly payment

Debt Service Coverage Ratio

1.23x

Rent divided by the full monthly payment

Qualifies (1.00+)
Monthly Rent
$2,800.00
Monthly PaymentPITIA
$2,285.44
Loan Amount
$262,500

These calculators are estimates for general guidance only. Mortgage insurance, fees, taxes, and rates vary by lender, county, and borrower. Contact us for real numbers tailored to your situation.

Call (248) 720-1032 for a real quote