What would the monthly payment actually be?
Put in a price and a rate, then set three down payments you want to compare. You'll get an estimated monthly cost for each, with taxes, insurance, mortgage insurance and HOA dues included rather than left out. These are estimates, and your real loan file changes them.
Every field starts empty. Enter only the numbers you want to compare. This page does not supply a rate, down payment, term or payment.
The down payment changes more than the down payment.
Put less down and the loan is bigger. Put more down and you need more cash at closing. Set each column to whatever you want to compare, including the mortgage insurance, since whether you pay any and how much depends on the loan you end up with rather than on anything a calculator can decide.
| Line item | Scenario 1 | Scenario 2 | Scenario 3 |
|---|---|---|---|
| Enter a home price, rate, term and three down payment choices, then run the comparison. | |||
Required: home price, interest rate, loan term and one down payment percentage for each scenario.
What this can and cannot tell you
These are estimates built from numbers you typed. They are not a quote, a pre-approval, or an offer of credit. Nothing here states a rate, a down payment or a mortgage insurance figure that any program requires or that anyone has offered you, because those come from your file rather than from a page.
Tareq will not quote a loan amount, a monthly payment or a rate before he has read the whole file. What a calculator is good for is showing you which questions to ask.
Run it against your real file
Tareq or someone on his team will go through the numbers with you. The first call is free and takes about 15 minutes.
About this estimate.
- Why can the loan amount be bigger than the price minus the down payment?
- Some loans add a one-time fee to the amount you borrow instead of asking you to pay it at closing. The fee field in each column is there for that, and it starts at zero. Set it if you want to see the effect.
- What should I put in the mortgage insurance field?
- Whatever you want to test. Whether you pay mortgage insurance at all, and at what rate, depends on the loan you end up with, your credit and the insurer. This page does not decide it for you, and nothing here is a rate anyone has quoted you.
- Can you tell me my actual payment?
- Not from a calculator. A real number needs your income, credit, debts, assets and the specific property. That is a short conversation, and the first one is free.