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On an $80,000 salary ($6,667/mo gross), lenders typically approve a home price between $240,000 and $320,000 using the 28/36 rule. Your exact limit depends on existing debts, down payment, current rates, and credit score. The Home Affordability Calculator above includes estimated property tax and insurance for a more realistic figure.

At 7% on a 30-year term, the principal and interest on a $300,000 mortgage is approximately $1,996/month. Adding property tax (~$375/mo) and homeowners insurance (~$115/mo) brings your total PITI to roughly $2,486/month. Use the Mortgage Calculator above to enter your exact figures and see the full breakdown.

Buying typically becomes the better financial choice after 5-7 years in most US markets. Whether it makes sense for you depends on local home prices, your planned length of stay, and your financial situation. Use the Rent vs Buy Calculator with your actual numbers — it will calculate your exact break-even year.

Closing costs typically range from 2% to 5% of the loan amount. On a $300,000 home with 10% down, expect $5,400 to $13,500. Costs vary significantly by state — New York, Maryland, and Washington add substantially more in transfer taxes. Use the Closing Costs Estimator for a state-specific itemised breakdown.

Savings depend on how much your rate drops and how long you stay. A 1% rate reduction on a $320,000 loan saves roughly $213/month in principal and interest. If closing costs are $4,000, you break even in about 19 months. Use the Refinance Savings Calculator to see your exact break-even month and total lifetime savings.

Private Mortgage Insurance (PMI) is required on conventional loans with less than 20% down. It typically costs 0.5%-1.5% per year of the loan amount. You can request cancellation once your equity reaches 20% (80% LTV), and lenders are legally required to cancel it automatically at 78% LTV under the Homeowners Protection Act. The Home Equity Calculator tracks when you hit these thresholds.

On a $320,000 30-year mortgage at 7%, an extra $200/month removes approximately 6 years from your loan and saves roughly $119,000 in total interest. Use the Extra Payment Calculator with your exact loan details — you can also model annual lump sums and one-time paydowns.

The 28/36 rule is a standard lending guideline: your monthly housing costs (PITI) should not exceed 28% of gross monthly income, and your total monthly debts should not exceed 36%. Many lenders will approve up to 43% back-end DTI for well-qualified borrowers with strong credit and reserves.

Home equity equals your current home value minus your remaining mortgage balance. If your home is worth $450,000 and you owe $280,000, your equity is $170,000 or about 37.8% of value. The Home Equity Calculator computes your current balance from your original loan terms and estimates your available HELOC credit line at 85% combined LTV.

20% is the traditional target because it avoids PMI and produces the lowest monthly payment. But many buyers successfully purchase with 3%-5% down on conventional loans, or 3.5% with FHA. VA and USDA loans allow 0% for eligible borrowers. The Down Payment Calculator compares the exact monthly payment and time-to-save at every tier from 3% to 20%.

Most conventional loans require a minimum credit score of 620, though the best rates go to borrowers at 740 or above. FHA loans allow scores as low as 580 with 3.5% down. VA and USDA loans have no official minimum but lenders typically require 620+. Use the Home Affordability Calculator to see how your rate — which is heavily influenced by your score — affects your buying power.

A 15-year mortgage saves significantly on total interest — often $100,000 or more on a $300,000 loan — but the monthly payment is roughly 40% higher. A 30-year gives you lower payments and more monthly flexibility. If you can comfortably afford the 15-year payment, it builds equity faster and eliminates the loan sooner. Use the Payment Schedule calculator to compare total interest paid on both terms at your exact loan amount.

A minimum 3% down on a $400,000 home is $12,000 on a conventional loan. To avoid PMI you need 20%, which is $80,000. FHA requires 3.5% ($14,000). VA and USDA allow 0% for eligible buyers. The Down Payment Calculator shows your exact monthly payment at every tier and estimates how long it will take to save each amount at your current savings rate.

Most lenders offer a 15-day grace period after the due date. After that, a late fee applies — typically 3–5% of the payment amount. After 30 days the missed payment may be reported to credit bureaus. After 90–120 days the lender can begin foreclosure proceedings. Contact your lender immediately if you expect to miss a payment — most offer hardship and forbearance programs.

Refinancing typically makes financial sense when you can reduce your rate by at least 0.5% and plan to stay in your home long enough to break even on closing costs. On a $300,000 loan, a 1% rate reduction saves roughly $170 per month. If closing costs are $4,000, your break-even point is about 24 months. Use the Refinance Savings Calculator to find your exact break-even month and total lifetime savings at any rate scenario.

A Home Equity Line of Credit (HELOC) lets you borrow against your home equity at a variable interest rate, typically up to 85% of your home value minus your remaining mortgage balance. For example, if your home is worth $500,000 and you owe $280,000, your available HELOC credit could be up to $145,000 (85% of $500,000 minus $280,000). Use the Home Equity Calculator to see your estimated HELOC limit.

Extra payments go directly to principal, which reduces the balance you pay interest on — compounding the savings over time. On a $320,000 30-year loan at 7%, an extra $100/month saves roughly $53,000 in interest and cuts 4 years off the loan. An extra $300/month saves about $112,000 and removes 8 years. Use the Extra Payment Calculator to model any combination of monthly, annual, and lump-sum extra payments on your exact loan.

An amortization schedule is a table showing every monthly payment for the life of your loan, split between principal (the amount reducing your balance) and interest (the bank's fee). In the early years of a 30-year mortgage, over 80% of each payment goes to interest. By the midpoint, the split is roughly even. The Payment Schedule Calculator generates your full schedule, showing exactly how much equity you build each month and when your loan pays off.

Every additional dollar you put down reduces your loan amount and therefore your monthly payment. Going from 5% to 20% down on a $400,000 home reduces your loan by $60,000. At 7% on a 30-year loan, that lowers your monthly P&I by about $399 and eliminates approximately $490/year in PMI costs — a combined monthly saving of roughly $440. The Down Payment Calculator compares the exact payment at every tier from 3% to 20% down.

Standard homeowners insurance covers your dwelling, personal property, liability, and additional living expenses if your home becomes uninhabitable. It does not cover floods or earthquakes — those require separate policies. Rates vary significantly by state (Oklahoma, Kansas, and Texas have the highest premiums due to storm risk), home age, construction type, and your deductible. Always get at least three quotes. The Home Insurance Estimator gives you a ballpark range for your state and home type before you start shopping.