How to Use the mortgage Calculator
What a mortgage calculator can do for you
Determining what your monthly house payment will be is an important part of figuring out how much house you can afford. That monthly payment is likely to be the biggest part of your cost of living.
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By using the mortgage calculator, you can estimate your mortgage payment when you buy a home or refinance. By changing loan details, you can run different scenarios. The calculator can help you decide:
- Choose the home loan term length that is right for you. You'll pay more interest over the loan's life with a 30-year fixed-rate mortgage, but your monthly payments will be lower. Although a 15-year fixed-rate mortgage reduces total interest payments, monthly payments are higher. Apply today
- Whether an adjustable-rate mortgage is right for you. An adjustable-rate mortgage begins with a "teaser" interest rate and the loan rate changes - higher or lower - over time. If you plan to stay in your home for only a few years, a 5/1 ARM might be a good choice. You’ll want to be aware of how much your monthly mortgage payment can change when the introductory rate expires, especially if interest rates are trending higher.
- If you buy too much house. When you consider taxes, insurance, and private mortgage insurance, a mortgage calculator can give you a realistic idea of how much you can expect to pay a month. The Hidden Costs of Homeownership, and How to Save Money.
- Considering how much you put down. These days, you can put down as little as 3.5% as a down payment. You can use the mortgage payment calculator to determine what the best down payment is for your situation.
- Your debt-to-income ratio is the percentage of pretax income that goes toward monthly debt payments, including the mortgage, car payments, student loans, minimum credit card payments, and child support. Lenders look most favorably on debt-to-income ratios of 36% or less — or a maximum of $1,800 a month on an income of $5,000 a month before taxes.
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Conventional Loans have more options for a wider range of properties and buyers. Learn more about the Local Real estate Market.
FHA is Popular with first-time buyers,
FHA Loans allow borrowers with 3.5% down to finance a home.
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A cash-out refi happens when you replace an existing home loan by refinancing a larger loan.
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