Mortgage Calculator

How much home can you afford?

Buying a home is an exciting but overwhelming process, so use our calculator to help determine how much you can afford to spend. 



How much should I save for my down payment before purchasing a home?

There's not one particular amount or percentage that is required as a down payment for all mortgages, so you should do some research on the pros and cons of a high vs a low down payment and be realistic with the amount you can afford to put down. Right now, the average down payment for first-time home buyers is 6%, while the average for repeat buyers is 13%.

Can I have more than one mortgage?

Yes, but there are limits to how many loans you can have at one time. Typically multiple mortgages would go towards financing multiple properties, and multiple mortgages also means higher interest rates and fees. 

What is amortization?

Amortization is the process of eliminating debt by making regular payments over a set term. When you make payments on an amortized loan, which is what mortgages are, your payment goes towards paying off both the principal amount and the interest accumulated. At first, most of your loan payments will go toward paying off interest, but towards the end of your mortgage term, most of the payments are paying off the principal. 

Is there more than one type of mortgage loan?

There are several types of mortgage loans to choose from, so it's important to research what options are best for you. Some loan options include conventional, jumbo, government-issued, fixed-rate or adjustable-rate mortgages.

What is an HOA?

An HOA, or homeowners association, is an organization made up of volunteers who make and enforce rules for a particular complex or subdivision of homes. When you purchase a property in an HOA, you automatically become a member and will be required to pay dues monthly or annually. 

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