1. Enter the price of the home you’re buying, and also enter the down payment.
2. Enter different mortgage options, such as the length of the loan (years) as well as the loan rate.
3. Press ‘Calculate’
You’ll be shown what your monthly payment will be as well as the total cost of the loan.
You should also make sure to take into account mortgage insurance, house insurance, property taxes, and homeowner association fees in your calculation to understand the true cost of the home you are buying.