Down Payment

The initial amount you pay upfront when buying a home. While 20% used to be standard, some loans now allow as little as 3.5% 

Loan Term

The length of time you have to repay your loan. Common options are 30 years or 15 years, with shorter terms typically having higher monthly payments but lower total interest costs.

Loan Type

A fixed-rate mortgage keeps the same interest rate and monthly payment for the entire loan term, offering stability and predictability.

An adjustable-rate mortgage (ARM) starts with a lower interest rate that remains fixed for an initial period and then adjusts periodically based on market conditions. While this can offer savings early on, it also comes with the risk of higher payments if interest rates rise in the future.

Interest Rate

The percentage charged by the lender for borrowing money. Your rate depends on factors like your credit score, loan term, and down payment. 

Property Tax Rate

A tax is charged by your local government based on the value of your home and your use of the home. This amount is typically included in your mortgage payment.

Home Insurance

Protection that covers damage to your home or property. Lenders typically require homeowners insurance, and you can adjust this in the calculator's advanced options. 

HOA Fees

Homeowners Association (HOA) fees are monthly payments for maintaining shared spaces and amenities in a neighborhood or building. You can adjust this using the calculator's advanced options.