MORTGAGE CALCULATOR
Useour home loan calculator to estimate your total mortgage payment, including taxes and insurance.
Simply enter the price of the home, your down payment, and details about the home loan, to calculate your mortgage payment, schedule, and more.
Use this calculator to determine how much house you can afford. By entering details about your income, down payment, and monthly debts, you can estimate the mortgage amount that works with your budget.
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Mortgage Help Guide: Understand Your Loan Options and Costs
Down Payment: How Much Do You Need?
A common guideline is to put down 20% of the home’s purchase price, but many mortgage programs allow lower down payments—as little as 3.5%. A higher down payment reduces your loan amount, which lowers your monthly mortgage payment. It also helps you avoid private mortgage insurance (PMI) and gives you more homebuying power.
Choosing the Right Loan Term
The loan term affects your interest rate and monthly payment. Common options include:
- 30-year fixed-rate mortgage: Lower monthly payments, more interest over time.
- 15-year fixed-rate mortgage: Higher monthly payments, less interest overall.
Use our mortgage calculator to compare different terms and see what works best for your budget.
Types of Mortgage Loans
There are two main types of home loans:
- Fixed-Rate Mortgage: Keeps the same interest rate for the life of the loan. Ideal for buyers who want predictable monthly payments and long-term stability.
- Adjustable-Rate Mortgage (ARM): Offers a lower starting interest rate for a set period (e.g., 5 years in a 5/1 ARM), then adjusts annually. Best for short-term homeowners or those expecting rates to drop.
Interest Rate: What Impacts It?
Your mortgage interest rate is influenced by several factors:
- Credit score
- Down payment amount
- Loan type and term
- Market conditions
Our calculator uses the current average mortgage rate, but your actual rate may vary.
Property Tax Rate
Estimate your annual property taxes based on your home’s assessed value. You can adjust the tax rate in our advanced calculator settings for a more accurate monthly payment.
Homeowners Insurance
Lenders usually require homeowners insurance to protect your investment. This cost can vary, so be sure to update it in the calculator’s advanced options.
HOA Fees
If you're buying in a community with a Homeowners Association (HOA), monthly fees may apply. These fees support shared amenities and property maintenance. Don’t forget to include them when estimating your total monthly housing cost.