This mortgage payment calculator will help you find the cost of homeownership at today’s mortgage rates, accounting for principal, interest, taxes, homeowners insurance, and, where applicable, homeowners association fees.
How much do I need to put down?
A down payment of 20% or more helps you get a lower interest rate and avoid paying private mortgage insurance. But you may not need that much. These loans have lower down payment options for home buyers:
- Fixed-rate conventional loans usually require a down payment of at least 3%
- FHA loans have a minimum down payment of 3.5% whether you’re getting a fixed or adjustable rate
- VA loans are available with no down payment for veterans, active-duty military personnel and their families
What’s included in my payment?
- Principal – the amount that was loaned to you by the mortgage lender
- Interest – the fee you’re paying the bank for lending you the money
- Escrow – monthly allowance for property taxes and homeowner’s insurance
What determines my interest rate?
- Credit score
- Debt-to-income ratio
- Type of loan
- The amount of your mortgage
- Where you live
- Current events
- The house you buy
Use this tool as a springboard to helping you estimate your monthly mortgage payment and understand what it includes. Your next step after playing with the numbers: get preapproved by a lender. Applying for a mortgage will give you a more definitive idea of how much house you can afford after a lender has vetted your employment, income, credit and finances. You’ll also have a clearer idea of how much money you’ll need to bring to the closing table.