Mortgage Calculator

A free mortgage calculator helps you understand your home-buying budget by factoring in essential costs like mortgage payments, property taxes, and insurance. Whether you’re asking, “How much is a mortgage on a 300k house?” or planning for a different amount, this tool provides the clarity you need before house hunting.

Key Factors That Affect Mortgage Affordability

• Income and Budget: Your monthly income determines how much you can comfortably spend on housing. For instance, if you’re wondering about the income needed for a 500k mortgage, this tool can help you estimate affordability based on your financial profile.

• Down Payment: A larger down payment reduces your loan amount and monthly payments. For example, a 20% down payment on a $300,000 home is $60,000, lowering your obligations significantly.

• Credit Score: A good credit score secures lower interest rates, making your mortgage more affordable over time.

• Debt-to-Income (DTI) Ratio: Banks prefer a DTI under 36%, meaning your total monthly debt, including the mortgage, should not exceed 36% of your income.

• Loan Type and Terms: Different loan types have varying down payment and credit score requirements:

  • Conventional Loans: 620+ credit score, 3% down

  • FHA Loans: 580+ credit score, 3.5% down

  • VA Loans: 0% down for military members

  • USDA Loans: 0% down in rural areas