MORTGAGE CALCULATOR
Mortgage Help
Down Payment
While a 20% down payment is common, many mortgage programs allow qualified buyers to purchase a home with significantly less. Some conventional loans require as little as 3% down, while FHA loans may allow as little as 3.5%. A larger down payment generally reduces your loan amount and monthly payments and may help you avoid mortgage insurance. Adjust the down payment in the calculator to see how it affects your estimated monthly payment.
Loan Term
Your loan term is the length of time you have to repay your mortgage. Common options include 15-year and 30-year loans. Shorter terms generally mean higher monthly payments but lower total interest costs, while longer terms typically offer lower monthly payments. Choose from the available loan terms in the calculator to compare your options.
Loan Type
Mortgages generally offer fixed or adjustable interest rates. A fixed-rate mortgage maintains the same interest rate throughout the loan term, providing predictable principal and interest payments. An adjustable-rate mortgage (ARM) typically starts with a fixed rate for a specified period, after which the rate may change periodically based on market conditions. Select from the available loan types in the calculator to explore how different options may affect your payments.
Interest Rate
The calculator is pre-filled with an estimated mortgage interest rate. Your actual rate may vary based on your credit score, down payment, loan type, and current market conditions. Adjust the interest rate in the calculator to see how different rates affect your estimated monthly payment.
Property Tax Rate
Property taxes are an important part of your overall housing costs. In California, they are generally based on the property’s assessed value, with additional local assessments and special taxes potentially applying. The calculator includes an estimated property tax amount, which you can adjust in the advanced options.
Homeowners Insurance
Homeowners insurance helps protect your property against covered losses and is generally required by mortgage lenders. Premiums vary based on the property’s location, characteristics, coverage, and other factors. You can adjust the estimated insurance cost in the calculator’s advanced options.
HOA Fees
Some properties, particularly condominiums and homes in planned communities, require homeowners association (HOA) fees. These fees typically help cover maintenance, shared amenities, and other community expenses. If applicable, include the monthly HOA fee in the calculator to get a more complete estimate of your housing costs.