Calculators
frequently asked questions
Answers to the questions we hear most about estimating payments, affordability, and refinancing.
Many mortgage calculators let you include property taxes and homeowners insurance, but the amounts may not match your exact local costs. Because property taxes and insurance vary by location and property type, be sure to adjust the numbers or confirm them with your lender.
Some mortgage calculators will show or let you add mortgage insurance if your down payment is less than 20%. However, because the cost of insurance varies by program, your lender will provide the most accurate figure.
A calculator can give you a starting estimate of how much house you can afford, but affordability depends on more than just your monthly payment. When deciding how much you can borrow, lenders also look at your income, debts, and credit score.
For the best estimate, enter your loan amount, interest rate, loan term, and your expected property taxes and insurance into the calculator. If you’re not sure of these numbers, you can use average estimates to get a rough idea, then refine them with your lender.
A mortgage calculator typically estimates your monthly payment using the loan amount, interest rate, and loan term. Some mortgage calculators also include property taxes, homeowners insurance, and mortgage insurance to give a fuller picture of your costs.
In the calculator, even a small change in interest rates can make a big difference in your monthly payment. Use the calculator to test different interest rate scenarios so you can see how rate changes could impact your budget.
Mortgage calculators provide an estimate based on the numbers you enter, so your actual payment may be higher or lower than the calculator estimate depending on local taxes, insurance premiums, and any required mortgage insurance. The most accurate numbers come from your lender after they review your full application.