MORTGAGE CALCULATOR
Mortgage Help
Explore the key factors that can influence your mortgage payment, interest costs, and overall home-buying budget.
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 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 other available loan terms in the calculator.
Interest Rate
This field is pre-filled with the current average mortgage rate. Your actual rate will vary based on factors such as your credit score, loan program, and down payment.
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 entire duration of the loan, which keeps monthly principal and interest payments consistent. This provides stability and makes it easier to estimate your total interest costs. Adjustable-rate mortgages, or ARMs, begin with an interest rate that is typically lower than a fixed-rate loan. That rate remains in place for a set period before adjusting over time. For example, a 5/1 ARM maintains the initial rate for five years and can then adjust once per year.
Property Tax Rate
The mortgage payment calculator includes estimated property taxes based on the home's value. You can adjust this amount in the advanced options to better reflect the property and local tax rate.
Home Insurance
Homeowners insurance is typically required by lenders, depending on the loan program. It helps protect the property and is commonly included as part of the estimated monthly mortgage payment. You can edit this amount in the calculator's advanced options.
HOA Fees
A homeowners association fee is an amount paid by owners of certain residential properties. These fees generally support the maintenance, management, and improvement of shared spaces, amenities, and other community services.