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Truist Mortgage Payment Calculator

Loan Amount ($):

Annual Interest Rate (%):

Loan Term (Years):

Estimated Monthly Principal & Interest: $0.00

Understanding Your Truist Mortgage Payment

When considering a mortgage with Truist, understanding how your monthly payment is calculated is crucial. This calculator provides an estimate for the principal and interest portion of your monthly payment. It does not include property taxes, homeowner's insurance, or potential Private Mortgage Insurance (PMI), which are often included in the total monthly housing expense (escrow).

The Mortgage Payment Formula

The standard formula for calculating a fixed-rate mortgage payment (M) is:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

Where:

P = Principal loan amount (the amount you borrow).
i = Monthly interest rate. This is your annual interest rate divided by 12. For example, a 4.5% annual rate becomes 0.045 / 12 = 0.00375.
n = Total number of payments over the loan's lifetime. This is your loan term in years multiplied by 12. For a 30-year mortgage, n = 30 * 12 = 360.

This formula calculates the fixed monthly payment that will fully amortize (pay off) the loan over its term.

How to Use the Truist Mortgage Calculator

Loan Amount: Enter the total amount you intend to borrow. This is typically the home's purchase price minus your down payment.
Annual Interest Rate: Input the advertised annual interest rate for your mortgage. Be sure to use the percentage as a decimal (e.g., 4.5% is entered as 4.5).
Loan Term (Years): Specify the duration of the mortgage, commonly 15 or 30 years.

Clicking "Calculate Monthly Payment" will apply the formula above to give you an estimated monthly principal and interest payment.

What's Included and What's Not

The result from this calculator is the Principal and Interest (P&I) payment. Many Truist mortgages, like others, will require additional funds to be paid monthly into an escrow account to cover:

Property Taxes: Taxes levied by your local government on your property.
Homeowner's Insurance: Insurance to protect against damage to your home.
Private Mortgage Insurance (PMI): Required if your down payment is less than 20% of the home's value. This protects the lender.

Your actual total monthly housing payment will be higher than the P&I calculated here. It's always best to discuss the complete payment details, including estimates for taxes and insurance, with a Truist mortgage loan officer.

Example Calculation

Let's say you are applying for a mortgage with the following details:

Loan Amount (P): $300,000
Annual Interest Rate: 4.5%
Loan Term: 30 Years

First, we calculate the monthly interest rate (i) and the total number of payments (n):

Monthly interest rate (i) = 4.5% / 12 = 0.045 / 12 = 0.00375
Total number of payments (n) = 30 years * 12 months/year = 360

Now, plugging these into the formula:

M = 300000 [ 0.00375(1 + 0.00375)^360 ] / [ (1 + 0.00375)^360 – 1]

M = 300000 [ 0.00375 * (1.00375)^360 ] / [ (1.00375)^360 – 1]

M = 300000 [ 0.00375 * 3.745319 ] / [ 3.745319 – 1]

M = 300000 [ 0.01404495 ] / [ 2.745319 ]

M = 4213.485 / 2.745319

M ≈ $1,534.79

This means the estimated monthly principal and interest payment for this scenario would be approximately $1,534.79.

Disclaimer

This calculator provides an estimate for educational purposes only. It is not a loan offer or a guarantee of loan approval or rate. Actual loan terms, rates, and payments may vary based on your individual creditworthiness, market conditions, and the specific loan program chosen. Consult directly with a Truist mortgage professional for personalized advice and official loan offers.