USE this page to determine the monthly payment on your new home, as well as the total amount of interest you'll pay over the life of your mortgage. You may be surprised to find that, in many cases, you'll pay more in interest than you pay for the house itself!
Using the calculator as a "What If" tool, you can investigate scenarios like these:
- What's the difference in monthly payment between a 15-year and a 30-year mortgage? (You may be surprised!) How does the shorter term affect the total amount of interest you pay?
- How does a drop in interest rate of a quarter of a percentage point affect the monthly payment and the total amount of interest you will pay?
- How much will you save in interest if you can find another $5000 for the down payment?