![]() ![]() The term of your loan is simply the length of your mortgage, measured in years. When you’re ready to find a lender, check out our real-time mortgage rate table, updated daily. Source: Zillow’s mortgage rate estimator tool I recommend using Zillow’s mortgage rate estimator tool - it’s free and will give you a mostly accurate estimate to enter in this field. So you don’t want to guess wrong and mistakenly think you can’t (or can) afford a particular house. That’s because a mere 1% difference in your interest rate can change your monthly payment by as much as 10%. Your interest rate is the one number you won’t want to guess or ballpark. Depending on your loan type, some lenders will even go as low as 3%.įor a quick number, enter the amount of cash you think you’ll be able to put together by the time you purchase a home.įor a more precise number, read our article, “ How Much House Can I Afford?” By the end of that piece you’ll have a better idea of how much you can afford, which loan type is best for you, and more. So the average down payment for first-time homebuyers is now 6%. That’s because 20% is the minimum down payment to avoid having to pay for private mortgage insurance, which we’ll talk about in a bit.īut now that the average home price is nearly $350,000, most folks don’t have $70,000 cash lying around. Traditionally, a down payment is 20% of a home’s sale price. So, in order to enter the most realistic number in this field, take the listing price and multiply it by 1.03. Now, you can always just enter the current listing price of the home (i.e., the price you see on Zillow) to get some rough estimates.īut if you want to get even more precise, consider that the average home now sells for around 3% over its listing price, according to Redfin. The home value is the final selling price of the home you’re looking to buy. Note that you only have to enter the first four fields - the rest are calculated for you! Home Value Here’s a breakdown of each field in our simple mortgage calculator. ![]()
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