An online mortgage calculator enables you to calculate your monthly payment, based on the money you're borrowing (principal) and the (interest) rate you're getting. If the payment seems low, it's because it only shows you the principal and interest (or P&I).
A complete monthly payment will also include 1/12 of the annual funds needed to pay the property taxes and homeowner's insurance. Your lender may also require additional insurance, such as flood insurance, for example. This total payment is indicated by the term "PITI" (Principal, Interest, Tax, and Insurance).
Since the taxes and insurance are unique for each property, an online calculator cannot provide this information. Your Realtor or lender can provide you with typical costs for these items, so you can get a rough idea of what your estimated monthly payment would be for a particular home.
Also, if the property is part of a condo or homeowners' association, you will have maintenance fees (usually monthly). These are separate from your mortgage payment, but nevertheless an amount you mayl need to take into account. I hope this helps.
Maggie Hawk, REALTOR
Watson Realty Corp.