MORTGAGE CALCULATOR
Mortgage Help
Down Payment
Down payments aren’t a flat 20%—they depend on the loan type.
Conventional loans can require as little as 3% down for qualified buyers (5% is common for many), FHA loans typically need 3.5% down with a 580+ credit score (10% if 500–579), and VA loans offer 0% down for eligible borrowers. While 20% isn’t required, it can help you avoid private mortgage insurance (PMI). The more you put down, the lower your loan amount and monthly payment will be. (Program guidelines and lender requirements may vary.)
Loan Term
Your loan program can affect your interest rate and monthly payments. Choose from 30-year fixed, 15-year fixed, and more in the calculator.
Loan Type
There are several types of mortgage loans, but the most commonly used are fixed-rate and adjustable-rate loans. Fixed-rate loans have the same interest rate for the entire duration of the loan. That means your monthly payment will be the same, even for long-term loans, such as 30-year fixed-rate mortgages. Two benefits to this loan type are stability, and being able to calculate your total interest up front. Adjustable-rate mortgages (ARMs) have interest rates that can change over time.
Interest Rate
This field is pre-filled with the current average conventional, 30-year fixed mortgage rate. Your actual rate will vary based on factors like credit score and down payment.
Property Tax Rate
The mortgage payment calculator includes estimated property taxes based on the home's value. You can edit this in the advanced options.
Home Insurance
Home insurance or homeowners insurance is typically required by lenders, depending on the loan program. You can edit this number in the mortgage calculator advanced options.
HOA Fees
A homeowners association fee (HOA fee) is an amount of money that must be paid monthly by owners of certain types of residential properties, and HOAs collect these fees to assist with maintaining and improving properties in the association.