Mortgage Hub
Estimate home payment scenarios before comparing lender quotes.
Educational use only: calculators are estimates and do not replace lender quotes, tax advice, investment advice, or professional guidance.
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Frequently asked questions
How should I use this hub?
Start with the calculator closest to your question, then compare several assumptions before making decisions.
Are results exact?
No. They are estimates based on your inputs. Real products may include taxes, fees, variable rates, and other limits.
Understanding mortgage basics
A mortgage is a loan used to purchase real estate, secured by the property itself. If you stop making payments, the lender can foreclose and take ownership of the home. Most residential mortgages in the United States are 15-year or 30-year fixed-rate loans, though adjustable-rate mortgages (ARMs) and other products exist.
Your monthly mortgage payment typically includes four components (often abbreviated PITI): principal (the loan balance being paid down), interest (the cost of borrowing), taxes (property taxes escrowed monthly), and insurance (homeowner's insurance, plus PMI if your down payment is under 20%). The mortgage calculator on this page estimates only principal and interest — your actual payment will be higher once taxes and insurance are included.
Mortgage interest rates are influenced by the federal funds rate, 10-year Treasury yields, your credit score, loan-to-value ratio, loan type, and lender-specific pricing. A 0.5% difference in rate on a $350,000 loan can mean over $30,000 in additional interest over 30 years. Shopping at least three lenders before committing is widely recommended.
Private mortgage insurance (PMI) is typically required when your down payment is less than 20%. PMI protects the lender, not you, and usually costs 0.5–1.5% of the loan amount annually. Once you reach 20% equity (either through payments or home appreciation), you can typically request PMI removal.
Key mortgage concepts
- APR vs. interest rate: The APR includes fees and gives a more complete cost comparison than the rate alone.
- Points: Discount points let you pay upfront to lower your rate. One point = 1% of the loan amount.
- Amortization: In early years, most of your payment goes to interest. The balance shifts toward principal over time.
- Pre-approval: Getting pre-approved before shopping gives you a realistic budget and makes offers more competitive.
Mortgage frequently asked questions
How much house can I afford?
A common guideline is that housing costs should not exceed 28–30% of gross monthly income (the "front-end ratio"). Lenders also look at total debt payments (the "back-end ratio"), which typically should not exceed 43% of gross income for conventional loans.
What credit score do I need for a mortgage?
Conventional loans typically require a minimum score of 620. FHA loans may accept scores as low as 580 with 3.5% down. Higher scores generally unlock better rates.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but significantly less total interest. A 30-year mortgage gives lower payments and more flexibility, but costs more over time. Run both scenarios in the mortgage calculator to compare the numbers for your situation.