Mortgage Calculator
See what owning would cost each month. Enter a price, down payment and rate, and the estimate updates as you type — including property taxes, homeowners insurance and HOA dues, not just principal and interest.
This calculator gives estimates only. Your qualification, rate and payment depend on timing and your own circumstances, and nothing here is an offer or commitment to lend. Private mortgage insurance, which many loans with less than 20% down require, is not included.
Planning the jump from rent-to-own to a mortgage
If you are leasing a home with an option to buy, this is the number to plan around. Compare the estimate with what you pay now: if the mortgage figure is higher, the difference is roughly what you should be setting aside each month during your lease so the switch does not stretch your budget.
Try a few versions. Change the rate by half a point to see how sensitive the payment is, raise the down payment to see what extra savings buy you, or switch the term to 15 years to see the trade-off between payment and total interest. If you have not worked out a price range yet, start with the home affordability calculator.
Common questions about mortgage payments
How much do I need to put down?
Putting 20% or more down usually earns a lower rate and avoids private mortgage insurance, but many buyers put down far less. Conventional fixed-rate loans can start at 3% down, FHA loans at 3.5%, and VA loans can require no down payment for eligible veterans, service members and some surviving spouses. A second home or investment property generally needs more.
What does my monthly payment include?
The core is principal and interest. If your lender sets up an escrow account, property taxes and homeowners insurance are collected with the payment too. HOA dues are normally paid to the association separately, but they still belong in your housing budget, so this calculator adds them.
Should I choose a 15-year or 30-year loan?
A 15-year loan usually carries a lower rate and costs far less interest over its life, but the monthly payment is noticeably higher. A 30-year loan keeps the payment lower, which often matters more when you are moving from rent to ownership.
What determines my interest rate?
Lenders price risk. Your credit history, loan type, loan amount and down payment all play a part, and rates themselves move with the market every day. Improving your credit during a rent-to-own lease is one of the most direct ways to lower the rate you are offered later.
Not mortgage-ready yet?
A rent-to-own home lets you move in now and buy later, while you build credit and savings.
Explore rent-to-ownRead before you borrow
See a worked example of how far a $70,000 income goes in today's Virginia market.
Read the guide