MORTGAGE CALCULATOR
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Mortgage Help
Down Payment
The most common loan down payment is 20%. However, for conventional loans, borrowers can put as little as 3% down in some cases, and increments of 5%, 10%, 15%, 20%, and sometimes more are prevalent. For FHA loans, the down payment is 3.5%. For VA loans, if the veteran has their full entitlement, the down payment is 0%. For USDA loans in more rural areas, the down payment is 0%. There are local and regional financial institutions that sometimes have low-down payment options, sometimes as little as 0% down. Many times, physician loans are also 0% down. The important thing to remember is that your down payment is equity in the property, and it reduces the total amount of your mortgage, which means the more you put down, the lower your monthly payments will be.
Loan Term
Your loan program can affect your interest rate and monthly payments. Choose from 30-year fixed, 15-year fixed, and more in the calculator.
Loan Type
There are several types of mortgage loans, but the most commonly used are fixed-rate and adjustable-rate loans. Fixed-rate loans have the same interest rate for the entire duration of the loan. That means your monthly payment will be the same, even for long-term loans, such as 30-year fixed-rate mortgages. Two benefits to this loan type are stability, and being able to calculate your total interest up front. Adjustable-rate mortgages (ARMs) have interest rates that can change over time. Typically, they start out at a lower interest rate than a fixed-rate loan, and hold that rate for a set number of years, before changing interest rates from year to year. For example, if you have a 5/1 ARM, you will have the same interest rate for the first 5 years, and then your interest rate will change from year to year. The main benefit of an adjustable-rate loan is that it starts off with a lower interest rate. However, they can quickly increase, especially with today's inflation, to numbers that might be unsustainable, so please beware and exercise caution when consideration variable rate mortgages.
Interest Rate
This field is pre-filled with the current average mortgage rate. Your actual rate will vary based on factors like credit score and down payment.
Property Tax Rate
The mortgage payment calculator includes estimated property taxes based on the home's value. You can edit this in the advanced options. Depending on the city and/or county, it is typically between 1% and 1.25% of the purchase price. There are exceptions in metro Atlanta where it is higher.
Home Insurance
Home insurance or homeowners insurance is typically required by lenders, depending on the loan program. You can edit this number in the mortgage calculator advanced options. Insurance typically runs $100-200 a month, and it can be higher. Shop your insurance around for the best quotes, and consider bundling vehicles for multiple policy discounts.
HOA Fees
A homeowners association fee (HOA fee) is an amount of money that must be paid monthly by owners of certain types of residential properties, and HOAs collect these fees to assist with maintaining and improving properties in the association.