The typical rule of thumb is to pay 5-20 percent of the home's price as your down payment. Your down payment reduces the total amount of your mortgage loan, so the more money you put down, the lower your payments will be - or the more expensive a house you can buy.
Your loan program can affect your interest rate and monthly payments. Choose from 1 - 5 year fixed in the calculator.
There are several types of mortgage loans, but the most commonly used are fixed-rate and adjustable-rate loans. Fixed-rate loans have the same interest rate for the entire duration of the loan. That means your monthly payment will be the same. Two benefits to this loan type are stability, and being able to calculate your total interest up front. Variable-rate mortgages have interest rates that can change over time. Typically they start out at a lower interest rate than a fixed-rate loan, and hold that rate for a set number of years, before changing interest rates from year to year.
This field is pre-filled with the current average mortgage rate. Your actual rate will vary based on factors like credit score and down payment.
The mortgage payment calculator includes estimated property taxes based on the home's value. You can edit this in the advanced options.
Home insurance or homeowners insurance is typically required by lenders, depending on the loan program. You can edit this number in the mortgage calculator advanced options.
The Strata Fee, or maintenanc fee, is an amount of money that must be paid monthly by owners of strata properties, and the strata collect these fees to assist with maintaining and improving properties in the association.
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