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| Loan | Mortgage | Car | Commercial | Student | Biweekly | Extra Payments | Payoff | Excel |
Home Loan Calculator
Home loan calculator is used to calculate the monthly mortgage payments for your home. This home mortgage calculator has many options that may be applicable for you such as PMI, tax and insurance, extra payments to calculate the costs of buying and financing a house.
Mortgage Calculator Results |
|
| Home Value: | $600,000.00 |
| Mortgage Amount: | 450,000.00 |
| Monthly Principal & Interest: | $2,569.19 |
| Monthly Extra Payment: | $0.00 |
| Monthly Property Tax: | $216.67 |
| Monthly Home Insurance: | $91.67 |
| Monthly PMI: | PMI not required |
| Monthly HOA Fees: | $0.00 |
Total Monthly Payment: |
$2,877.52 |
| Total # Of Payments: | 360 |
| Start Date: | Dec, 2024 |
| Payoff Date: | Nov, 2054 |
| Down Payment: | $150,000.00 |
| Principal: | $450,000.00 |
| Total Extra Payment: | $0.00 |
| Total Interest Paid: | $474,906.66 |
| Total Tax, Insurance, PMI and Fees: | $111,000.00 |
Total of all Payments: |
$1,185,906.66 |
Mortgage Amortization Schedule |
||||||
| Payment Date | Payment # | Interest | Principal | Tax, Insurance, PMI & Fees | Total Payment | Balance |
|---|---|---|---|---|---|---|
| Dec, 2024 | 1 | $2,081.25 | $487.94 | $308.33 | $2,877.52 | $449,512.06 |
| Jan, 2025 | 2 | $2,078.99 | $490.19 | $308.33 | $2,877.52 | $449,021.87 |
| Feb, 2025 | 3 | $2,076.73 | $492.46 | $308.33 | $2,877.52 | $448,529.41 |
| Mar, 2025 | 4 | $2,074.45 | $494.74 | $308.33 | $2,877.52 | $448,034.68 |
| Apr, 2025 | 5 | $2,072.16 | $497.02 | $308.33 | $2,877.52 | $447,537.65 |
| May, 2025 | 6 | $2,069.86 | $499.32 | $308.33 | $2,877.52 | $447,038.33 |
| Jun, 2025 | 7 | $2,067.55 | $501.63 | $308.33 | $2,877.52 | $446,536.70 |
| Jul, 2025 | 8 | $2,065.23 | $503.95 | $308.33 | $2,877.52 | $446,032.74 |
| Aug, 2025 | 9 | $2,062.90 | $506.28 | $308.33 | $2,877.52 | $445,526.46 |
| Sep, 2025 | 10 | $2,060.56 | $508.63 | $308.33 | $2,877.52 | $445,017.83 |
| Oct, 2025 | 11 | $2,058.21 | $510.98 | $308.33 | $2,877.52 | $444,506.86 |
| Nov, 2025 | 12 | $2,055.84 | $513.34 | $308.33 | $2,877.52 | $443,993.52 |
| Dec, 2025 | 13 | $2,053.47 | $515.72 | $308.33 | $2,877.52 | $443,477.80 |
| Jan, 2026 | 14 | $2,051.08 | $518.10 | $308.33 | $2,877.52 | $442,959.70 |
| Feb, 2026 | 15 | $2,048.69 | $520.50 | $308.33 | $2,877.52 | $442,439.20 |
| Mar, 2026 | 16 | $2,046.28 | $522.90 | $308.33 | $2,877.52 | $441,916.30 |
| Apr, 2026 | 17 | $2,043.86 | $525.32 | $308.33 | $2,877.52 | $441,390.98 |
| May, 2026 | 18 | $2,041.43 | $527.75 | $308.33 | $2,877.52 | $440,863.23 |
| Jun, 2026 | 19 | $2,038.99 | $530.19 | $308.33 | $2,877.52 | $440,333.03 |
| Jul, 2026 | 20 | $2,036.54 | $532.64 | $308.33 | $2,877.52 | $439,800.39 |
| Aug, 2026 | 21 | $2,034.08 | $535.11 | $308.33 | $2,877.52 | $439,265.28 |
| Sep, 2026 | 22 | $2,031.60 | $537.58 | $308.33 | $2,877.52 | $438,727.70 |
| Oct, 2026 | 23 | $2,029.12 | $540.07 | $308.33 | $2,877.52 | $438,187.63 |
| Nov, 2026 | 24 | $2,026.62 | $542.57 | $308.33 | $2,877.52 | $437,645.06 |
| Dec, 2026 | 25 | $2,024.11 | $545.08 | $308.33 | $2,877.52 | $437,099.98 |
| Jan, 2027 | 26 | $2,021.59 | $547.60 | $308.33 | $2,877.52 | $436,552.38 |
| Feb, 2027 | 27 | $2,019.05 | $550.13 | $308.33 | $2,877.52 | $436,002.25 |
| Mar, 2027 | 28 | $2,016.51 | $552.67 | $308.33 | $2,877.52 | $435,449.58 |
| Apr, 2027 | 29 | $2,013.95 | $555.23 | $308.33 | $2,877.52 | $434,894.35 |
| May, 2027 | 30 | $2,011.39 | $557.80 | $308.33 | $2,877.52 | $434,336.55 |
| Jun, 2027 | 31 | $2,008.81 | $560.38 | $308.33 | $2,877.52 | $433,776.17 |
| Jul, 2027 | 32 | $2,006.21 | $562.97 | $308.33 | $2,877.52 | $433,213.20 |
| Aug, 2027 | 33 | $2,003.61 | $565.57 | $308.33 | $2,877.52 | $432,647.63 |
| Sep, 2027 | 34 | $2,001.00 | $568.19 | $308.33 | $2,877.52 | $432,079.44 |
| Oct, 2027 | 35 | $1,998.37 | $570.82 | $308.33 | $2,877.52 | $431,508.62 |
| Nov, 2027 | 36 | $1,995.73 | $573.46 | $308.33 | $2,877.52 | $430,935.16 |
| Dec, 2027 | 37 | $1,993.08 | $576.11 | $308.33 | $2,877.52 | $430,359.05 |
| Jan, 2028 | 38 | $1,990.41 | $578.77 | $308.33 | $2,877.52 | $429,780.28 |
| Feb, 2028 | 39 | $1,987.73 | $581.45 | $308.33 | $2,877.52 | $429,198.83 |
| Mar, 2028 | 40 | $1,985.04 | $584.14 | $308.33 | $2,877.52 | $428,614.68 |
