Mortgage calculator for real estate agents
Monthly principal and interest from the price, down payment, rate and term. Change the rate while the buyer is standing in the kitchen.
Mortgage calculator
Nothing you type here is sent anywhere.
| Loan amount | $400,000 |
|---|---|
| Monthly principal and interest (estimate) | $2,528 |
Estimates for illustration. Check the assumptions before using these figures. Excludes taxes, insurance, mortgage insurance and association fees.
Have the payment on your phone at the open house
The same calculator is in My Virtual Boss, next to today's schedule, your follow-ups and owner lookup. See it in the app
Free to start. Premium in the app: $24.99/month.
How the monthly payment is calculated
This is the standard fixed-rate payment formula. It gives the payment that pays the loan off in full over the term.
- Loan amount
The purchase price minus the down payment. The down payment can't be more than the price.
Price − down payment
- Monthly principal and interest
The monthly rate is the annual rate divided by 12. The number of payments is the term in years times 12.
Loan × r ÷ (1 − (1 + r) ^ −n)
- What's not in it
Property taxes, homeowners insurance (and flood or wind coverage in parts of Florida), mortgage insurance and HOA dues. Add them for the full monthly housing cost.
Worked example: $500,000 home
$100,000 down, 6.5% fixed for 30 years.
- Purchase price
- $500,000
- Down payment
- $100,000
- Loan amount
- $400,000
- Payments
- 360
- Interest over 30 years
- $510,177
- Monthly principal and interest (estimate)
- $2,528
Principal and interest only. Taxes, insurance, mortgage insurance and HOA dues are extra.
What a rate change does
On the $400,000 loan in the example, each half point moves the payment about $130 a month.
- 6.0% for 30 years: $2,398 a month
- 6.5% for 30 years: $2,528 a month
- 7.0% for 30 years: $2,661 a month
- 6.5% for 15 years: $3,484 a month
The full monthly payment in the app
Mortgage Calculator in the app adds the costs the web version leaves out. Enter the home price, down payment as dollars or a percentage, rate and term, then tap Show Results.
- Property tax rate, home insurance, PMI rate and monthly HOA fees
- PMI applies only below 20% down
- Monthly Payment split into principal and interest, tax, insurance, PMI and HOA
- A Loan Summary with Loan Amount, Total Interest and Total Cost
on the Tools tab. Mortgage Calculator is one of them.
When agents run a payment
At the open house
A visitor asks what this one would cost a month. Give a principal and interest number, then point them to a lender.
Choosing a price range
Run the same buyer at three prices so they see where the payment gets uncomfortable.
When rates move
Rates drop a quarter point. Call your buyers with the new payment for the home they liked.
Run the numbers here. Run your day in the app
- Today's schedule, already plannedOpen the app and today's schedule is waiting, from 8:00 AM to 7:00 PM. It says what to work on and when. Add your own tasks alongside it.
- Follow-ups in your MVB CRMSet a date and time for each follow-up. When it's due, the app asks “Did you follow up?” with a push reminder. Call, text or email in one tap.
- Open-house sign-ins, with the Starter KitWith the Digital Lead Capture Kit, visitors tap the registration card to submit their details on their own phones. Review submissions and manage your follow-up in the app.
- Owner lookup, price shown in the appOwner phone numbers and email for a property, charged only when the owner is found.
- Robert's trainingRobert Ernst, a Florida broker and real estate instructor, on video for each part of the day. Part of Premium.
Free to start. Premium in the app: $24.99/month.
3 follow-ups and 6 high-priority tasks today
Questions agents ask
How is a monthly mortgage payment calculated?
Divide the annual rate by 12 to get the monthly rate, r. Multiply the term in years by 12 to get the number of payments, n. The payment is the loan times r, divided by 1 minus (1 + r) to the power of minus n.
Does this calculator include taxes and insurance?
No. The web calculator shows principal and interest only. The mortgage calculator in the app adds property tax, homeowners insurance, PMI and HOA fees.
How much does a 1% rate change move the payment?
On a $400,000, 30-year loan, going from 6% to 7% raises principal and interest from $2,398 to $2,661 a month, about $263.
What's the payment on a 15-year loan?
Change the loan term to 15. At 6.5%, a $400,000 loan is $3,484 a month for 15 years, compared with $2,528 for 30 years.
Is this a loan quote?
No. It's an estimate for the conversation. The lender sets the rate, fees and approval.
Related tools
Have the payment ready when the buyer asks
Free to start. Premium in the app is $24.99/month.
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