Homebuyer Tools, Calculators and Look-ups

Mortgage Calculator

Overview

The Connecticut Housing Finance Authority (CHFA) is committed to helping homebuyers make wise choices as they prepare to buy their first home.  Many home mortgage specialists believe that an affordable monthly housing expense (including mortgage principal and interest, property taxes, home insurance and condo fees, if applicable) should not be greater than 35% of a homeowner’s before-tax income.

What would your monthly housing expense be if you owned that house or condo you hope to buy? Can you afford it?  Find out before you make an offer by using the mortgage calculator below.

 

Monthly Mortgage Payment Calculator

1. Enter the Sales Price of the Home:
   Sales Price:  $
   
   This is total sales price of your new home in whole dollars. This amount, less any down payment, will be the amount you borrow from your bank.
   
   

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2. Select the Loan Term of the project.
   Loan Term: 30 Years 20 years 15 years 10 years
   
   Select the number of years over which you would like to pay your mortgage.  (Mortgages paid over shorter terms have higher monthly payments, but are less expensive over the course of the loan.)
    
   Please note: All CHFA loans are 30 year loans.
   

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3. Select the Interest Rate
   Interest Rate:   %
   
   Enter the annual interest percentage rate (APR) your bank will apply to the amount you borrow.  (Do not include any Private Mortgage Insurance (PMI) percentages your bank may require.)
   

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4. Enter your Down Payment:
   DownPayment:  $  
   
   Enter the amount you plan to pay upfront for your home.  For example, if your home costs $100,000 and you plan to borrow $90,000 from the bank to pay for it, then you must make a down payment of $10,000 to make up the difference.
   

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5. Enter the Annual Property Tax:
   Annual Property Tax:  $
   
   Each year, home owners must pay property taxes to the town they reside in.  Enter the yearly tax you will have to pay on the value of the property.
   

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6. Click the "Calculate my Monthly Mortgage Payment" button below
   
   Once the six fields above are completed, click the "Calculate my Monthly Mortgage Payment" button to automatically calculate the estimated monthly payment.