| Apr, 2028 | 41 | $1,982.34 | $586.84 | $308.33 | $2,877.52 | $428,027.84 |
| May, 2028 | 42 | $1,979.63 | $589.56 | $308.33 | $2,877.52 | $427,438.29 |
| Jun, 2028 | 43 | $1,976.90 | $592.28 | $308.33 | $2,877.52 | $426,846.00 |
| Jul, 2028 | 44 | $1,974.16 | $595.02 | $308.33 | $2,877.52 | $426,250.98 |
| Aug, 2028 | 45 | $1,971.41 | $597.77 | $308.33 | $2,877.52 | $425,653.21 |
| Sep, 2028 | 46 | $1,968.65 | $600.54 | $308.33 | $2,877.52 | $425,052.67 |
| Oct, 2028 | 47 | $1,965.87 | $603.32 | $308.33 | $2,877.52 | $424,449.35 |
| Nov, 2028 | 48 | $1,963.08 | $606.11 | $308.33 | $2,877.52 | $423,843.24 |
| Dec, 2028 | 49 | $1,960.28 | $608.91 | $308.33 | $2,877.52 | $423,234.33 |
| Jan, 2029 | 50 | $1,957.46 | $611.73 | $308.33 | $2,877.52 | $422,622.61 |
| Feb, 2029 | 51 | $1,954.63 | $614.56 | $308.33 | $2,877.52 | $422,008.05 |
| Mar, 2029 | 52 | $1,951.79 | $617.40 | $308.33 | $2,877.52 | $421,390.65 |
| Apr, 2029 | 53 | $1,948.93 | $620.25 | $308.33 | $2,877.52 | $420,770.40 |
| May, 2029 | 54 | $1,946.06 | $623.12 | $308.33 | $2,877.52 | $420,147.28 |
| Jun, 2029 | 55 | $1,943.18 | $626.00 | $308.33 | $2,877.52 | $419,521.27 |
| Jul, 2029 | 56 | $1,940.29 | $628.90 | $308.33 | $2,877.52 | $418,892.37 |
| Aug, 2029 | 57 | $1,937.38 | $631.81 | $308.33 | $2,877.52 | $418,260.57 |
| Sep, 2029 | 58 | $1,934.46 | $634.73 | $308.33 | $2,877.52 | $417,625.84 |
| Oct, 2029 | 59 | $1,931.52 | $637.67 | $308.33 | $2,877.52 | $416,988.17 |
| Nov, 2029 | 60 | $1,928.57 | $640.61 | $308.33 | $2,877.52 | $416,347.56 |
| Dec, 2029 | 61 | $1,925.61 | $643.58 | $308.33 | $2,877.52 | $415,703.98 |
| Jan, 2030 | 62 | $1,922.63 | $646.55 | $308.33 | $2,877.52 | $415,057.42 |
| Feb, 2030 | 63 | $1,919.64 | $649.54 | $308.33 | $2,877.52 | $414,407.88 |
| Mar, 2030 | 64 | $1,916.64 | $652.55 | $308.33 | $2,877.52 | $413,755.33 |
| Apr, 2030 | 65 | $1,913.62 | $655.57 | $308.33 | $2,877.52 | $413,099.76 |
| May, 2030 | 66 | $1,910.59 | $658.60 | $308.33 | $2,877.52 | $412,441.16 |
| Jun, 2030 | 67 | $1,907.54 | $661.64 | $308.33 | $2,877.52 | $411,779.52 |
| Jul, 2030 | 68 | $1,904.48 | $664.70 | $308.33 | $2,877.52 | $411,114.82 |
| Aug, 2030 | 69 | $1,901.41 | $667.78 | $308.33 | $2,877.52 | $410,447.04 |
| Sep, 2030 | 70 | $1,898.32 | $670.87 | $308.33 | $2,877.52 | $409,776.17 |
| Oct, 2030 | 71 | $1,895.21 | $673.97 | $308.33 | $2,877.52 | $409,102.20 |
| Nov, 2030 | 72 | $1,892.10 | $677.09 | $308.33 | $2,877.52 | $408,425.11 |
| Dec, 2030 | 73 | $1,888.97 | $680.22 | $308.33 | $2,877.52 | $407,744.89 |
| Jan, 2031 | 74 | $1,885.82 | $683.37 | $308.33 | $2,877.52 | $407,061.53 |
| Feb, 2031 | 75 | $1,882.66 | $686.53 | $308.33 | $2,877.52 | $406,375.00 |
| Mar, 2031 | 76 | $1,879.48 | $689.70 | $308.33 | $2,877.52 | $405,685.30 |
| Apr, 2031 | 77 | $1,876.29 | $692.89 | $308.33 | $2,877.52 | $404,992.41 |
| May, 2031 | 78 | $1,873.09 | $696.10 | $308.33 | $2,877.52 | $404,296.31 |
| Jun, 2031 | 79 | $1,869.87 | $699.31 | $308.33 | $2,877.52 | $403,597.00 |
| Jul, 2031 | 80 | $1,866.64 | $702.55 | $308.33 | $2,877.52 | $402,894.45 |
| Aug, 2031 | 81 | $1,863.39 | $705.80 | $308.33 | $2,877.52 | $402,188.65 |
| Sep, 2031 | 82 | $1,860.12 | $709.06 | $308.33 | $2,877.52 | $401,479.59 |
| Oct, 2031 | 83 | $1,856.84 | $712.34 | $308.33 | $2,877.52 | $400,767.25 |
| Nov, 2031 | 84 | $1,853.55 | $715.64 | $308.33 | $2,877.52 | $400,051.61 |
| Dec, 2031 | 85 | $1,850.24 | $718.95 | $308.33 | $2,877.52 | $399,332.66 |
| Jan, 2032 | 86 | $1,846.91 | $722.27 | $308.33 | $2,877.52 | $398,610.39 |
| Feb, 2032 | 87 | $1,843.57 | $725.61 | $308.33 | $2,877.52 | $397,884.78 |
| Mar, 2032 | 88 | $1,840.22 | $728.97 | $308.33 | $2,877.52 | $397,155.81 |
| Apr, 2032 | 89 | $1,836.85 | $732.34 | $308.33 | $2,877.52 | $396,423.47 |
| May, 2032 | 90 | $1,833.46 | $735.73 | $308.33 | $2,877.52 | $395,687.75 |
| Jun, 2032 | 91 | $1,830.06 | $739.13 | $308.33 | $2,877.52 | $394,948.62 |
| Jul, 2032 | 92 | $1,826.64 | $742.55 | $308.33 | $2,877.52 | $394,206.07 |
| Aug, 2032 | 93 | $1,823.20 | $745.98 | $308.33 | $2,877.52 | $393,460.09 |
| Sep, 2032 | 94 | $1,819.75 | $749.43 | $308.33 | $2,877.52 | $392,710.65 |
| Oct, 2032 | 95 | $1,816.29 | $752.90 | $308.33 | $2,877.52 | $391,957.76 |
| Nov, 2032 | 96 | $1,812.80 | $756.38 | $308.33 | $2,877.52 | $391,201.38 |
| Dec, 2032 | 97 | $1,809.31 | $759.88 | $308.33 | $2,877.52 | $390,441.50 |
