Purchase Price and Down Payment Mortgage Calculator
If you’re buying a home, the down payment will be the portion of the cost of the house that you pay up front. After the down payment, the remaining balance of the cost of the home is generally lent to the buyer by a bank or mortgage company and then paid off over time by the buyer. While a common down payment amount is 20% of the purchase price of a home, down payments are often more or less than 20% of the purchase price. The percent of the purchase price of a home that is paid as a down payment will impact the monthly payment amount on your mortgage. By using the house down payment calculator below you’ll be able to determine what your monthly mortgage payment will be based on your down payment amount under scenarios you select, using a fixed rate mortgage loan.
Please note that the calculator tool provided is for informational purposes only and does not reflect any specific mortgage or home equity line of credit offered by Leader Bank or any specific terms that may be available for such products. For information on available Leader Bank products and services, please contact a Leader Bank loan officer directly. Examples of monthly payment amounts shown in calculators may not include taxes, insurance or any condominium or HOA fees applicable; as such your total monthly housing payment would be higher.
What is a Down Payment on a House?
As mentioned above, a down payment is the portion of the total purchase price of a home that is paid by the buyer up front. The down payment amount is commonly expressed as a percentage of the total purchase price.
What are Closing Costs When Buying a Home?
Closing costs when purchasing a home are the other up front payment buyers have to make besides the down payment. As the name suggests, closing costs are paid at closing and usually include a range of fees and costs including homeowner’s insurance, title insurance, inspection fee, appraisal fee, survey fees, and any points the homebuyer is paying on their loan. When determining how much money you have available to put down on a home it’s important to include closing costs in your calculation in addition to your down payment.
How to Use Our Home Down Payment Calculator
Want to get a sense of your monthly payment will look like based on your down payment amount? Simply enter the expected purchase price of your home, down payment amount, loan term, interest rate, annual property taxes, annual home insurance and any monthly HOA fees if applicable, and you’ll receive a full report outlining your total monthly payment and more.
