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Mortgage Calculator
This mortgage calculator will help you estimate the costs of your mortgage loan. Get a clear breakdown of your potential mortgage payments, including taxes and insurance.
Edit Your Mortgage Details
Total Loans Amount
$400,000
Loan Term
- 10 Year
- 15 Year
- 30 Year
- 5/1 ARM
$
%
Annual
Property
Tax cannot
be greater than 10% of the home price. It has been reset to 10% of home price.
Dismiss
$
$
$
$
Monthly payment
breakdown
Based on a $400,000 mortgage
-
Principal & interest$2,147
-
+ $
-
+ $
-
+ $
-
+ $
-
+ $
Total monthly payment
=
$2,147
Amortization for mortgage
loan
Based on a $400,000 mortgage
1
-
Remaining Mortgage Balance$394,099
-
Principal Paid$5,901
-
Interest Paid$19,866
Total principal: 400,000
| Loan Term | 30-year
fixed
(Your Inout)
|
15-year fixed | 30-year fixed |
|---|---|---|---|
| Total Monthly Payment | $2,147 | $3,280 | $2,509 |
| Mortgage Rate | 7% | % | % |
| Total interest paid | $373,023 | $190,327 | $503,087 |
| Loan Term | 15-year fixed | 30-year fixed | 5/1 ARM |
|---|---|---|---|
| Rick tolerance | Low | Low | High |
| Principal and interest | Fixed payments | Fixed payments | Variable payments after 5th year |
| Recommended homeowner’s duration | 15 years | 30 years | 5 years |
| Monthly payment | High | Low | Low |
| Equity | High | Low | High |
Data source: ©Zillow, Inc. 2006 - 2023. Use
is
subject to the Term of Use
Show More
Details
This loan is
within your budgetThis
loan is exceeds your budget
Your maximum mortgage is $523,079
Monthly payments
$2,147
+
$
divided by
$
Other Financial Considerations
In addition to making your monthly payments, you should consider other financial considerations, particularly upfront costs and recommended income, to afford your new home safely.
Recommended Minimum Savings
$70,747
Minimum Down Payment
$50,000
Closing Costs
+
$13,500
Estimated Cash Needed to Close
$63,500
Recommended Cash Reserve
+
$7,247
Total Recommended Savings
=
$70,747
Recommended Minimum Income
$71,576
This is based on our recommendation that your total monthly spend for your monthly payment and other debts should not exceed 36% of your monthly income.
Housing Payment
$2,147
Other Monthly Debt
$
Compare Current Mortgage Rates
Today’s Mortgage Rates
| Product | Today | Last Week | Change |
|---|---|---|---|
| 30 year fixed | 6.71 | 6.79 | -0.08 |
| 15 year fixed | 6.07 | 6.18 | -0.11 |
National Mortgage Rates
Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
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