| Jan, 2033 | 98 | $1,805.79 | $763.39 | $308.33 | $2,877.52 | $389,678.10 |
| Feb, 2033 | 99 | $1,802.26 | $766.92 | $308.33 | $2,877.52 | $388,911.18 |
| Mar, 2033 | 100 | $1,798.71 | $770.47 | $308.33 | $2,877.52 | $388,140.71 |
| Apr, 2033 | 101 | $1,795.15 | $774.03 | $308.33 | $2,877.52 | $387,366.67 |
| May, 2033 | 102 | $1,791.57 | $777.61 | $308.33 | $2,877.52 | $386,589.06 |
| Jun, 2033 | 103 | $1,787.97 | $781.21 | $308.33 | $2,877.52 | $385,807.85 |
| Jul, 2033 | 104 | $1,784.36 | $784.82 | $308.33 | $2,877.52 | $385,023.03 |
| Aug, 2033 | 105 | $1,780.73 | $788.45 | $308.33 | $2,877.52 | $384,234.57 |
| Sep, 2033 | 106 | $1,777.08 | $792.10 | $308.33 | $2,877.52 | $383,442.47 |
| Oct, 2033 | 107 | $1,773.42 | $795.76 | $308.33 | $2,877.52 | $382,646.71 |
| Nov, 2033 | 108 | $1,769.74 | $799.44 | $308.33 | $2,877.52 | $381,847.26 |
| Dec, 2033 | 109 | $1,766.04 | $803.14 | $308.33 | $2,877.52 | $381,044.12 |
| Jan, 2034 | 110 | $1,762.33 | $806.86 | $308.33 | $2,877.52 | $380,237.27 |
| Feb, 2034 | 111 | $1,758.60 | $810.59 | $308.33 | $2,877.52 | $379,426.68 |
| Mar, 2034 | 112 | $1,754.85 | $814.34 | $308.33 | $2,877.52 | $378,612.34 |
| Apr, 2034 | 113 | $1,751.08 | $818.10 | $308.33 | $2,877.52 | $377,794.24 |
| May, 2034 | 114 | $1,747.30 | $821.89 | $308.33 | $2,877.52 | $376,972.35 |
| Jun, 2034 | 115 | $1,743.50 | $825.69 | $308.33 | $2,877.52 | $376,146.66 |
| Jul, 2034 | 116 | $1,739.68 | $829.51 | $308.33 | $2,877.52 | $375,317.16 |
| Aug, 2034 | 117 | $1,735.84 | $833.34 | $308.33 | $2,877.52 | $374,483.81 |
| Sep, 2034 | 118 | $1,731.99 | $837.20 | $308.33 | $2,877.52 | $373,646.62 |
| Oct, 2034 | 119 | $1,728.12 | $841.07 | $308.33 | $2,877.52 | $372,805.55 |
| Nov, 2034 | 120 | $1,724.23 | $844.96 | $308.33 | $2,877.52 | $371,960.59 |
| Dec, 2034 | 121 | $1,720.32 | $848.87 | $308.33 | $2,877.52 | $371,111.72 |
| Jan, 2035 | 122 | $1,716.39 | $852.79 | $308.33 | $2,877.52 | $370,258.93 |
| Feb, 2035 | 123 | $1,712.45 | $856.74 | $308.33 | $2,877.52 | $369,402.19 |
| Mar, 2035 | 124 | $1,708.49 | $860.70 | $308.33 | $2,877.52 | $368,541.49 |
| Apr, 2035 | 125 | $1,704.50 | $864.68 | $308.33 | $2,877.52 | $367,676.81 |
| May, 2035 | 126 | $1,700.51 | $868.68 | $308.33 | $2,877.52 | $366,808.13 |
| Jun, 2035 | 127 | $1,696.49 | $872.70 | $308.33 | $2,877.52 | $365,935.43 |
| Jul, 2035 | 128 | $1,692.45 | $876.73 | $308.33 | $2,877.52 | $365,058.70 |
| Aug, 2035 | 129 | $1,688.40 | $880.79 | $308.33 | $2,877.52 | $364,177.91 |
| Sep, 2035 | 130 | $1,684.32 | $884.86 | $308.33 | $2,877.52 | $363,293.04 |
| Oct, 2035 | 131 | $1,680.23 | $888.95 | $308.33 | $2,877.52 | $362,404.09 |
| Nov, 2035 | 132 | $1,676.12 | $893.07 | $308.33 | $2,877.52 | $361,511.02 |
| Dec, 2035 | 133 | $1,671.99 | $897.20 | $308.33 | $2,877.52 | $360,613.83 |
| Jan, 2036 | 134 | $1,667.84 | $901.35 | $308.33 | $2,877.52 | $359,712.48 |
| Feb, 2036 | 135 | $1,663.67 | $905.51 | $308.33 | $2,877.52 | $358,806.97 |
| Mar, 2036 | 136 | $1,659.48 | $909.70 | $308.33 | $2,877.52 | $357,897.26 |
| Apr, 2036 | 137 | $1,655.27 | $913.91 | $308.33 | $2,877.52 | $356,983.35 |
| May, 2036 | 138 | $1,651.05 | $918.14 | $308.33 | $2,877.52 | $356,065.22 |
| Jun, 2036 | 139 | $1,646.80 | $922.38 | $308.33 | $2,877.52 | $355,142.83 |
| Jul, 2036 | 140 | $1,642.54 | $926.65 | $308.33 | $2,877.52 | $354,216.18 |
| Aug, 2036 | 141 | $1,638.25 | $930.94 | $308.33 | $2,877.52 | $353,285.25 |
| Sep, 2036 | 142 | $1,633.94 | $935.24 | $308.33 | $2,877.52 | $352,350.01 |
| Oct, 2036 | 143 | $1,629.62 | $939.57 | $308.33 | $2,877.52 | $351,410.44 |
| Nov, 2036 | 144 | $1,625.27 | $943.91 | $308.33 | $2,877.52 | $350,466.53 |
| Dec, 2036 | 145 | $1,620.91 | $948.28 | $308.33 | $2,877.52 | $349,518.25 |
| Jan, 2037 | 146 | $1,616.52 | $952.66 | $308.33 | $2,877.52 | $348,565.59 |
| Feb, 2037 | 147 | $1,612.12 | $957.07 | $308.33 | $2,877.52 | $347,608.52 |
| Mar, 2037 | 148 | $1,607.69 | $961.50 | $308.33 | $2,877.52 | $346,647.02 |
| Apr, 2037 | 149 | $1,603.24 | $965.94 | $308.33 | $2,877.52 | $345,681.08 |
| May, 2037 | 150 | $1,598.77 | $970.41 | $308.33 | $2,877.52 | $344,710.67 |
| Jun, 2037 | 151 | $1,594.29 | $974.90 | $308.33 | $2,877.52 | $343,735.77 |
| Jul, 2037 | 152 | $1,589.78 | $979.41 | $308.33 | $2,877.52 | $342,756.36 |
| Aug, 2037 | 153 | $1,585.25 | $983.94 | $308.33 | $2,877.52 | $341,772.43 |
