Mortgage Calculator
Estimate your monthly mortgage payment and better understand what fits within your budget.
Mortgage Help
A clear breakdown of the key factors that may affect your mortgage, monthly payment, 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 may require as little as 3.5 percent down. Your down payment reduces the total amount of your mortgage loan. The more money you put down, the lower your monthly 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 available loan terms that may be reflected in the mortgage calculator.
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 full duration of the loan, which means the monthly principal and interest payment generally remains consistent.
Adjustable-rate mortgages, also known as ARMs, have interest rates that may change over time. They typically begin with a lower rate for a set number of years before adjusting periodically. For example, a 5/1 ARM may keep the same rate for the first five years and then adjust once per year.
Interest Rate
This field may be pre-filled with the current average mortgage rate. Your actual interest rate will vary based on factors such as your credit profile, loan type, loan term, and down payment.
Property Tax Rate
The mortgage payment calculator includes estimated property taxes based on the home's value. This amount may be adjusted through the calculator's advanced options.
Home Insurance
Homeowners insurance is typically required by mortgage lenders, depending on the loan program. The estimated insurance amount may also be adjusted through the mortgage calculator's advanced options.
HOA Fees
A homeowners association fee is an amount paid by owners of certain residential properties. These fees are commonly collected monthly or annually to support the maintenance and improvement of shared community spaces and amenities.
Mortgage estimates are provided for general planning purposes only. Final loan terms, rates, taxes, insurance, and fees are determined by the appropriate lender and service providers.