Question 1

How much down payment do I need for a mortgage?

Accepted Answer

Down payment requirements vary by lender and loan type. Conventional loans typically require 5-20% down, while FHA loans may accept as low as 3.5%. A larger down payment reduces your monthly payment and may help you avoid private mortgage insurance (PMI).

Question 2

What is included in a monthly mortgage payment?

Accepted Answer

A monthly mortgage payment typically includes principal (the loan amount), interest, property taxes, and homeowners insurance — often called PITI. This calculator focuses on principal and interest. Your actual payment may be higher when taxes and insurance are included.

Question 3

How does the interest rate affect my mortgage?

Accepted Answer

The interest rate significantly impacts both your monthly payment and total cost. For example, on a $200,000 mortgage over 25 years, a 1% increase in the rate can add hundreds to your monthly payment and tens of thousands to the total interest paid.

Question 4

Should I choose a 15-year or 30-year mortgage?

Accepted Answer

A 15-year mortgage has higher monthly payments but lower total interest and a faster payoff. A 30-year mortgage offers lower monthly payments but costs more in total interest. Choose based on your budget, financial goals, and how long you plan to stay in the home.

Calculadora de Hipoteca

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