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20 year mortgage calculator with pmi8/8/2023 ![]() ![]() The most common are 15 and 30 years, but 10- and 20-year loans are also available. Loan Terms: Select the length of your desired loan from the drop-down list.You can get rates from MoneyGeek’s daily mortgage rates report or obtain quotes from individual mortgage lenders. Interest Rate: Enter the loan’s interest rate.The calculator uses this amount to set the loan amount. Down Payment: You can enter the down payment as either a dollar amount or a percentage of the purchase price.Or click “Enter a loan amount instead” to find a loan payment without worrying about the other elements. Home Price: You can input the maximum home price you’re considering and let the calculator determine the loan amount.Enter these numbers in the tool above to estimate your overall mortgage costs. To use MoneyGeek's mortgage calculator, you'll need to provide a few simple numbers to determine your home costs. How to Use the MoneyGeek Mortgage Calculator Paying off a mortgage early: Under the “Schedule” tab, input one-time, annual or monthly prepayments to see how they reduce your costs and repayment time.You can see the allocation of your total payments at any point in time and the total costs over the life of the loan. The total cost/interest of the loan: Click the “Schedule” tab and move the slider to see how your loan balance falls over the life of the loan.But the monthly payment is higher and might not be affordable to you. A 15-year loan, for instance, has a lower interest rate and much lower total interest costs than a 30-year loan. Deciding what type of mortgage to get: Mortgage programs offer a combination of advantages and drawbacks. ![]() And by clicking the “Affordability” tab, you’ll see if the home is affordable to you based on typical mortgage lender guidelines.
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