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To see your estimated mortgage payments (complete with cost breakdown), enter your purchase details into the tool below, and select “Calculate.”
How do mortgages work?
The majority of homebuyers can’t afford to pay for their home upfront, so they work with lenders to take out a mortgage. A mortgage is loan you sign up for to borrow money to help with your home purchase. It’s a legal document – if you don’t adhere to terms of your loan or can’t keep up with your monthly payments, your lender has the right to seize the property and sell it to recoup their costs.
Your mortgage comes with two key components: the principal and the interest rate. The principal indicates how much you are borrowing from your lender to buy your home, while the interest rate refers to how much your lender is charging you on your outstanding balance.
Homeowners pay their mortgage back in monthly increments, which include the principal payment and interest charges. In most instances, other fees are worked into your mortgage too, such as your mortgage insurance and homeowner’s insurance.
Our mortgage payment calculator can help you estimate how much your monthly payments will be – simply plug in your loan amount, your interest rate and adjust for the length of your loan.
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Frequently asked questions
Your monthly mortgage payments are calculated based on three main factors: The size of your loan, the interest rate, and the terms, whether you have taken out your mortgage for 15, 25, or 30 years. The longer your term, the lower your monthly payment will be.
Aside from the length of your loan, homebuyers also need to decide between fixed-rate mortgages (when your interest rate and loan payment are locked in) or adjustable rate mortgages (when your interest rate and, in turn, your monthly payments, can fluctuate).
You may be able to qualify for a government-backed loan, such as Federal Housing Administration (FHA) loans or Veterans Affairs (VA) loans, otherwise you can apply for a conventional mortgage, which are offered by most lenders.