| Sep, 2037 | 154 | $1,580.70 | $988.49 | $308.33 | $2,877.52 | $340,783.94 |
| Oct, 2037 | 155 | $1,576.13 | $993.06 | $308.33 | $2,877.52 | $339,790.88 |
| Nov, 2037 | 156 | $1,571.53 | $997.65 | $308.33 | $2,877.52 | $338,793.23 |
| Dec, 2037 | 157 | $1,566.92 | $1,002.27 | $308.33 | $2,877.52 | $337,790.96 |
| Jan, 2038 | 158 | $1,562.28 | $1,006.90 | $308.33 | $2,877.52 | $336,784.06 |
| Feb, 2038 | 159 | $1,557.63 | $1,011.56 | $308.33 | $2,877.52 | $335,772.50 |
| Mar, 2038 | 160 | $1,552.95 | $1,016.24 | $308.33 | $2,877.52 | $334,756.26 |
| Apr, 2038 | 161 | $1,548.25 | $1,020.94 | $308.33 | $2,877.52 | $333,735.32 |
| May, 2038 | 162 | $1,543.53 | $1,025.66 | $308.33 | $2,877.52 | $332,709.67 |
| Jun, 2038 | 163 | $1,538.78 | $1,030.40 | $308.33 | $2,877.52 | $331,679.26 |
| Jul, 2038 | 164 | $1,534.02 | $1,035.17 | $308.33 | $2,877.52 | $330,644.09 |
| Aug, 2038 | 165 | $1,529.23 | $1,039.96 | $308.33 | $2,877.52 | $329,604.14 |
| Sep, 2038 | 166 | $1,524.42 | $1,044.77 | $308.33 | $2,877.52 | $328,559.37 |
| Oct, 2038 | 167 | $1,519.59 | $1,049.60 | $308.33 | $2,877.52 | $327,509.77 |
| Nov, 2038 | 168 | $1,514.73 | $1,054.45 | $308.33 | $2,877.52 | $326,455.32 |
| Dec, 2038 | 169 | $1,509.86 | $1,059.33 | $308.33 | $2,877.52 | $325,395.99 |
| Jan, 2039 | 170 | $1,504.96 | $1,064.23 | $308.33 | $2,877.52 | $324,331.76 |
| Feb, 2039 | 171 | $1,500.03 | $1,069.15 | $308.33 | $2,877.52 | $323,262.61 |
| Mar, 2039 | 172 | $1,495.09 | $1,074.10 | $308.33 | $2,877.52 | $322,188.52 |
| Apr, 2039 | 173 | $1,490.12 | $1,079.06 | $308.33 | $2,877.52 | $321,109.45 |
| May, 2039 | 174 | $1,485.13 | $1,084.05 | $308.33 | $2,877.52 | $320,025.40 |
| Jun, 2039 | 175 | $1,480.12 | $1,089.07 | $308.33 | $2,877.52 | $318,936.33 |
| Jul, 2039 | 176 | $1,475.08 | $1,094.10 | $308.33 | $2,877.52 | $317,842.23 |
| Aug, 2039 | 177 | $1,470.02 | $1,099.16 | $308.33 | $2,877.52 | $316,743.06 |
| Sep, 2039 | 178 | $1,464.94 | $1,104.25 | $308.33 | $2,877.52 | $315,638.81 |
| Oct, 2039 | 179 | $1,459.83 | $1,109.36 | $308.33 | $2,877.52 | $314,529.46 |
| Nov, 2039 | 180 | $1,454.70 | $1,114.49 | $308.33 | $2,877.52 | $313,414.97 |
| Dec, 2039 | 181 | $1,449.54 | $1,119.64 | $308.33 | $2,877.52 | $312,295.33 |
| Jan, 2040 | 182 | $1,444.37 | $1,124.82 | $308.33 | $2,877.52 | $311,170.51 |
| Feb, 2040 | 183 | $1,439.16 | $1,130.02 | $308.33 | $2,877.52 | $310,040.49 |
| Mar, 2040 | 184 | $1,433.94 | $1,135.25 | $308.33 | $2,877.52 | $308,905.24 |
| Apr, 2040 | 185 | $1,428.69 | $1,140.50 | $308.33 | $2,877.52 | $307,764.74 |
| May, 2040 | 186 | $1,423.41 | $1,145.77 | $308.33 | $2,877.52 | $306,618.97 |
| Jun, 2040 | 187 | $1,418.11 | $1,151.07 | $308.33 | $2,877.52 | $305,467.90 |
| Jul, 2040 | 188 | $1,412.79 | $1,156.40 | $308.33 | $2,877.52 | $304,311.50 |
| Aug, 2040 | 189 | $1,407.44 | $1,161.74 | $308.33 | $2,877.52 | $303,149.76 |
| Sep, 2040 | 190 | $1,402.07 | $1,167.12 | $308.33 | $2,877.52 | $301,982.64 |
| Oct, 2040 | 191 | $1,396.67 | $1,172.52 | $308.33 | $2,877.52 | $300,810.12 |
| Nov, 2040 | 192 | $1,391.25 | $1,177.94 | $308.33 | $2,877.52 | $299,632.19 |
| Dec, 2040 | 193 | $1,385.80 | $1,183.39 | $308.33 | $2,877.52 | $298,448.80 |
| Jan, 2041 | 194 | $1,380.33 | $1,188.86 | $308.33 | $2,877.52 | $297,259.94 |
| Feb, 2041 | 195 | $1,374.83 | $1,194.36 | $308.33 | $2,877.52 | $296,065.58 |
| Mar, 2041 | 196 | $1,369.30 | $1,199.88 | $308.33 | $2,877.52 | $294,865.70 |
| Apr, 2041 | 197 | $1,363.75 | $1,205.43 | $308.33 | $2,877.52 | $293,660.27 |
| May, 2041 | 198 | $1,358.18 | $1,211.01 | $308.33 | $2,877.52 | $292,449.26 |
| Jun, 2041 | 199 | $1,352.58 | $1,216.61 | $308.33 | $2,877.52 | $291,232.65 |
| Jul, 2041 | 200 | $1,346.95 | $1,222.23 | $308.33 | $2,877.52 | $290,010.42 |
| Aug, 2041 | 201 | $1,341.30 | $1,227.89 | $308.33 | $2,877.52 | $288,782.53 |
| Sep, 2041 | 202 | $1,335.62 | $1,233.57 | $308.33 | $2,877.52 | $287,548.97 |
| Oct, 2041 | 203 | $1,329.91 | $1,239.27 | $308.33 | $2,877.52 | $286,309.70 |
| Nov, 2041 | 204 | $1,324.18 | $1,245.00 | $308.33 | $2,877.52 | $285,064.69 |
| Dec, 2041 | 205 | $1,318.42 | $1,250.76 | $308.33 | $2,877.52 | $283,813.93 |
| Jan, 2042 | 206 | $1,312.64 | $1,256.55 | $308.33 | $2,877.52 | $282,557.39 |
| Feb, 2042 | 207 | $1,306.83 | $1,262.36 | $308.33 | $2,877.52 | $281,295.03 |
| Mar, 2042 | 208 | $1,300.99 | $1,268.20 | $308.33 | $2,877.52 | $280,026.83 |
