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Standard amortization formula used for fixed-rate mortgage and loan calculations.
Increasing your down payment to 20% eliminates PMI, potentially saving $150-$200/month.
Shopping around with just 3 lenders can save you over $3,500 on your mortgage over its lifetime.
Most lenders require a minimum of 3-5% down for conventional loans, but putting 20% down eliminates Private Mortgage Insurance (PMI) which can save you $100-$300/month. FHA loans allow as low as 3.5% down with a credit score of 580+. The ideal amount depends on your financial situation — use our Down Payment Calculator to find the right target.
Every 1% increase in interest rate raises your monthly payment by roughly $60-$70 per $100,000 borrowed on a 30-year mortgage. For example, on a $350,000 loan, the difference between 6% and 7% is about $230/month — or over $83,000 in total interest over the life of the loan.
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. PMI typically costs 0.5%-1.5% of the original loan amount per year. You can avoid PMI by: putting 20% down, using a VA loan (no PMI required), requesting PMI removal once you reach 20% equity, or refinancing once your home appreciates.
Property tax is calculated by multiplying your home's assessed value by your local tax rate (mill rate). The assessed value is typically 80-100% of market value depending on your county. Average US property tax rates range from 0.28% (Hawaii) to 2.49% (New Jersey). Most homeowners pay between $2,000-$6,000 per year.
A 15-year mortgage has higher monthly payments but saves significantly on total interest — often 50-60% less than a 30-year loan. A 30-year mortgage offers lower monthly payments and more flexibility. Choose 15-year if you can comfortably afford the payment; choose 30-year if you want lower obligations and plan to invest the difference.