Have questions about our mortgage calculator? Need assistance with your calculations? We're here to help!
Our mortgage calculator provides a good estimate of your monthly payments based on the information you enter. However, actual mortgage terms may vary based on your credit score, lender policies, and other factors. We recommend using the calculator as a planning tool and consulting with a mortgage professional for specific details.
Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20% of the home's purchase price. It protects the lender in case you default on your loan. Once you've built up 20% equity in your home, you may be able to cancel PMI, potentially saving you money on monthly payments.
There are several ways to lower your monthly payment: making a larger down payment, extending your loan term, finding a lower interest rate, improving your credit score before applying, or refinancing your mortgage when rates drop. Our calculator can help you see how changes to these factors affect your payment.