MORTGAGE CALCULATOR
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MORTGAGE HELP
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 more in the 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: The same interest rate for the entire loan duration.
Adjustable-rate mortgages (ARMs) have interest rates that can change over time. Typically they start at a lower interest rate than a fixed-rate loan, and hold that rate for a set number of years, before changing interest rates from year to year.
FHA - is designed for those with lower credit scores and/or smaller down payments. It allows you to buy a home with as little as 3.5% down & has easier credit/income requirements.
CONVENTIONAL - Higher credit scores. Some programs offer as little as 3% down. Has fewer restrictions on the type/ condition of the home.
USDA - 0% down for homes in rural areas. Other restrictions may apply.
VA - 0% down to qualified veterans.
INTEREST RATE
This field is pre-filled with the current average mortgage rate. Your actual rate will vary based on factors like credit score and down payment.
PROPERTY TAX RATE
The mortgage payment calculator includes estimated property taxes based on the home's value. You can edit this in the advanced options.
HOMEOWNER'S INSURANCE
Home insurance or homeowners insurance is typically required by lenders, depending on the loan program. You can edit this number in the mortgage calculator's advanced options.
HOA FEES
A homeowners association fee (HOA fee) is an amount of money that must be paid monthly by owners of certain types of residential properties. HOAs collect these fees to assist with maintaining and improving properties in the association.