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Home loan calculator

 Home loan calculator online in the USA in 2022. How to figure out a home loan yourself?

Calculation according to the property value
Calculation according to the loan amount
The best home loan calculator
Home loan amount

The amount you want to receive

50000 $
1000000 $
Home loan calculator Home loan calculator Home loan calculator Home loan calculator Home loan calculator
Home loan amount

Home loan amount

50000 $
1000000 $
Down payment

Specify the percentage of the down payment

Your home loan amount
Home loan term

Specify the desired length of the home loan

Interest rate

Choose the interest rate on the loan

1 %
10 %
Type of payments

Specify the type of payment for calculating

Fill out an application for a home loan!
Fill out an application for a home loan!

Take advantage of our home loan selection system with a free credit rating check!

What Is a Home Loan?

A mortgage loan in the United States allows you to purchase real estate with bank money. It may be a house, a townhouse, or an apartment that you can buy with bank money. Each client contributes their payments in a convenient time interval according to the mortgage payment schedule. You can take a mortgage for 10, 20, or 30 years. A mortgage in America is a reliable financial instrument that allows you to expand the possibilities of potential investors who specialize in the real estate market.

In addition, mortgage lending is a primary US financial sector. The government has created several programs to develop mortgage lending, construction, and household support. These programs include the Federal National Mortgage Association (Fannie Mae), Government's National Mortgage Association (Ginnie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac).

A home loan or mortgage is a type of secured loan issued to purchase a home. Here, the purchased property acts as collateral. In case of non-repayment of a mortgage loan, the bank has every right to take this property to pay off the mortgage debt. Once you pay off your home loan in full, you become the property owner. The most prevalent type of home loans in the US is a mortgage with a maximum term of 30 years. In second place is housing lending for 15 years. Approximately 90% of all US real estate transactions are carried out using a home loan. The amount of the down payment varies between 5-30% of the exact appraised value of the property. To find the actual cost of a loan, you can calculate it with a mortgage loan calculator. Online calculators are always available on the websites of banks, which allow you to calculate the cost of a loan and the number of monthly mortgage payments at any time.

Major Types of Home Loans

There are several types of mortgage loans in the US. The most common types of mortgages for homebuyers today are:

Standard Mortgages

It is a regular mortgage loan that the government does not back. They are also called conventional loans. Here, the mortgage lender can require you to pay private mortgage insurance, PMI, to protect themselves if you cannot meet the monthly payment schedule. Private mortgage insurance (PMI) is typically added to your mortgage payment.

To qualify for this type of mortgage, you will need a reasonably high income and a good credit score. Interest rates on conventional mortgages are lower than on other types, meaning your mortgage will cost less over the life of the loan. To get such a loan, an initial payment of at least 5% of the cost of housing is required. If your down payment is less than 20% of the property's value, you will pay an additional mortgage insurance fee (PMI). This commission will be included in monthly mortgage payments until you pay 20% of the home's purchase price.

Fixed or Floating Rate Mortgage

You may see different interest rates for loans with fixed and floating rates when comparing loan offers. If you take a fixed-rate loan, the interest rate remains the same throughout the life of the loan. For adjustable-rate mortgage (ARM), the rate is usually below the market rate, but it can move up or down. The rate on adjustable rate mortgages is affected by market conditions throughout the life of your loan, which can dramatically increase your monthly mortgage payment. The low rate of an ARM loan may seem attractive at first glance. However, a fixed-rate loan offers greater stability over the life of the loan. If interest rates suddenly drop after you get a fixed-rate mortgage and buy your home, you can apply for a mortgage refinance at a lower rate.

Interest-Only Mortgage

An interest-only loan means that only interest is paid for some or all of the loan term. The principal balance remains unchanged during the period only of interest. Here, the principal loan amount does not decrease with each payment. After the full payment of interest, it is possible to repay the principal debt in a single payment or monthly payments. Also, sometimes, it is possible to refinance the loan. It is essential to understand that interest payments are much lower than at the time of principal repayment. As soon as you pay the interest on the loan, your monthly payments will increase. Keep in mind that if you pay off the loan over the minimum payments, this will help to lower your monthly mortgage payment and loan costs.


An FHA mortgage is an insured by the Federal Housing Administration type of government loan. Getting such a loan can make life easier for young homebuyers, people with low or moderate incomes, and those with a low credit score or a higher debt relative to income.

Such loans are more affordable as they involve lower down payment. You only need 3.5% of the value of your home to get a mortgage, but you will have to pay an insurance commission until you pay 20% of the value of the house. FHA loan repayment costs are lower, and relatives or friends can make the down payment as a gift. You can use FHA loans to buy, build, or refinance homes and other real estate types.