| Apr, 2042 | 209 | $1,295.12 | $1,274.06 | $308.33 | $2,877.52 | $278,752.77 |
| May, 2042 | 210 | $1,289.23 | $1,279.95 | $308.33 | $2,877.52 | $277,472.82 |
| Jun, 2042 | 211 | $1,283.31 | $1,285.87 | $308.33 | $2,877.52 | $276,186.95 |
| Jul, 2042 | 212 | $1,277.36 | $1,291.82 | $308.33 | $2,877.52 | $274,895.13 |
| Aug, 2042 | 213 | $1,271.39 | $1,297.80 | $308.33 | $2,877.52 | $273,597.33 |
| Sep, 2042 | 214 | $1,265.39 | $1,303.80 | $308.33 | $2,877.52 | $272,293.53 |
| Oct, 2042 | 215 | $1,259.36 | $1,309.83 | $308.33 | $2,877.52 | $270,983.71 |
| Nov, 2042 | 216 | $1,253.30 | $1,315.89 | $308.33 | $2,877.52 | $269,667.82 |
| Dec, 2042 | 217 | $1,247.21 | $1,321.97 | $308.33 | $2,877.52 | $268,345.85 |
| Jan, 2043 | 218 | $1,241.10 | $1,328.09 | $308.33 | $2,877.52 | $267,017.76 |
| Feb, 2043 | 219 | $1,234.96 | $1,334.23 | $308.33 | $2,877.52 | $265,683.53 |
| Mar, 2043 | 220 | $1,228.79 | $1,340.40 | $308.33 | $2,877.52 | $264,343.14 |
| Apr, 2043 | 221 | $1,222.59 | $1,346.60 | $308.33 | $2,877.52 | $262,996.54 |
| May, 2043 | 222 | $1,216.36 | $1,352.83 | $308.33 | $2,877.52 | $261,643.71 |
| Jun, 2043 | 223 | $1,210.10 | $1,359.08 | $308.33 | $2,877.52 | $260,284.63 |
| Jul, 2043 | 224 | $1,203.82 | $1,365.37 | $308.33 | $2,877.52 | $258,919.26 |
| Aug, 2043 | 225 | $1,197.50 | $1,371.68 | $308.33 | $2,877.52 | $257,547.58 |
| Sep, 2043 | 226 | $1,191.16 | $1,378.03 | $308.33 | $2,877.52 | $256,169.55 |
| Oct, 2043 | 227 | $1,184.78 | $1,384.40 | $308.33 | $2,877.52 | $254,785.15 |
| Nov, 2043 | 228 | $1,178.38 | $1,390.80 | $308.33 | $2,877.52 | $253,394.34 |
| Dec, 2043 | 229 | $1,171.95 | $1,397.24 | $308.33 | $2,877.52 | $251,997.11 |
| Jan, 2044 | 230 | $1,165.49 | $1,403.70 | $308.33 | $2,877.52 | $250,593.41 |
| Feb, 2044 | 231 | $1,158.99 | $1,410.19 | $308.33 | $2,877.52 | $249,183.22 |
| Mar, 2044 | 232 | $1,152.47 | $1,416.71 | $308.33 | $2,877.52 | $247,766.51 |
| Apr, 2044 | 233 | $1,145.92 | $1,423.27 | $308.33 | $2,877.52 | $246,343.24 |
| May, 2044 | 234 | $1,139.34 | $1,429.85 | $308.33 | $2,877.52 | $244,913.39 |
| Jun, 2044 | 235 | $1,132.72 | $1,436.46 | $308.33 | $2,877.52 | $243,476.93 |
| Jul, 2044 | 236 | $1,126.08 | $1,443.10 | $308.33 | $2,877.52 | $242,033.83 |
| Aug, 2044 | 237 | $1,119.41 | $1,449.78 | $308.33 | $2,877.52 | $240,584.05 |
| Sep, 2044 | 238 | $1,112.70 | $1,456.48 | $308.33 | $2,877.52 | $239,127.56 |
| Oct, 2044 | 239 | $1,105.96 | $1,463.22 | $308.33 | $2,877.52 | $237,664.34 |
| Nov, 2044 | 240 | $1,099.20 | $1,469.99 | $308.33 | $2,877.52 | $236,194.36 |
| Dec, 2044 | 241 | $1,092.40 | $1,476.79 | $308.33 | $2,877.52 | $234,717.57 |
| Jan, 2045 | 242 | $1,085.57 | $1,483.62 | $308.33 | $2,877.52 | $233,233.95 |
| Feb, 2045 | 243 | $1,078.71 | $1,490.48 | $308.33 | $2,877.52 | $231,743.48 |
| Mar, 2045 | 244 | $1,071.81 | $1,497.37 | $308.33 | $2,877.52 | $230,246.10 |
| Apr, 2045 | 245 | $1,064.89 | $1,504.30 | $308.33 | $2,877.52 | $228,741.81 |
| May, 2045 | 246 | $1,057.93 | $1,511.25 | $308.33 | $2,877.52 | $227,230.55 |
| Jun, 2045 | 247 | $1,050.94 | $1,518.24 | $308.33 | $2,877.52 | $225,712.31 |
| Jul, 2045 | 248 | $1,043.92 | $1,525.27 | $308.33 | $2,877.52 | $224,187.04 |
| Aug, 2045 | 249 | $1,036.87 | $1,532.32 | $308.33 | $2,877.52 | $222,654.72 |
| Sep, 2045 | 250 | $1,029.78 | $1,539.41 | $308.33 | $2,877.52 | $221,115.32 |
| Oct, 2045 | 251 | $1,022.66 | $1,546.53 | $308.33 | $2,877.52 | $219,568.79 |
| Nov, 2045 | 252 | $1,015.51 | $1,553.68 | $308.33 | $2,877.52 | $218,015.11 |
| Dec, 2045 | 253 | $1,008.32 | $1,560.87 | $308.33 | $2,877.52 | $216,454.24 |
| Jan, 2046 | 254 | $1,001.10 | $1,568.08 | $308.33 | $2,877.52 | $214,886.16 |
| Feb, 2046 | 255 | $993.85 | $1,575.34 | $308.33 | $2,877.52 | $213,310.82 |
| Mar, 2046 | 256 | $986.56 | $1,582.62 | $308.33 | $2,877.52 | $211,728.20 |
| Apr, 2046 | 257 | $979.24 | $1,589.94 | $308.33 | $2,877.52 | $210,138.26 |
| May, 2046 | 258 | $971.89 | $1,597.30 | $308.33 | $2,877.52 | $208,540.96 |
| Jun, 2046 | 259 | $964.50 | $1,604.68 | $308.33 | $2,877.52 | $206,936.28 |
| Jul, 2046 | 260 | $957.08 | $1,612.10 | $308.33 | $2,877.52 | $205,324.18 |
| Aug, 2046 | 261 | $949.62 | $1,619.56 | $308.33 | $2,877.52 | $203,704.61 |
| Sep, 2046 | 262 | $942.13 | $1,627.05 | $308.33 | $2,877.52 | $202,077.56 |
| Oct, 2046 | 263 | $934.61 | $1,634.58 | $308.33 | $2,877.52 | $200,442.99 |
