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Understanding Your Mortgage Options

Buying a home is one of the biggest financial decisions you'll make, and choosing the right mortgage is crucial. Our mortgage calculators help you understand exactly what you'll be paying each month and over the life of your loan. Whether you're a first-time homebuyer or looking to refinance, taking the time to run the numbers can save you thousands of dollars in the long run.

Use our basic calculator for quick estimates, the advanced calculator to factor in taxes and insurance, or the comparison tool to see how different loan scenarios stack up against each other. Remember, the best mortgage is one that fits your budget while allowing you to meet your other financial goals.

Frequently Asked Questions

How is my monthly mortgage payment calculated?

Your monthly payment is based on the loan amount (principal), interest rate, and loan term. The calculator uses the standard amortization formula to determine your payment, which includes both principal and interest. Property taxes, homeowners insurance, and PMI may also be included in your actual monthly payment.

What's the difference between a 15-year and 30-year mortgage?

A 15-year mortgage typically has lower interest rates and you'll pay less interest over the life of the loan, but your monthly payments will be higher. A 30-year mortgage offers lower monthly payments, making it more affordable month-to-month, but you'll pay more in total interest over time.

How much should I put down on a house?

While 20% down is traditional and helps you avoid private mortgage insurance (PMI), many buyers put down as little as 3-5%. The right amount depends on your financial situation, the loan program you choose, and whether you want to minimize monthly payments or preserve cash for other goals.

What is PMI and when do I need to pay it?

Private Mortgage Insurance (PMI) protects lenders if you default on your loan. You'll typically need to pay PMI if your down payment is less than 20% of the home's value. Once you've built up 20% equity, you can usually request to have PMI removed.

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