What is the mortgage payment on a $400,000 home? ▼
With 20% down ($80,000), a $320,000 loan at 6.8% for 30 years = approximately $2,094/month for principal and interest. Add property tax (~$400/mo) and insurance (~$100/mo) for a total of ~$2,594/month. Use our calculator above for your exact numbers.
Is a 15-year or 30-year mortgage better? ▼
A 15-year mortgage saves you tens of thousands in interest (often $100,000+) and you own your home in half the time. But payments are ~40-50% higher. A 30-year mortgage has lower monthly payments giving you more cash flow flexibility. Use our comparison tab to see the exact difference.
When should I refinance my mortgage? ▼
Refinancing makes sense when: (1) you can lower your rate by at least 0.75-1%, (2) your break-even point is under 3 years, and (3) you plan to stay in the home long enough to recoup closing costs. Use our Refinance tab to find your exact break-even month.