Mortgage Calculator
Monthly Payment
$0.00
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