A mortgage is likely the largest financial commitment you'll make in your lifetime. Understanding your monthly payments, total interest costs, and amortization schedule is crucial for making informed home-buying decisions.
Buying a home is a significant financial decision. Here's what you need to know about mortgages:
A 20% down payment is ideal as it helps you avoid private mortgage insurance (PMI) and reduces your monthly payments.
Some loans allow for as little as 3-5% down, but this typically requires PMI and results in higher monthly payments.
Obtain a mortgage pre-approval before house hunting to understand your budget and strengthen your offer.
Factor in maintenance, utilities, and potential HOA fees when budgeting for your new home.
Compare rates from multiple lenders to find the best mortgage terms for your situation.
This calculator provides estimates only. Actual mortgage payments may vary based on your credit score, loan type, and other factors. Please consult with a mortgage professional for personalized advice.