Mortgage Calculator
Get a quick estimate of your monthly mortgage payment and explore what may comfortably fit your home-buying goals.
This calculator provides an estimate for informational purposes only. Actual payments may vary based on loan terms, taxes, insurance, mortgage insurance, fees, and lender requirements.
Mortgage Help
Understanding the key parts of a mortgage can help you make more confident decisions as you prepare to buy a home.
Down Payment
The typical rule of thumb is to pay 20 percent of the home's price as your down payment, although some mortgage loans require as little as 3.5 percent down. Your down payment reduces the total amount of your mortgage loan, so the more money you put down, the lower your payments may be—or the more expensive a home you may be able to purchase.
Loan Term
Your loan program can affect your interest rate and monthly payments. Common options include 30-year fixed, 15-year fixed, and other loan terms depending on your financial goals.
Loan Type
There are several types of mortgage loans, but the most commonly used are fixed-rate and adjustable-rate loans. Fixed-rate loans maintain the same interest rate for the duration of the loan, providing stability and predictable monthly payments. Adjustable-rate mortgages, or ARMs, may begin with a lower interest rate that can change after a set period. For example, a 5/1 ARM typically keeps the same rate for the first five years before adjusting annually.
Interest Rate
Your actual mortgage rate may vary based on factors such as your credit score, loan type, down payment, market conditions, and lender requirements.
Property Tax Rate
Property taxes can be included in your estimated monthly payment and are generally based on the assessed value of the property and local tax rates.
Home Insurance
Homeowners insurance is commonly required by mortgage lenders and protects your home and property from certain covered losses. Costs vary depending on the property and coverage selected.
HOA Fees
Some communities require homeowners association fees. These monthly or annual fees may help cover shared amenities, maintenance, landscaping, and other services within the community.
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