Mortgage Payment Calculator
Calculate your estimated monthly mortgage payment.
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Helpful Tips
- •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.
When to Use This Calculator
When shopping for a home and calculating affordability.
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Who Benefits Most
- •Homebuyers
- •Mortgage borrowers
- •Real estate agents
4-6 minutes
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