Mortgage Calculator Approval. You pay the principal, with interest, back to the lender over time through mortgage payments. If your purchase price is between $500,000 and $1,000,000, your minimum down payment is 5% of the first $500,000 and 10% of the price between $500,000 and $1,000,000.
Use our free mortgage calculator to quickly estimate what your new home will cost. Your lender will also be able to help you understand how taxes and insurance will affect monthly mortgage payments in your local area. But please understand it’s a calculator only, and the official number will be determined by a mortgage lender.
If a mortgage is for $250,000, then the mortgage principal is $250,000.
You will need to contact a mortgage lender to prequalify for a home loan. Mortgage insurance expenses—which you may have to pay if your down payment is less than 20%—are not included in this calculation. Use our fha mortgage qualification calculator to understand how your down payment impacts your loan amount and monthly payment. In order to be approved for a mortgage, you will need at least 5% of the purchase price as a down payment if your purchase price is within $500,000.
