Your mortgage payment is the same amount each month. It covers the interest first and then reduces the loan. Add property tax, homeowners insurance, PMI when it applies, and HOA fees to get the full monthly cost.

Private mortgage insurance usually applies when the down payment is small compared with the price. Federal rules let you ask the lender to cancel it once you have built enough equity, and most home loans must end it automatically at a set point, as long as your payments are current. Your loan papers show the exact points.

A shorter loan has a higher monthly payment and much less interest over its life. A longer loan lowers the monthly payment and costs more in total interest. Choose the term your monthly budget can handle, not only the smallest payment.

It does, because interest is charged on the balance that is still owed. Extra principal lowers that balance sooner, so the loan clears earlier and costs less interest. Check with your lender that extra payments go to principal and that there is no prepayment penalty.

No. Closing costs, points, and lender fees are not included, so the cash you need at signing will be more than the down payment shown here. Your lender must give you a Loan Estimate that lists these costs for your loan. Compare it with the numbers on this page.

They are estimates. The tax rate and insurance cost in the calculator are placeholders, not figures for any area. Property tax rates are set locally, so your county tax office can give you the rate for a specific home. Insurance premiums depend on the home, its location, and the coverage you choose, so get a quote from an insurer.