For example, finding a home at a lower purchase price or coming prepared with a larger down payment can help you lower your monthly payment. If you're looking to keep your mortgage payment below a certain dollar amount, you can change the loan terms. You will also see a breakdown of your estimated monthly payment, including how much will go toward principal and interest. Here you can view your estimated monthly payment and loan payoff date. Monthly payment amount: To calculate your monthly payment amount, excluding insurance and taxes, you can use the equation M P i(1 + i)n / (1 + i)n 1. The Scotiabank mortgage calculator can help you get an idea of how much your mortgage payment could be. After you enter your information into the fields on the left, the calculator will automatically populate your payment information at right. You’ll have to take several things into consideration to calculate your mortgage payment: the price of the home, your down payment amount, the mortgage term, your interest rate, and your mortgage payment frequency. Ask your real estate agent or check your local property assessor's website if you don't have this information.

This part is optional but can give you a more accurate calculation. Add taxes, insurance and homeowners association fees.Your interest rate will depend on the type of loan you have, such as FHA or conventional, as well as the repayment length, the loan amount, the loan-to-value ratio and your creditworthiness. Research mortgage rates to get a better idea of the current rate environment. That said, a shorter repayment term will cost you less in interest charges over the life of the home loan. A 30-year fixed-rate mortgage is a popular choice among homebuyers because it allows you to split a lower monthly payment over a longer period of time. Add the down payment you expect to make either as a dollar amount or percentage of the home price. You can experiment with this number to see how much house you can afford.

Mortgage down payment calculator