Find Out How Much House You Can Afford
Before you start touring houses, you need to know what your monthly payment will look like. Enter the home price, your expected interest rate, and the loan term (usually 15 or 30 years) to instantly estimate your monthly payment.
15-Year vs 30-Year Mortgage
A 30-year mortgage gives you the lowest possible monthly payment, making it easier to qualify for a larger home. However, a 15-year mortgage will save you tens (or hundreds) of thousands of dollars in interest over the life of the loan. Try both terms in the calculator to see the massive difference in total interest paid!
Frequently Asked Questions
It is a home loan where the interest rate stays the exact same for 30 years. Your monthly principal and interest payment will never change.
Because mortgages are spread over 15 to 30 years, the interest compounds significantly. In many cases, you will pay more in interest than the original purchase price of the home.
This calculator determines your Principal and Interest (P&I) payment. To find your true monthly cost, you must also manually add your estimated property taxes, home insurance, and HOA fees.