Mortgage Calculator

The standard guideline suggests putting down 20% of the home's price as a down payment, though some loans allow as little as 3.5% down. A larger down payment reduces the mortgage amount, leading to lower payments or the ability to afford a more expensive house. The down payment is calculated as a percentage of the asking price.

Different loan programs impact interest rates and monthly payments. Options include 30-year fixed and 15-year fixed loans, among others.

The two main mortgage loan types are fixed-rate and adjustable-rate loans. Fixed-rate loans maintain a consistent interest rate throughout the loan duration, ensuring stable monthly payments. Adjustable-rate mortgages (ARMs) begin with a lower interest rate for a fixed period (e.g., 5 years) before adjusting annually. The calculator is based on a fully amortized fixed-rate loan.

The provided mortgage calculator incorporates the current average rate, but your actual rate depends on factors like credit score and down payment.

Monthly tax is calculated as a percentage of the total asking price divided by 12 months.

Default monthly insurance is calculated as a percentage of the total asking price divided by 12 months. Insurance estimate is based on an average cost, your final premium cost will be determined by the type of coverage you select.