Mortgage Calculator

Estimate your payments with our easy-to-use loan calculator.

$1,089/mo
30-year fixed4.000% interest
  • Principal & interest$764
  • Property taxes$250
  • Home insurance$75
  • Other$0
$1,089/month
Principal & interest
($764)
 
Property taxes
($250)
 
Home insurance
($75)
 
Other
($0)
 
See how much you can borrow.

ZIP Code

Enter ZIP for local taxes and interest rates

Home Price

$

Down Payment

$%

Interest Rate

Currently:
%

Loan Type

30-year fixed
See how much you can borrow.

Which Loan Type Should I Choose?

The type of loan you choose will affect your interest rate and your monthly payment, so it’s important to choose wisely. Here’s a look at the pros and cons of some common loan types.
Illustration1
Fixed Rate Loans

    Best for
    Borrowers who prefer stable payments that won't change
    Length of term
    Typically last for 10 - 40 years
    Interest rate
    Fixed rate for the life of a loan
    Monthly payment
    Amount never changes
    Mortgage insurance
    Typically required if down payment is less than 20%
    Additional details
    30-year fixed is the most common mortgage type
Adjustable mortgages (ARMs)

    Best for
    Borrowers who might sell after 5 years, or are comfortable knowing their payments can change
    Length of term
    Typically last for 30 years
    Interest rate
    Fixed rate for 3, 5, 7, or 10 years, then can change every year thereafter
    Monthly payment
    Can change after the fixed period ends
    Mortgage insurance
    Typically required if down payment is less than 20%
    Additional details
    After fixed period ends, interest rate changes annually based on the index value at that time
FHA loans

    Best for
    Borrowers with smaller down payments or lower credit scores
    Length of term
    Typically last for 10 - 40 years
    Interest rate
    Borrowers can choose a fixed or adjustable rate
    Monthly payment
    Can change only for an adjustable rate mortgage
    Mortgage insurance
    Mortgage insurance is required (upfront free and monthly insurance payment)
    Additional details
    Insured by the Federal Housing Administration (FHA)
VA loans

    Best for
    Only available for qualifying Veterans, active military, and military families
    Length of term
    Typically last for 10 - 40 years
    Interest rate
    Borrowers can choose a fixed or adjustable rate
    Monthly payment
    Can change only for an adjustable rate mortgage
    Mortgage insurance
    Not required
    Additional details
    Insured by the US Department of Veterans Affairs (VA)
Fixed Rate LoansAdjustable mortgages (ARMs)FHA loansVA loans
Best forBorrowers who prefer stable payments that won't changeBorrowers who might sell after 5 years, or are comfortable knowing their payments can changeBorrowers with smaller down payments or lower credit scoresOnly available for qualifying Veterans, active military, and military families
Length of termTypically last for 10 - 40 yearsTypically last for 30 yearsTypically last for 10 - 40 yearsTypically last for 10 - 40 years
Interest rateFixed rate for the life of a loanFixed rate for 3, 5, 7, or 10 years, then can change every year thereafterBorrowers can choose a fixed or adjustable rateBorrowers can choose a fixed or adjustable rate
Monthly paymentAmount never changesCan change after the fixed period endsCan change only for an adjustable rate mortgageCan change only for an adjustable rate mortgage
Mortgage insuranceTypically required if down payment is less than 20%Typically required if down payment is less than 20%Mortgage insurance is required (upfront free and monthly insurance payment)Not required
Additional details30-year fixed is the most common mortgage typeAfter fixed period ends, interest rate changes annually based on the index value at that timeInsured by the Federal Housing Administration (FHA)Insured by the US Department of Veterans Affairs (VA)

How to Lower Your Monthly Payment

If the monthly mortgage payment you’re seeing in the home loan calculator is higher than you can afford, here are a few things you can do to lower it.
Illustration2

Improve your credit score

If a low credit score is contributing to your high payments, you can take steps to increase it. First, review your credit report and address any red flags or errors. Then, stop applying for new credit, work to reduce your debt, and be sure to make all of your payments on time.

Put more money down

A higher down payment will reduce the amount of money you borrow, leading to lower monthly payments. It can help you qualify for a lower interest rate, which can also lower your monthly payments. In some cases, it can help you avoid paying costly PMI.

Opt for a longer loan term

A longer loan term will spread the cost over a longer period of time, which will lower your monthly mortgage payments. This will lead to more interest paid over the life of your loan, but it’s a good strategy to help make homeownership more affordable.

Mortgage Resources

Simplify the mortgage process with our easy-to-use mortgage resources: