The arithmetic, with nothing hidden in it.
Three tools. All of them illustrative, all of them showing their working, none of them a quote.
Every figure on this page is illustrative. Nothing here is an offer, a rate we hold, or a prediction. Read the disclosures.
Monthly principal and interest
The part of a mortgage payment that is actually the mortgage. Taxes, insurance, mortgage insurance and HOA dues sit on top and vary far too much by address for a national figure to mean anything.
10.0% of the price
A worked number, not a quote or an offer.
Principal and interest, monthly
$0
Property tax, homeowners insurance, any mortgage insurance and any HOA dues sit on top of this figure. They vary far too much by address for a national number to mean anything.
- Loan amount
- $0
- Loan to value
- 0%
- Total interest over the term
- $0
- Total of payments
- $0
Below 20% down, a conventional loan normally carries private mortgage insurance until you reach 20% equity. It is not in the figure above.
Working backwards from a payment
Most people know what they can pay each month long before they know what they can buy. This runs the arithmetic the other way round.
A payment that size supports roughly
$0
- Loan amount
- $0
- Down payment as a share
- 0%
Lenders do not decide affordability from a payment. They decide it from a debt to income ratio across every debt you carry, and from the full payment including taxes and insurance. Treat this as an upper bound on the mortgage part alone.
What a longer term actually costs
Stretching a loan from 15 years to 30 lowers the payment. Here is the other half of that sentence, on the same numbers.
A shorter term normally prices lower than a longer one. Both figures here are yours to change, because both are illustrative.