Our mortgage calculator can help guide many of the decisions related to buying a home or refinancing your mortgage, such as: Mortgage insurance : If you’re getting a conventional or FHA loan and your down payment is less than 20 percent of the home's purchase price, you'll pay mortgage insurance premiums, which are also added to your monthly payment.
As with property taxes, you pay one-twelfth of your annual insurance premium each month, and your lender or servicer pays the premium when it's due. If you live in a flood or other disaster-prone zone, you'll have an additional policy.
In the Loan term field, enter the length of your loan - usually 30 years, but could be 20, 15 or 10. You can input either a dollar amount or percentage. In the Down payment field, input the amount of your down payment (if you're buying) or the amount of equity you have (if you're refinancing). In the Home price field, input the price of the home you’re buying (or the current value of your home if you’re refinancing). Here’s how to use our mortgage calculator to easily estimate payments: