Home Loan Calculator
Calculate your monthly mortgage payments, see total interest costs, and compare different loan terms.
Mortgage Payment Calculator
Plan your home purchase with accurate monthly payment estimates
Understanding Home Loans
What Affects Your Mortgage Payment?
Your monthly payment depends on the loan amount, interest rate, and term length. Additional costs include property taxes, homeowner's insurance, PMI (if applicable), and HOA fees. A larger down payment reduces your loan amount and can eliminate PMI.
15-Year vs 30-Year Mortgage
- 15-year: Higher monthly payments, lower interest rate, much less total interest
- 30-year: Lower monthly payments, more flexibility, more total interest
- 15-year typically saves 50%+ on total interest
- Consider your budget and financial goals
Down Payment Guide
- 20%+: No PMI required, best rates
- 10-19%: PMI required, good rates
- 3-9%: Higher PMI, may need mortgage insurance
- FHA loans: minimum 3.5% down
- VA loans: 0% down for eligible veterans
Tips for Getting the Best Rate
- Improve your credit score before applying
- Shop multiple lenders and compare offers
- Consider paying points for lower rate
- Lock your rate when you find a good one
- Get pre-approved to show sellers you're serious