In addition to an upfront deposit, you’ll also be required to make monthly payments for property taxes and homeowners insurance, typically bundled into your mortgage amount. Prepaid expenses and deposits: You’ll typically be required to make an upfront deposit into an escrow for your property taxes and homeowners insurance.ĭepending on your loan type and down payment amount, you may be required to purchase mortgage insurance, which usually includes an upfront payment.Taxes and government fees: These are charged by your local government.Mortgage points: If you pay for points, also known as discount points, you’ll pay more upfront in exchange for a lower interest rate and monthly payment.Other costs in this category include application fees, underwriting fees, processing fees and administrative fees. Origination fees: The lender charges these costs for “originating,” or creating your loan.When you close on your new home, your closing costs could range from 3% to 6% of the total mortgage amount. In some cases, like with a USDA loan or VA loan, no down payment is required. Other costs when buying a house Down paymentĭepending on your home loan type, a typical down payment is usually 20%, though some types of loans will let you put down less. Your payment will depend on your specific financial situation, including your property, state of residence and the lender’s particular terms and conditions. This calculator only provides an estimate. (We offer some guidelines for estimating those below.)

The calculator above can help you quickly estimate how much you might pay for monthly mortgage costs by entering the home price, down payment, loan term, interest rate and other key details. It excludes expenses like private mortgage insurance, closing costs and attorney fees.

Mortgage calculator weekly payments