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Compare Loan Terms
Consider 15-year vs 30-year loans. Shorter terms mean higher monthly payments but significant interest savings.
Extra Principal Payments
Even small extra payments toward principal can save thousands in interest and shorten your loan term.
Total Cost Analysis
Look beyond monthly payments. Consider total interest, closing costs, and long-term financial impact.
Homebuying Strategy Guide
Successful home buying requires understanding key mortgage principles and strategies:
Homebuying Timeline
Helpful Resources
Frequently Asked Questions
What is included in my monthly mortgage payment?
Your monthly mortgage payment typically includes Principal, Interest, Taxes, and Insurance (PITI). Principal reduces your loan balance, interest is the cost of borrowing, taxes are property taxes, and insurance includes homeowners insurance and possibly PMI.
What is PMI and when do I need it?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home's value. PMI protects the lender if you default on the loan. You can typically remove PMI once you reach 20% equity in your home.
How much should I put down on a house?
While 20% is ideal to avoid PMI, many programs allow lower down payments. FHA loans require as little as 3.5%, and some conventional loans allow 3-5%. Consider your financial situation, emergency fund, and monthly payment comfort.
What factors affect my mortgage rate?
Mortgage rates depend on your credit score, down payment, loan term, debt-to-income ratio, employment history, and current market conditions. Shopping around with multiple lenders can help you find the best rate.
Important Disclaimer
This calculator provides estimates based on the information you provide. Actual mortgage terms, rates, and payments may vary based on your creditworthiness, lender requirements, and market conditions. This tool should not replace professional financial advice. Consult with qualified mortgage professionals for personalized guidance.
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