first time buyer mortgage calculator how much can i borrow


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  • What is a mortgage calculator?

    Using NerdWallet’s mortgage calculator lets you estimate your mortgage payment when you buy a home or refinance. You can change loan details in the calculator to run scenarios. The calculator can help you decide:

  • How do I choose a home loan term length?

    The calculator can help you decide: The home loan term length that’s right for you. 30-year fixed-rate mortgage lower your monthly payment, but you’ll pay more interest over the life of the loan. A 15-year fixed-rate mortgage reduce the total interest you'll pay, but your monthly payment will be higher. c

  • How does a mortgage lender calculate the amount of money you can borrow?

    An important metric that your mortgage lender uses to calculate the amount of money you can borrow is the DTI ratio — comparing your total monthly debts (for example, your mortgage payments, including insurance and property tax payments) to your monthly pre-tax income.

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