This table does not include all companies or all available products. The listings that appear on this page are from companies that pay Credible compensation. General Information and Rate Disclosures: A longer term generally means a lower monthly payment, but a higher interest rate (and thus, more interest paid over time), whereas a shorter term often comes with a higher monthly payment and lower interest rate. 15-year loans and 30-year loans are the most common options, while 10-year loans and 20-year loans are also available.įind out which term is best for your budget by adjusting the “Loan Term” section of the calculator. When getting a mortgage loan, you can choose from several loan terms. Learn More: How Much Does It Cost to Buy a Home? Compare mortgage rates for different loan types Then, you can begin to budget accordingly. Our calculator can help you hone in on an affordable monthly mortgage payment - including all the extra costs. Many people are surprised by how much homeownership actually costs once you factor in things like insurance, taxes, and other monthly costs. Here are the main ways our mortgage calculator can help you in your home search: Using a good mortgage calculator is the first step in the home-buying process. Keep Reading: How to Apply for a Mortgage This usually costs $30 to $70 per month for every $100,000 that you borrow. Monthly private mortgage insurance (PMI): If you put down less than 20%, you’ll need to pay for private mortgage insurance.HOA fees: If you know what you’ll pay in HOA fees every month, you can input that figure in this field.You can usually get a quote in just a few minutes with most insurers. Homeowners insurance: Homeowners insurance provides you with coverage if your home is damaged or involved in an accident.Otherwise, enter your ZIP code to see estimates in your area. Property taxes: If you know the amount of property taxes you’ll pay annually, you can input that figure in this field.ZIP code: Enter your ZIP code to see estimates for property taxes in your area.Annual interest rate: You can select an amount based on the current interest rate to give you a more realistic idea of your monthly payment.Credit score: Select your credit range from the dropdown menu to get an estimated interest rate, or input a specific rate.The most common mortgage terms are 15 and 30 years. Loan term: How long your loan lasts - expressed in years.

Down payment: How much of your own money you plan to spend on the home upfront.Home price: The total price of the home.Simply pull up the listing for a comparable home in a neighborhood you like and plug in those numbers to give you an idea of how much you will pay. If you haven’t found a property yet, you can use estimates. To use our mortgage calculator, you’ll need a few pieces of information.

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