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How to Use the Mortgage Calculator
Buying a home is one of the most significant financial decisions you'll ever make. This free mortgage calculator makes it easy to estimate your monthly payments and see how different factors affect your budget.
Factors That Affect Your Payment
- Home Price: The total purchase price of the home you want to buy.
- Down Payment: The upfront cash you pay toward the purchase. A higher down payment reduces your loan amount and can lower your interest rate.
- Loan Term: The number of years you have to repay the loan. A 30-year term offers lower monthly payments, while a 15-year term saves you money on interest over the life of the loan.
- Interest Rate: The percentage the lender charges you to borrow the money.
- Property Taxes & Insurance: These are often included in your monthly payment (escrow). Our calculator allows you to estimate these for a more accurate picture of your total housing cost.