Loan to Buy a House Outside the City

If you buy a house outside the city or in the countryside, then a loan guaranteed by the USDA is suitable for you. This type of mortgage made buying property in rural areas more affordable. Such mortgages for purchasing real estate in rural areas usually have a zero down payment. With this type of loan, repayment costs are lower, but you must pay a USDA guarantee fee and monthly mortgage insurance. Insurance can be included in monthly payment of a loan. Buying a house must be in certain areas with rural areas. USDA loan can be used to purchase single-family housing.

Mortgages for the Military and Veterans (VA)

This type of home loan is one of the active and retired US military support measures. The US Department of Veterans Affairs backs VA loans, and if your military service is eligible, it's easy to get a loan. There is no down payment required for a VA loan. Repayment costs are also lower, interest rates can be customized, and there is no monthly mortgage insurance to pay. These are the significant benefits that can save you substantial money over the life of the loan. VA loans can be made to purchase or build a new home or renovate an existing home.

Home Improvement Loan FHA 203(k)

There is a category of government loan programs designed specifically for home renovations. FHA Standard 203(k) loans are insured by the Federal Housing Administration. Under such a program, you can borrow up to 96.5% of the estimated cost of the house after the repair work. The minimum down payment is only 3.5%, but you will also have to pay monthly mortgage insurance until you pay 20% of the house's market price. Such loans can be obtained to renovate your current home or one you are about to buy. This can be a partial or major repair, as well as the arrangement and improvement of the local area.

What Is a Home Loan Calculator?

When deciding to buy real estate on credit, a potential borrower must first calculate the monthly mortgage payment to understand the level of long-term credit burden. The number of payments should not exceed a certain percentage of the potential borrower's monthly income, most often only 50%. Knowing the level of payments, a potential borrower can independently calculate the maximum mortgage amount, loan term, and overpayment. To calculate the mortgage, you need to use a special calculator.

A mortgage loan calculator is a program that contains a set of mathematical formulas and is used to determine the essential parameters of a loan. Calculating mortgage payments is the essential function of a mortgage calculator. Besides the monthly mortgage payment, the program allows you to calculate the mortgage amount, term, overpayment, and other key conditions. The mortgage cost, also measured on the mortgage calculator, is affected by the annual percentage rate on loan, possible commissions, fees, and the amount of the down payment available to the borrower. For a more accurate calculation of the mortgage calculator, it is advisable to find out the interest rate and information about the availability of commissions for a suitable loan program.

How to Use a Home Loan Calculator

Mortgage loan calculators are suitable for calculating the total cost of a mortgage. The calculation can be based on the property's value or the cost of the loan. To calculate the amount of a mortgage loan, you will need to indicate the amount of the down payment, the loan term (10-30 years), the interest rate, the date of each monthly payment, and the type of payment. Payments can be differentiated or annuity. Differentiated payments imply a constant monthly payment amount, while annuity payments decrease as the principal is paid.

For example, you want to buy a house worth $450,000, while the down payment is 30% of the amount, or $135,000. It means that the amount of the loan issued by the bank will be $ 315,000. This is the amount of the principal debt.

Let's say that the term of the mortgage loan you choose is 30 years at a rate of 5% per annum. Payments are differentiated, so the amount of monthly payments will be $875. If you choose annuity payments, then the amount of monthly payments will change. The first monthly payment will be $354, and the last monthly payment will be made in 2052.

How to Compare Lenders Using a Home Loan Calculator

The borrower can easily compare offers from different banks and choose the most suitable option using the mortgage calculator, especially if the borrower is pre-approved by multiple mortgage lenders and knows the loan terms. The mortgage calculator will help you compare bank conditions, interest rate, and monthly payments. Thus, the borrower can choose the most advantageous option for them. Loan calculators can be found on the websites of major banks and independently calculate payments on a mortgage loan in a particular bank.

What's the monthly payment for a $500 000 mortgage?

This parameter must be calculated individually. It is affected by the down payment size, the interest rate, and the loan term. The average mortgage payment in the US in 2022 is $1,374.

How do I calculate my mortgage?

You can calculate the cost of a mortgage using one of the mortgage lending calculators. You need to know the loan amount and the interest rate banks can offer you.

How do you calculate a monthly payment?

You can calculate your monthly mortgage payment with the mortgage calculator. To do this, you need to specify the loan amount, the size of the initial and interest rates, and the type of payments.

How much income do I need for a 300K mortgage?

To get a mortgage to buy a $300,000 house, you need to have a monthly income of $1,800.