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.
Mortgage Help
Down Payment
The general rule is to put 20% of the home’s purchase price down, although some mortgage loan programs may require as little as 3.5%. Your down payment reduces the total amount you need to borrow, so the more money you put down, the lower your monthly payments may be—or the more expensive a home you may be able to afford.
Loan Term
Your loan term can affect your interest rate and monthly payments. In the calculator, you can choose from 30-year fixed, 15-year fixed, and other available loan terms.
Loan Type
There are several types of mortgage loans, but two of the most common are fixed-rate mortgages and adjustable-rate mortgages.
Fixed-Rate Mortgages: These loans maintain the same interest rate throughout the life of the loan. This means your principal and interest payment remains the same, even with long-term loans such as a 30-year fixed mortgage. Two key benefits of this type of loan are payment stability and the ability to estimate your total interest costs from the beginning.
Adjustable-Rate Mortgages (ARMs): These loans have interest rates that may change over time. They generally begin with a lower interest rate than a fixed-rate mortgage and maintain that rate for a specified number of years. For example, with a 5/1 ARM, your initial interest rate remains the same for the first five years and then may adjust once each year. One potential benefit of an adjustable-rate mortgage is a lower initial interest rate.
Interest Rate
This field is prefilled with the current average mortgage rate. Your actual interest rate may vary depending on factors such as your credit score, down payment, loan type, and other borrower qualifications.
Property Tax Rate
The mortgage payment calculator includes estimated property taxes based on the value of the home. You can edit this information in the calculator’s advanced options.
Homeowners Insurance
Homeowners insurance is generally required by mortgage lenders, depending on the loan program and circumstances. You can edit this amount in the advanced options of the mortgage calculator.
Homeowners Association (HOA) Fees
A homeowners association (HOA) fee is an amount that owners of certain residential properties may be required to pay, typically on a monthly basis. Homeowners associations collect these fees to help cover the maintenance, management, and improvement of properties and common areas within the community.