| Nov, 2046 | 264 | $927.05 | $1,642.14 | $308.33 | $2,877.52 | $198,800.85 |
| Dec, 2046 | 265 | $919.45 | $1,649.73 | $308.33 | $2,877.52 | $197,151.12 |
| Jan, 2047 | 266 | $911.82 | $1,657.36 | $308.33 | $2,877.52 | $195,493.76 |
| Feb, 2047 | 267 | $904.16 | $1,665.03 | $308.33 | $2,877.52 | $193,828.73 |
| Mar, 2047 | 268 | $896.46 | $1,672.73 | $308.33 | $2,877.52 | $192,156.00 |
| Apr, 2047 | 269 | $888.72 | $1,680.46 | $308.33 | $2,877.52 | $190,475.54 |
| May, 2047 | 270 | $880.95 | $1,688.24 | $308.33 | $2,877.52 | $188,787.30 |
| Jun, 2047 | 271 | $873.14 | $1,696.04 | $308.33 | $2,877.52 | $187,091.26 |
| Jul, 2047 | 272 | $865.30 | $1,703.89 | $308.33 | $2,877.52 | $185,387.37 |
| Aug, 2047 | 273 | $857.42 | $1,711.77 | $308.33 | $2,877.52 | $183,675.60 |
| Sep, 2047 | 274 | $849.50 | $1,719.69 | $308.33 | $2,877.52 | $181,955.92 |
| Oct, 2047 | 275 | $841.55 | $1,727.64 | $308.33 | $2,877.52 | $180,228.28 |
| Nov, 2047 | 276 | $833.56 | $1,735.63 | $308.33 | $2,877.52 | $178,492.65 |
| Dec, 2047 | 277 | $825.53 | $1,743.66 | $308.33 | $2,877.52 | $176,748.99 |
| Jan, 2048 | 278 | $817.46 | $1,751.72 | $308.33 | $2,877.52 | $174,997.27 |
| Feb, 2048 | 279 | $809.36 | $1,759.82 | $308.33 | $2,877.52 | $173,237.45 |
| Mar, 2048 | 280 | $801.22 | $1,767.96 | $308.33 | $2,877.52 | $171,469.49 |
| Apr, 2048 | 281 | $793.05 | $1,776.14 | $308.33 | $2,877.52 | $169,693.35 |
| May, 2048 | 282 | $784.83 | $1,784.35 | $308.33 | $2,877.52 | $167,909.00 |
| Jun, 2048 | 283 | $776.58 | $1,792.61 | $308.33 | $2,877.52 | $166,116.39 |
| Jul, 2048 | 284 | $768.29 | $1,800.90 | $308.33 | $2,877.52 | $164,315.49 |
| Aug, 2048 | 285 | $759.96 | $1,809.23 | $308.33 | $2,877.52 | $162,506.27 |
| Sep, 2048 | 286 | $751.59 | $1,817.59 | $308.33 | $2,877.52 | $160,688.67 |
| Oct, 2048 | 287 | $743.19 | $1,826.00 | $308.33 | $2,877.52 | $158,862.67 |
| Nov, 2048 | 288 | $734.74 | $1,834.45 | $308.33 | $2,877.52 | $157,028.23 |
| Dec, 2048 | 289 | $726.26 | $1,842.93 | $308.33 | $2,877.52 | $155,185.30 |
| Jan, 2049 | 290 | $717.73 | $1,851.45 | $308.33 | $2,877.52 | $153,333.84 |
| Feb, 2049 | 291 | $709.17 | $1,860.02 | $308.33 | $2,877.52 | $151,473.83 |
| Mar, 2049 | 292 | $700.57 | $1,868.62 | $308.33 | $2,877.52 | $149,605.21 |
| Apr, 2049 | 293 | $691.92 | $1,877.26 | $308.33 | $2,877.52 | $147,727.95 |
| May, 2049 | 294 | $683.24 | $1,885.94 | $308.33 | $2,877.52 | $145,842.00 |
| Jun, 2049 | 295 | $674.52 | $1,894.67 | $308.33 | $2,877.52 | $143,947.34 |
| Jul, 2049 | 296 | $665.76 | $1,903.43 | $308.33 | $2,877.52 | $142,043.91 |
| Aug, 2049 | 297 | $656.95 | $1,912.23 | $308.33 | $2,877.52 | $140,131.68 |
| Sep, 2049 | 298 | $648.11 | $1,921.08 | $308.33 | $2,877.52 | $138,210.60 |
| Oct, 2049 | 299 | $639.22 | $1,929.96 | $308.33 | $2,877.52 | $136,280.64 |
| Nov, 2049 | 300 | $630.30 | $1,938.89 | $308.33 | $2,877.52 | $134,341.75 |
| Dec, 2049 | 301 | $621.33 | $1,947.85 | $308.33 | $2,877.52 | $132,393.90 |
| Jan, 2050 | 302 | $612.32 | $1,956.86 | $308.33 | $2,877.52 | $130,437.04 |
| Feb, 2050 | 303 | $603.27 | $1,965.91 | $308.33 | $2,877.52 | $128,471.12 |
| Mar, 2050 | 304 | $594.18 | $1,975.01 | $308.33 | $2,877.52 | $126,496.12 |
| Apr, 2050 | 305 | $585.04 | $1,984.14 | $308.33 | $2,877.52 | $124,511.98 |
| May, 2050 | 306 | $575.87 | $1,993.32 | $308.33 | $2,877.52 | $122,518.66 |
| Jun, 2050 | 307 | $566.65 | $2,002.54 | $308.33 | $2,877.52 | $120,516.12 |
| Jul, 2050 | 308 | $557.39 | $2,011.80 | $308.33 | $2,877.52 | $118,504.32 |
| Aug, 2050 | 309 | $548.08 | $2,021.10 | $308.33 | $2,877.52 | $116,483.22 |
| Sep, 2050 | 310 | $538.73 | $2,030.45 | $308.33 | $2,877.52 | $114,452.77 |
| Oct, 2050 | 311 | $529.34 | $2,039.84 | $308.33 | $2,877.52 | $112,412.93 |
| Nov, 2050 | 312 | $519.91 | $2,049.28 | $308.33 | $2,877.52 | $110,363.65 |
| Dec, 2050 | 313 | $510.43 | $2,058.75 | $308.33 | $2,877.52 | $108,304.90 |
| Jan, 2051 | 314 | $500.91 | $2,068.28 | $308.33 | $2,877.52 | $106,236.63 |
| Feb, 2051 | 315 | $491.34 | $2,077.84 | $308.33 | $2,877.52 | $104,158.78 |
| Mar, 2051 | 316 | $481.73 | $2,087.45 | $308.33 | $2,877.52 | $102,071.33 |
| Apr, 2051 | 317 | $472.08 | $2,097.11 | $308.33 | $2,877.52 | $99,974.23 |
| May, 2051 | 318 | $462.38 | $2,106.80 | $308.33 | $2,877.52 | $97,867.42 |
| Jun, 2051 | 319 | $452.64 | $2,116.55 | $308.33 | $2,877.52 | $95,750.88 |
