The Reichert Team’s Mortgage Calculators

Local Mortgage Broker

As a mortgage broker in Colorado Springs, we want to provide you with the resources to understand your loan options. Mortgage calculators are a great first step toward buying a home. They help you set a reasonable budget and determine if you are ready to buy or should continue saving for a down payment. Utilize our free mortgage calculators to determine monthly payments, refinancing, and early pay-offs based on home price, interest rates, insurance, and taxes. These calculators are not definite estimates and are based on fixed-rate mortgages. Consult an expert mortgage lender like The Reichert Mortgage Team for a more accurate estimate when you’re ready to apply.*

What Is Included in a Mortgage Payment?

We have a number of different calculators available that will give you estimated monthly mortgage payments for buying a new home or refinancing your current mortgage. You maybe be wondering how we calculate your mortgage payment and what’s included. Our mortgage calculators rely on the following variables to determine your mortgage payment:


This is the initial amount that you borrowed to purchase your home and are working to pay down over time.


Interest accrues over the life of the loan and is typically a fixed percentage of the total borrowed amount. There are also variable interest rates, but since these fluctuate based on the market, it’s hard to give an estimated payment on a variable-rate mortgage.


Most mortgages will also include your local property taxes in your monthly payment. You will have to pay a certain percentage of your property’s assessed value once per year, but dividing the payments out over twelve months makes more sense for most homeowners.


Almost every lender will require you to insure your home because it protects their investment as well as yours. In addition to homeowners insurance, you may be required to purchase Private Mortgage Insurance, , or PMI, if your down payment is less than 20% of the total loan amount.

How to Get a Lower Mortgage Payment

If you run the mortgage calculator and the payment is more than you can afford, there are a couple of adjustments that you can make to lower your monthly payment. 

  • Increase your loan term: If you adjust your loan term from 15 years to 30 years, for example, you’ll have a longer time to pay off your principal, which means smaller monthly payments. However, keep in mind that you will accrue more interest with a longer loan term.
  • Save for a larger down payment: Not only will this decrease the amount you need to borrow, but if you’re able to pay 20% down, you won’t need PMI.
  • Shop around for lower interest rates: Explore different loan options or get quotes from multiple lenders to find the best mortgage rates.
  • Apply for first-time homebuyers’ assistance: First-time home buyer assistance programs often have favorable interest rates and can provide down payment assistance.
  • Find a cheaper property: Shop around for a home that is a better fit for your budget.

How Much House You Can Afford

How much house you can afford is not always the same as the loan amount you can be approved for. Our Home Affordability Calculator will help you determine the loan amount that you are eligible for based on debt-to-income ratio, current income, and credit score.

But what you can actually afford may be less than that. Forbes recommends, for example, that you don’t spend more than 28% of your income on your mortgage. You’ll also want to consider your other financial goals and obligations. You’ll also want to keep some money in savings so you can still make your payments for a few months if you experience financial difficulties.


What would your monthly payment be for a mortgage? Try our simple and advanced mortgage payment calculator to understand what you might pay based on loan terms, interest rates, down payment, and more.


Use our free calculator to get an idea of your monthly payment if you refinanced. You can even estimate savings on your interest and net savings after closing costs.


When weighing the benefits of renting vs. buying, there are a lot of factors to consider. Our free calculator can help you see the differences side-by-side after accounting for monthly payments, taxes, insurance, etc.


Throughout the home-buying process, you may ask yourself, “How much home can I afford?” While many complex factors determine mortgages, you can get an estimate for a mortgage amount.


Try this free calculator to dive deeper into what it would take to qualify for a mortgage. Plug in things like purchase price, down payment, and income information to see an estimate for what you can qualify for.


Becoming a homeowner means deducting new items on your tax return. Utilizing our free calculator, get an idea of what you might save by purchasing a home.


Are you planning on paying off your mortgage before your term is up? Plug in your desired time frame for paying off your home loan, and see what you need to do to accomplish that goal.


Try this free calculator to dive deeper into your monthly payment for a farm loan. Plug in things like interest rate, loan amount, and loan term years to see an estimate for what you can qualify for.

Disclaimer: Results received from this calculator are designed for comparative purposes only. Every home loan is different, and many factors influence the final numbers for a home loan. Please contact a mortgage professional like The Reichert Mortgage Team for exact payment figures. We are not responsible for any typographical errors, omissions or mistakes. Not every applicant qualifies nor is every program available for each unique borrower.

Ready to Get Pre-approved? Contact The Reichert Mortgage Team

The Reichert Mortgage Team is proud to serve as Colorado Springs’ local mortgage broker. We are committed to providing high-quality education and resources to every homebuyer that we work with. As a veteran-owned company, we are experienced with VA loans and other government-based loans.

Our team wants to help you finance the home of your dreams and join our Colorado Springs community. We have access to some of the best loan programs nationwide and will help you choose the right financing option for your situation. Even if you’re not sure if you can afford a home yet, we’d love to meet with you. We can help you plan for a future home purchase or educate you on home-buyer assistance programs that may be able to help. Contact our experts today!

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