Understanding your mortgage options is the first step toward confident homeownership. Whether you're buying your first home or moving up, here’s what you need to know:

 
Down Payment
Your down payment plays a big role in your mortgage. While 20% is the traditional standard, many loan programs allow as little as 3.5% down.
Pro Tip: The more you put down, the smaller your loan, which means lower monthly payments or the ability to afford a higher-priced home.

 
Loan Term
Choose a loan term that fits your financial goals.

30-year fixed: Lower monthly payments
15-year fixed: Pay off your home faster with less interest over time
Explore different loan terms using our calculator to find what works best for you.
 
Loan Type
There are two popular mortgage types:

Fixed-Rate Loans: Lock in a rate that never changes. Enjoy predictable monthly payments and long-term stability.
Adjustable-Rate Mortgages (ARMs): Start with a lower rate for a few years (like 5 or 7), then adjust annually. Ideal if you plan to move or refinance before the rate adjusts.
Our calculator helps you explore both options so you can make the smartest move.

 
Interest Rate
Your interest rate will depend on your credit score, down payment.
We pre-fill the calculator with average rates, but you can adjust it to match your real quote from a lender.

 
Property Tax Rate
Property taxes are based on your home’s value and local tax rates. The calculator estimates this for you, or you can feel free to customize it using the advanced options.

 
Home Insurance
Most lenders require homeowners' insurance to protect your investment. You can edit this cost in the calculator to get the most accurate payment estimate.

HOA Fees
If your new home is in a community with a Homeowners Association (HOA), you’ll pay monthly dues for community upkeep. Add this to your estimate for a full picture of your costs.

Try our Mortgage Calculator today and take the guesswork out of your payments.

1. How accurate is the mortgage calculator?
Our mortgage calculator provides a close estimate based on the information you input. For the most accurate numbers, we recommend speaking with a mortgage professional who can tailor figures to your credit score, income, and loan type.

2. What factors affect my monthly mortgage payment?
Your monthly payment is influenced by the home price, down payment, loan term, interest rate, property taxes, home insurance, and any HOA fees. The calculator takes all these into account.

3. What’s the difference between fixed-rate and adjustable-rate mortgages?
A fixed-rate mortgage has the same interest rate for the life of the loan, providing stability. An adjustable-rate mortgage (ARM) begins with a lower rate that adjusts over time, making it ideal for short-term stays or future refinancing plans.

4. How do I know what loan term is best for me?
A 30-year loan means lower monthly payments, but you pay more in interest over time. A 15-year loan has higher monthly payments but less interest overall. The best option depends on your budget and goals.

5. Can I speak with someone to get pre-approved?
Absolutely! At HomeSmart, we partner with trusted lenders who can walk you through pre-approval and help you secure the best loan for your needs. Contact us today to get started!