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Frequently Asked Questions
What is included in the mortgage calculation?
The calculator includes principal and interest payments. It does not include property taxes, homeowners insurance, PMI, or HOA fees, which are typically added to your monthly payment.
How does the down payment affect my mortgage?
A larger down payment reduces your loan amount, which lowers your monthly payment and total interest paid. It may also help you avoid PMI (Private Mortgage Insurance) if you put down 20% or more.
What is a typical down payment percentage?
Traditional mortgages typically require 20% down, but many programs allow as little as 3-5% down. FHA loans allow 3.5% down, and VA loans may allow 0% down for eligible veterans.
How do I choose the right mortgage term?
30-year mortgages have lower monthly payments but higher total interest. 15-year mortgages have higher monthly payments but lower total interest and faster equity building.
What additional costs should I consider?
Consider property taxes, homeowners insurance, PMI (if applicable), HOA fees, maintenance costs, and closing costs when budgeting for homeownership.
Important Disclaimer
For informational purposes only: This calculator provides estimates and should not be considered as professional advice.
Financial disclaimer: Calculations are estimates and may not reflect actual financial products or market conditions. Consult financial advisors for investment and lending decisions.
Accuracy: While we strive for accuracy, users should verify results independently for critical decisions.