Mortgage Calculator
Buying a home? Our Mortgage Calculator shows you exactly what your monthly payments will look like. Just enter the home price, down payment, interest rate, and loan term.
What Is
A mortgage is a loan used to buy property. The property serves as collateral. You make monthly payments that include both principal and interest over a set period (typically 15 or 30 years).
How to Use
- Enter the total home price
- Enter your down payment percentage
- Type in the annual interest rate
- Choose the loan term in years
- Click Calculate to see your monthly payment breakdown
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Frequently Asked Questions
What is a good down payment?
20% is ideal — it avoids private mortgage insurance (PMI). But many lenders accept as little as 3-5%.
Fixed vs adjustable rate?
Fixed rate stays the same for the entire term. Adjustable rate (ARM) can change after an initial fixed period.
What affects mortgage rates?
Your credit score, down payment size, loan term, and overall economic conditions all affect your rate.
15-year vs 30-year?
15-year has higher monthly payments but less total interest. 30-year has lower payments but more interest over time.
What is PMI?
Private Mortgage Insurance protects the lender if you default. Required when down payment is less than 20%.