Calculate for the Cost of Homeownership

October 04, 2019

What's the real cost of owning a home? It's more than just your monthly mortgage payment.

To help you navigate what you can afford, we've compiled a list of calculators to evaluate the various financial factors that go into buying a home. Use these tools to compare costs and create a budget for your path to homeownership.

Start crunching numbers!

Preparing for Homeownership

  • Rent vs. Buy
    Map out the financial differences between renting and homeownership. This calculator will show you not only the difference in payments, but also the total cost of each option.
  • How Much Can You Afford?
    Calculate how much home you may be able to afford with a set down payment and your monthly mortgage payment budget combined with a specific interest rate.
  • How Much Can You Borrow?
    Learn how much you might be able to qualify for by inputting income, monthly debt payments and responsibilities, and desired home loan information.

All About Mortgages

  • Fixed or Adjustable-Rate?
    Understand the financial differences between the fixed- and adjustable-rate mortgage by calculating a monthly mortgage payment for each of the FRM/ARM loan terms.
  • 15-year or 30-year Term?
    Determine which term makes the most sense for your lifestyle by learning how a different term affects your monthly mortgage payment and overall cost of the loan.
  • Mortgage Insurance
    This tool estimates your monthly payment for private mortgage insurance over a range of down payments and can help you understand how to reduce mortgage insurance.

Purchasing a Home

  • Closing Costs
    Estimate your mortgage closing costs for a given set of loan terms.
  • Down Payments
    Consider the cost of your monthly homeownership payment by comparing different down payment options.
  • Paying Points
    Find out how paying extra points in exchange for a lower interest rate can impact your monthly mortgage payment.

Remember, these calculators are intended to provide guidance and help you determine the best option for you personally and financially. Be sure to contact a trusted real estate professional – including a lender, financial advisor, and housing counselor – for precise calculations related to your specific situation. For our full list of calculators and more information on buying a home visit My Home by Freddie Mac®.