Mortgage Calculator FAQs

1) How accurate is this mortgage calculator?
This calculator provides an estimate based on the information you enter. Your actual payment can vary depending on your lender, loan program, credit profile, and required insurance.

‍2) What’s typically included in a monthly mortgage payment?
Most monthly payments include principal and interest. Depending on the home and loan, your payment may also include property taxes, homeowners insurance, HOA dues, and mortgage insurance (PMI).

‍3) Should I include property taxes and insurance?
Yes—if you can. Including taxes and insurance gives you a more realistic estimate of your total monthly payment.

‍4) What is PMI, and when do I pay it?
PMI (private mortgage insurance) is often required when your down payment is less than 20% on a conventional loan. PMI can increase your monthly payment until you reach the required equity.

‍5) Does a lower interest rate always mean a lower monthly payment?
Usually, yes—but not always. Loan term length, points, and whether taxes/insurance are included can all affect the final monthly total.

‍6) How much should I budget for closing costs?
Closing costs vary, but buyers often budget a few percent of the purchase price. Your lender will provide a Loan Estimate that breaks these costs down.

‍7) Can I use this calculator for Richmond, Henrico, Chesterfield, Hanover, Ashland, and Goochland?
Yes. The math works anywhere—you’ll just want to enter the correct estimated taxes, insurance, and HOA amounts for the specific property.

‍8) Is this calculator financial advice?
Nope. It’s a planning tool. For exact numbers, ask your lender for a Loan Estimate based on a specific loan program and property.