Does this include taxes and insurance?
Basic principal and interest are calculated. You can typically add estimated taxes and insurance in advanced settings if available.
- •A 20% down payment helps you avoid PMI (Private Mortgage Insurance).
- •Consider a 15-year mortgage if you can afford higher payments - you'll save significantly on interest.
- •Get pre-approved before house hunting to know your budget and strengthen offers.
- •Your housing payment should ideally be less than 28% of your gross monthly income.
- •Property taxes and insurance can add 30-50% to your base mortgage payment.
- •Making one extra payment per year can cut years off your mortgage and save thousands.
- •Compare total interest paid, not just monthly payment, when choosing mortgage terms.
Estimate monthly mortgage payments and total ownership costs.
Step-by-Step Instructions
Enter the home price and down payment amount.
Select your loan term (e.g., 30-year fixed) and interest rate.
Review the total interest cost to understand the long-term impact.
When shopping for a home and calculating affordability.
- •Homebuyers
- •Mortgage borrowers
- •Real estate agents
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Real-world case studies showing how advisors use the Mortgage Payment Calculator with clients.