Mortgage Calculator

Monthly Payment

$0.00

$
%
years

Calculations are estimates and may vary based on your specific loan terms

Mortgage Payment Examples

First-Time Home Buyer

Typical starter home mortgage example.

Loan Details:

homePrice: $300,000

downPayment: $60,000 (20%)

loanAmount: $240,000

interestRate: 4.5%

term: 30 years

Results:

monthlyPayment: $1,216.04

totalInterest: $197,776.60

totalCost: $437,776.60

15-Year vs 30-Year

Compare different loan terms.

15-Year Term:

Payment: $1,775.84

Total Interest: $79,651.20

30-Year Term:

Payment: $1,216.04

Total Interest: $197,776.60

Save $118,125.40 in interest with 15-year term

Extra Payments Impact

Effect of additional monthly payments.

Regular: $1,216.04

With Extra: $1,416.04 (+$200)

Save $42,523.12

Pay off 5 years earlier and save on interest

Important Considerations

Additional Costs

  • Property taxes: 1-3% annually
  • Home insurance: $800-1,500/year
  • PMI if down payment < 20%
  • Maintenance: 1% of home value/year
  • HOA fees where applicable

Qualification Factors

  • Debt-to-income ratio < 43%
  • Credit score impact on rates
  • Employment history (2+ years)
  • Down payment amount
  • Property appraisal

Loan Types

  • Conventional: Traditional option
  • FHA: Lower down payment
  • VA: Military service members
  • USDA: Rural properties
  • Jumbo: High-value homes

Common Mistakes to Avoid

Overlooking Total Cost

Focusing only on monthly payments

Example:

Choosing 30-year over 15-year for lower payments

Pay $118,125.40 more in interest

Solution:

Consider total loan cost and interest

Insufficient Down Payment

Making minimum down payment

Example:

5% down on $300,000 = $15,000

$150/month in PMI + higher interest

Solution:

Save for 20% down when possible

Rate Shopping Window

Multiple credit checks over long period

Example:

Shopping rates over 3 months

Multiple hard inquiries on credit

Solution:

Complete all mortgage applications within 14 days