💰 Down Payment

The old “20% down” rule isn’t required anymore! Many buyers today qualify for loan programs with as little as 3% down, and some even offer zero down payment options for eligible borrowers.

Your down payment reduces your overall loan amount—so putting more down can lower your monthly payment or increase your buying power. A lender can help you explore which options fit your goals and budget best.

 
⏳ Loan Term

Your loan term affects both your interest rate and monthly payment.

Common options include:

30-Year Fixed: Lower monthly payment, consistent over time
15-Year Fixed: Higher monthly payment, but you pay off your home faster and save on interest
Use the calculator to see how different loan terms affect your estimated payment.

 
🏠 Loan Type

There are several types of mortgage loans, but the most common are fixed-rate and adjustable-rate (ARM) loans:

Fixed-Rate: Your interest rate and monthly payment stay the same for the life of the loan, offering long-term stability.
Adjustable-Rate (ARM): Starts with a lower rate for a set time (like a 5/1 ARM, which stays fixed for 5 years) and then adjusts annually. ARMs can be beneficial for short-term homeowners or when interest rates are expected to decline.
Your lender can help you compare which option works best for your situation.

 
📈 Interest Rate

This field is pre-filled with the current average mortgage rate, but your actual rate will depend on your credit score, down payment, loan type, and market conditions.
For the most accurate quote, connect with a local lender for personalized details.

 
🏡 Property Taxes

The calculator includes an estimated property tax rate based on the home’s value. This can vary by county or city—Friendswood, Pearland, and League City each have slightly different rates. You can adjust this in the advanced settings.

 
🔒 Home Insurance

Homeowners insurance protects your investment and is typically required by your lender. You can adjust the estimated insurance cost in the calculator’s advanced options.

 
🏘️ HOA Fees

If the home is in a neighborhood with a homeowners association (HOA), monthly fees may apply. These fees help maintain common areas and neighborhood amenities and can vary by community. Be sure to include them in your total monthly estimate.

 
⚠️ Disclaimer

This mortgage calculator is provided for educational and illustrative purposes only. Results are estimates and not a guarantee of loan terms, rates, or approval. Actual figures will vary based on your credit, loan type, and lender requirements.

💡 For personalized loan information, it’s best to speak directly with a licensed lender. I’m happy to connect you with one of my trusted local professionals.