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Mortgage Calculator

💡 Example: $400K home with 20% down at 6.5% for 30 years

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How to Calculate Your Mortgage Payment

Your monthly mortgage payment depends on four main factors: home price, down payment, interest rate, and loan term.

Key Components

  • Principal: The loan amount after down payment
  • Interest: Cost of borrowing, based on your rate
  • Taxes & Insurance: Often included in escrow
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Frequently Asked Questions

What is a good interest rate for a mortgage?
As of 2024, rates between 6-7% are typical for 30-year fixed mortgages. Rates vary based on credit score, down payment, and market conditions.
How much should I put down?
20% down avoids private mortgage insurance (PMI). However, many lenders accept 3-10% down for first-time buyers.
Should I choose 15-year or 30-year mortgage?
15-year loans have higher monthly payments but lower total interest. 30-year loans offer lower monthly payments with more flexibility.
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