This versatile mortgage calculator is a great tool to estimate how much you’ll pay each month.
Input the price of the home you want/wish/hope to buy. Modify the price to determine how price influences the down payment, loan amount, and/or monthly payment.
Most home loans require a down payment of at least 3% of the purchase price. Higher the down payment, the lower your monthly mortgage payment will be.
From the dropdown menu, select either a 30-year or a 15-year loan term. Each program determines the interest rate and payment terms.
Your rate will vary based on factors like credit scores and down payment amount.
Include a property tax estimate (in the advanced calculator options) to determine a complete monthly payment. Property taxes are a function of the home's value.
Home insurance (in the advanced calculator options) protects the homeowner’s investment. For homes with mortgages, a lender requires the purchase of insurance to protect their investment.