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Understanding the key factors in your mortgage decision
The purchase price of the home you're considering. This is the foundation of your mortgage calculation.
Get Pre-ApprovedThe upfront payment you make toward the home purchase. Higher down payments reduce your loan amount.
Explore OptionsThe cost of borrowing money, expressed as a percentage. Even small rate changes significantly impact payments.
Common questions about mortgage calculations
Your monthly payment is primarily affected by the loan amount, interest rate, and loan term. Property taxes and homeowners insurance are also included in most monthly payments.
While 20% is ideal to avoid private mortgage insurance (PMI), many lenders accept down payments as low as 3-5%. The more you put down, the lower your monthly payments.
Your total payment typically includes principal, interest, property taxes, and homeowners insurance. This is often referred to as PITI (Principal, Interest, Taxes, Insurance).
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