Mortgage Payment Calculator
Estimate your monthly principal and interest payment based on purchase price, down payment, interest rate, and loan term.
This is an estimate for informational purposes only and does not include taxes, insurance, PMI, or HOA fees. Rates, terms, and program availability are subject to change and depend on borrower qualifications including credit score, income, assets, and property type.
What is a 2-1 Buydown?
A 2-1 buydown is a financing arrangement — often funded by seller credits — that temporarily reduces your mortgage interest rate for the first two years of the loan.
- Year 1: Rate is reduced by 2% below the note rate
- Year 2: Rate is reduced by 1% below the note rate
- Year 3+: Rate returns to the full note rate for the remaining term
The difference in payments is covered upfront — typically through a seller concession or lender credit. This can be a useful tool in markets where sellers are offering incentives, giving buyers lower initial payments while they settle in.
When it makes sense: If you expect your income to increase over time, or if current rates are temporarily elevated and you anticipate refinancing, a buydown can provide near-term payment relief.
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Estimate only. Actual buydown cost and eligibility depend on lender, loan program, and transaction terms.
Rent vs Buy Calculator
Compares the estimated total cost of renting vs. buying over a given time period. Factors in home appreciation, equity buildup, and rent increases.
Simplified estimate for illustrative purposes. Does not account for tax deductions, maintenance costs, selling costs, or investment returns on the down payment.
Refinance Break-Even Calculator
Estimates how long it takes for your monthly savings from a refinance to offset the closing costs — your "break-even point."
If you plan to stay in the home past the break-even point, refinancing may make financial sense.
Estimate only. Does not account for taxes, escrow, or changes in loan term's total interest paid.
Extra Payment / Early Payoff Calculator
See how much time and interest you could save by making additional principal payments each month. Even small extra payments can significantly reduce your total interest paid.
Estimate only. Assumes fixed rate and consistent extra payments for the life of the loan.
Debt-to-Income (DTI) Calculator
Your DTI ratio compares your total monthly debt obligations to your gross monthly income. Most conventional loan programs prefer a DTI below 45%, though requirements vary by loan type and lender.
- Front-end DTI: Housing costs only (principal, interest, taxes, insurance)
- Back-end DTI: All monthly debts including housing
DTI requirements vary by loan program and lender. This is an estimate for informational purposes only.