| Jul, 2051 | 320 | $442.85 | $2,126.34 | $308.33 | $2,877.52 | $93,624.54 |
| Aug, 2051 | 321 | $433.01 | $2,136.17 | $308.33 | $2,877.52 | $91,488.37 |
| Sep, 2051 | 322 | $423.13 | $2,146.05 | $308.33 | $2,877.52 | $89,342.32 |
| Oct, 2051 | 323 | $413.21 | $2,155.98 | $308.33 | $2,877.52 | $87,186.34 |
| Nov, 2051 | 324 | $403.24 | $2,165.95 | $308.33 | $2,877.52 | $85,020.39 |
| Dec, 2051 | 325 | $393.22 | $2,175.97 | $308.33 | $2,877.52 | $82,844.42 |
| Jan, 2052 | 326 | $383.16 | $2,186.03 | $308.33 | $2,877.52 | $80,658.39 |
| Feb, 2052 | 327 | $373.05 | $2,196.14 | $308.33 | $2,877.52 | $78,462.25 |
| Mar, 2052 | 328 | $362.89 | $2,206.30 | $308.33 | $2,877.52 | $76,255.96 |
| Apr, 2052 | 329 | $352.68 | $2,216.50 | $308.33 | $2,877.52 | $74,039.46 |
| May, 2052 | 330 | $342.43 | $2,226.75 | $308.33 | $2,877.52 | $71,812.70 |
| Jun, 2052 | 331 | $332.13 | $2,237.05 | $308.33 | $2,877.52 | $69,575.65 |
| Jul, 2052 | 332 | $321.79 | $2,247.40 | $308.33 | $2,877.52 | $67,328.25 |
| Aug, 2052 | 333 | $311.39 | $2,257.79 | $308.33 | $2,877.52 | $65,070.46 |
| Sep, 2052 | 334 | $300.95 | $2,268.23 | $308.33 | $2,877.52 | $62,802.23 |
| Oct, 2052 | 335 | $290.46 | $2,278.72 | $308.33 | $2,877.52 | $60,523.50 |
| Nov, 2052 | 336 | $279.92 | $2,289.26 | $308.33 | $2,877.52 | $58,234.24 |
| Dec, 2052 | 337 | $269.33 | $2,299.85 | $308.33 | $2,877.52 | $55,934.39 |
| Jan, 2053 | 338 | $258.70 | $2,310.49 | $308.33 | $2,877.52 | $53,623.90 |
| Feb, 2053 | 339 | $248.01 | $2,321.17 | $308.33 | $2,877.52 | $51,302.72 |
| Mar, 2053 | 340 | $237.28 | $2,331.91 | $308.33 | $2,877.52 | $48,970.81 |
| Apr, 2053 | 341 | $226.49 | $2,342.70 | $308.33 | $2,877.52 | $46,628.12 |
| May, 2053 | 342 | $215.66 | $2,353.53 | $308.33 | $2,877.52 | $44,274.59 |
| Jun, 2053 | 343 | $204.77 | $2,364.42 | $308.33 | $2,877.52 | $41,910.17 |
| Jul, 2053 | 344 | $193.83 | $2,375.35 | $308.33 | $2,877.52 | $39,534.82 |
| Aug, 2053 | 345 | $182.85 | $2,386.34 | $308.33 | $2,877.52 | $37,148.49 |
| Sep, 2053 | 346 | $171.81 | $2,397.37 | $308.33 | $2,877.52 | $34,751.11 |
| Oct, 2053 | 347 | $160.72 | $2,408.46 | $308.33 | $2,877.52 | $32,342.65 |
| Nov, 2053 | 348 | $149.58 | $2,419.60 | $308.33 | $2,877.52 | $29,923.05 |
| Dec, 2053 | 349 | $138.39 | $2,430.79 | $308.33 | $2,877.52 | $27,492.26 |
| Jan, 2054 | 350 | $127.15 | $2,442.03 | $308.33 | $2,877.52 | $25,050.23 |
| Feb, 2054 | 351 | $115.86 | $2,453.33 | $308.33 | $2,877.52 | $22,596.90 |
| Mar, 2054 | 352 | $104.51 | $2,464.67 | $308.33 | $2,877.52 | $20,132.22 |
| Apr, 2054 | 353 | $93.11 | $2,476.07 | $308.33 | $2,877.52 | $17,656.15 |
| May, 2054 | 354 | $81.66 | $2,487.53 | $308.33 | $2,877.52 | $15,168.62 |
| Jun, 2054 | 355 | $70.15 | $2,499.03 | $308.33 | $2,877.52 | $12,669.59 |
| Jul, 2054 | 356 | $58.60 | $2,510.59 | $308.33 | $2,877.52 | $10,159.01 |
| Aug, 2054 | 357 | $46.99 | $2,522.20 | $308.33 | $2,877.52 | $7,636.81 |
| Sep, 2054 | 358 | $35.32 | $2,533.86 | $308.33 | $2,877.52 | $5,102.94 |
| Oct, 2054 | 359 | $23.60 | $2,545.58 | $308.33 | $2,877.52 | $2,557.36 |
| Nov, 2054 | 360 | $11.83 | $2,557.36 | $308.33 | $2,877.52 | $0.00 |
Compare Monthly vs. Bi-weekly |
||
| Payment Frequency | Monthly | Bi-weekly |
|---|---|---|
| Payments / Year | 12 | 26 |
| Each Payment | $2,877.52 | $1,426.90 |
| Total Extra Payments | $0.00 | $0.00 |
| Total Interest | $474,906.66 | $379,794.56 |
| Total Tax, Insurance, PMI & Fees | $111,000.00 | $91,646.15 |
| Total Payment | $1,185,906.66 | $1,071,440.72 | Total Savings | $0 | $114,465.95 |
| Payoff Date | Nov, 2054 | Sep, 2049 |
House Loan Calculator
Thinking of buying a house? The house loan calculator is what you need to calculate the monthly payments including principal and interest payments. The house loan calculator will show you when you will pay off your mortgage, and how much interest you will pay throughout the loan.
What is a home loan?
A home loan or a mortgage loan is used to help a homebuyer to purchase a house. A home mortgage is a secured loan that uses the house as collateral. If the borrower or the homeowner defaults on the mortgage, the bank will seize the property and the house will be in foreclosure.
How does a home loan work?
