If you're looking to purchase a home, then one of the first things you need to figure out is what you can afford.  If you're renting, then you probably have a pretty good idea of what you have been able to afford up until now.  If you own a property, you know what you're paying now.  You just need to also figure out if you can adjust your budget to pay more towards an increased mortgage.  You may also be wanting to downsize and pay less per month.

Whatever the case, below you'll find a mortgage calculator to help give you a good idea of what the monthly payment will be.  If you want to bookmark the calculator without having to come back to this blog entry, then you can go HERE.

Remember, this is only a guide.  I cannot over-express the importance of consulting with a Mortgage Broker to guide you through this process.  In today's market, the most challenging thing about buying a home is getting the loan.  It is imperative that you consult with a qualified, intelligent, and helpful loan broker.  If you need a recommendation, I will be happy to help.

If you don't have a large down payment saved up, don't be discouraged.  You may qualify for an FHA loan which only requires 3.5% of the purchase price for a down payment.

Enjoy the calculator and please feel free to reach out to me if you need assistance.

NOTE: Todd Jones is a licensed Realtor in the state of California.  The information expressed here and on his blog is intended for the state of California.  Please not construe any information on this blog as legal advice.

This is a very easy to use Mortgage Calculator.  This will give you an idea of what your monthly payments will be.  Of course, the best thing to do is to consult with, and to get pre-approved by a Mortgage Broker.




  • Purchase Price: The Price you Intend to Pay for the Property.
  • Down Payment:  This is the Amount of Cash that you will put down on the property.  Remember, that you'll also need to have additional cash for closing costs, and some cash reserves.  For more information on this, be sure to ask your Mortgage Broker.  I am happy to help as well.
  • Loan Type:  Pick one of the three.  There are several other options that a Mortgage Broker can explain, and these are the three most common.
  • Monthly Payment:  The monthly payment includes the Principal, Interest, Taxes, and Insurance.  This is commonly referred to PITI.  If you're purchasing a condo, it will also include the HOA dues.
  • Advanced Link:  Click on the Advanced Link to see the following: Property Tax, Homeowners Insurance, and HOA Dues.  There is also a check box to indicate if you should include PMI (Private Mortgage Insurance).
    • Property Tax:  In the Los Angeles area, the property tax is estimated at 1.25% of the Purchase Price.
    • Homeowners Insurance:  You will have to obtain hazard insurance if you're getting a loan from a bank.  Depending on the area, and size of the home, this can vary greatly.
    • PMI or Private Mortgage Insurance:  Whenever you purchase a home and put down less than 20%, most lenders require that you have PMI (there are some exceptions).  This is included in your monthly payment.  With FHA loans, you will pay some upfront mortgage insurance and monthly insurance.  A Mortgage Broker will be able to guide you through this.
    • HOA Dues:  When purchasing a condominium, or some other types of communities, you will be required to pay Homeowners Association Dues (or HOA Dues).  This is a very important cost to consider, because every dollar you spend on HOA Dues subtracts from every dollar that you can spend on a mortgage.  Most HOA Dues include the hazard insurance, so you may not have to purchase additional insurance.