Down Payment

A good rule to remember is to aim for a 20% down payment on your home, but some loan programs let you put down as little as 3.5%. The more you put down upfront, the less you’ll need to borrow—and that can mean lower monthly payments or the ability to buy a pricier home.

For those who qualify, the VA loan and USDA loan do not require a down payment at all.

Loan Term

Your loan term impacts your interest rate and monthly payments. Use the calculator to explore options like 30-year fixed or 15-year fixed loans to see what works best for you.

Loan Type

There are a few different types of mortgage loans, but the most popular are fixed-rate and adjustable-rate loans. A fixed-rate loan locks in the same interest rate for the entire length of the loan, which means your monthly payments stay the same. This makes it easier to plan your budget and know how much interest you’ll pay overall.

With an adjustable-rate mortgage (ARM), the interest rate can change over time. ARMs usually start with a lower interest rate, which stays the same for a set period (like 5 years in a 5/1 ARM). After that, the rate adjusts yearly. The benefit here is starting out with a lower rate.

Interest Rate

We’ve pre-filled this field with the average current mortgage rate, but your actual rate might be different based on things like your credit score and down payment.

Property Tax Rate

The calculator includes an estimate for property taxes based on the value of the home. You can adjust this in the advanced settings if needed.

Home Insurance

Homeowners insurance is usually required by lenders, depending on your loan. You can edit this amount in the advanced options of the mortgage calculator.

HOA Fees

If your home is part of a homeowners association (HOA), you’ll likely have a monthly or annual HOA fee. This fee helps cover upkeep and improvements in your community. You can add this to the mortgage calculator to get a full picture of your payments.