With housing prices rising through the roof, most of us don't have the cash lay around to buy a house. That's when a mortgage comes in handy. The bank lends borrowers money to buy a house and in return, the borrower will repay the mortgage with interest in monthly payments. The most common terms for a mortgage are 15 years and 30 years which means the borrowers will need to make 15 or 30 years of recurring payments to pay off the mortgage.
Fixed vs. Variable Interest Rate
A fixed-interest home loan is a mortgage that has the same interest rate and monthly payments throughout the loan. A variable interest rate or ARM mortgage has a floating interest throughout the term which means your monthly payments will change periodically, it could go up or down. An ARM has a lower interest rate initially, but the rates may rise or drop later in the term. If the interest rates go up, so do your monthly payments. The risk of an ARM mortgage is that it can get out of control if interest rates rise dramatically and borrowers may be forced into default because they can't afford the large monthly payments. Proceed with caution if you choose an ARM. Do your math and make sure you can afford the monthly payments if interest rates rise in the future.
How to qualify for a home mortgage?
Applying for and getting approved for a mortgage is a tedious process, it could take 1 to 2 months. Your lender needs a lot of financial documents from you. Lenders need to verify your financial background to make sure you can afford to repay the mortgage.
Following are the things that lenders check.
Credit Score
Your credit score shows how responsible you are with your bills. The higher your credit score, the lower your interest rate. A high credit score can save you tens of thousands of dollars of interest payments. Most conventional mortgages require a minimum credit score of 620. Government-backed home loans have a lower credit score requirement.
Income
To qualify for a mortgage, you must provide income proof, such as w2-statements, tax returns, pay stubs, bank statements, and other documents to show your employment history. Lenders need to review these financial statements to see if you are financially strong to make payments and if you have enough money to cover the closing costs.
Debt-to-Income Ratio
Debt-to-Income or DTI is a ratio to check how much debt you have. The higher the DTI, the more debt you have. Banks need to see if your monthly debt is manageable relative to how much you make, and whether you are ready to take on new debt. Most lenders require their borrowers to have a DTI lower than 43%. Some lenders may still approve mortgage applications with a DTI of more than 50%, but that may come with a higher interest rate. If your DTI ratio is high, try to pay off some of your debt to lower the number before applying for a mortgage.
Down Payment
Most conventional mortgages require a down payment which is the amount a borrower pays upfront for the house he is buying. Lenders want the borrower to have a sizable down payment because the house is used as collateral for the mortgage. Conventional lenders require borrowers to put down at least 3% as a down payment. Those who have a bad credit score, lower income, or high DTI may require a higher down payment.
How to apply for a mortgage?
There are a few things to do before you go out looking for houses and applying for mortgages.
Know Your Credit Score
Get a copy of your credit report and check to see if there are any errors on your report. If you see any error, contact the 3 major credit bureaus, Equifax, Experian, and TransUnion. Knowing your credit score gives you an idea of what kind of interest rates you qualify for.
Know Your Budget
Do a comprehensive check on your finances to see what price range of a house you can afford. Remember to factor in the extra expenses that come with homeownership. Not only do you need to repay the mortgage with interest, but you will also need to pay property taxes and home insurance. You will also need to set aside some money for fixing in case something breaks in your house. The labor fee and material costs are expensive these days.
Shop For The Best Deal
Don't just go to one bank, go check the interest rates from multiple lenders. The closing costs and fee structures are different from bank to bank, you need to spend some time checking and comparing to learn which bank gives you the best interest rate and the lowest closing costs.
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