Every home loan is different, and the terms of your loan may use a different method of calculating your mortgage payment than the calculator above. The calculations above are performed using estimated values for taxes (1% of purchase price) and insurance (.5% of purchase price). This tool is provided purely for illustrative purposes and may not reflect the actual payments or closing costs associated with your loan. You must consult with a qualified mortgage professional for exact loan payment and closing costs figures applicable to you. We are not responsible for any typographical errors, omissions or mistakes. Not every applicant qualifies for a loan nor is every loan program available for each unique borrower.