Mortgage Calculator
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Your Home Buying Journey
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Smart Mortgage Tips
Essential knowledge for first-time homebuyers
Aim for 20% Down
A 20% down payment helps you avoid PMI (Private Mortgage Insurance), which can add $100-300+ to your monthly payment.
Source: CFPB
The 28/36 Rule
Keep housing costs below 28% of gross income, and total debt below 36%. Lenders use this to assess affordability.
Source: FDIC
Budget for Extras
Beyond the mortgage: property taxes (1-2% of home value), home insurance ($1,000-2,000/year), maintenance (1% of home value annually).
Source: Bankrate
Rate Shopping Pays
Just 0.5% difference in rate can save $50-100/month. Get quotes from at least 3 lenders. All within 30 days counts as one credit inquiry.
Source: CFPB
Extra Payments Matter
One extra monthly payment per year can shave 4-6 years off a 30-year mortgage and save tens of thousands in interest.
Source: Freddie Mac
Fixed vs Variable
Fixed rates offer stability. Variable (ARM) rates start lower but can increase. Choose fixed if you plan to stay 5+ years.
Source: CFPB
15-Year vs 30-Year Mortgage
| Factor | 15-Year | 30-Year |
|---|---|---|
| Monthly Payment | Higher (~50% more) | Lower (more affordable) |
| Interest Rate | Typically 0.5-0.75% lower | Slightly higher |
| Total Interest Paid | Much less (50-60% savings) | Significantly more |
| Equity Building | Faster (paid off in 15 years) | Slower (paid off in 30 years) |
| Best For | High income, long-term stability | First-time buyers, budget flexibility |
Sources: Data based on analysis from Consumer Financial Protection Bureau (CFPB), Freddie Mac Primary Mortgage Market Survey, and Bank of England mortgage data (2024-2025).
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Disclaimer: This mortgage calculator provides estimates for illustrative purposes only and does not constitute financial advice. Actual mortgage payments may vary based on additional factors such as property taxes, homeowners insurance, HOA fees, PMI, and closing costs. Interest rates and loan terms are subject to change and lender approval. Always consult with a licensed mortgage professional or financial advisor for personalized guidance tailored to your specific financial situation.
