MORTGAGE CALCULATOR

Use our 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. *Novelty purposes only. This is not an offer of financing.
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Your mortgage payments over 30 years will add up to $0.

Mortgage Help

Down Payment

The typical rule of thumb is to pay 20 percent of the home's price as your down payment, if you want to avoid having to pay Private Mortgage Insurance to the lender. Although some mortgage loans require as little as 3.5 percent down, the down payment can vary and will be determined by your lender and loan type, so try a few options here. Your down payment reduces the total amount of your mortgage loan, so the more money you put down, the lower your payments will be - or the more expensive a house you can buy.

Loan Term

Your loan program can affect your interest rate and monthly payments. Choose from 30-year fixed, 15-year fixed, and more in the calculator. Most buyers get a 30-year mortgage.

Loan Type

There are several types of mortgage loans, but the most commonly used are fixed-rate and adjustable-rate loans. Fixed-rate loans have the same interest rate for the entire duration of the loan. That means your monthly payment will be the same, even for long-term loans, such as 30-year fixed-rate mortgages. Two benefits to this loan type are stability and being able to calculate your total interest up front. Adjustable-rate mortgages (ARMs) have interest rates that can change over time. Typically, they start at a lower interest rate than a fixed-rate loan, and hold that rate for a set number of years, before changing interest rates from year to year. For example, if you have a 5/1 ARM, you will have the same interest rate for the first 5 years, and then your interest rate will change from year to year. The main benefit of an adjustable-rate loan is starting with a lower interest rate.

Interest Rate

This field is pre-filled with the current average mortgage rate, 7%. Your actual rate will vary based on factors like credit score and down payment.

Property Tax Rate

The mortgage payment calculator includes estimated property taxes based on the home's value. You can edit this in the advanced options.

Home Insurance

Home insurance or homeowners insurance is typically required by lenders, depending on the loan program. You can edit this number in the mortgage calculator's advanced options.

HOA Fees

A homeowners association fee (HOA fee) is an amount of money that must be paid monthly by owners of certain types of residential properties, and HOAs collect these fees to assist with maintaining and improving properties in the association. Nearly every condo association is an HOA, so you'll need to know this fee for a condo. Houses vary whether they are in an HOA or not. Check the listing details for information about HOA fees.

AFFORDABILITY CALCULATOR

Use this 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. The debt-to-income ratio (DTI) ranges among loans and lenders, but an average of all debts including housing, CCs, etc ideally is 36% or less. If your student loans haven't entered repayment status, estimate their payment because lenders WILL factor that debt to determine your afforability.
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You can afford a home up to: $0
Your debt-to-income ratio is 36%
Quite affordable.
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