Our AI-powered calculator uses industry-standard formulas and provides highly accurate estimates. However, actual loan terms may vary based on your creditworthiness, lender policies, and current market conditions. Always consult with a mortgage professional for final loan terms.

Several factors influence your mortgage rate: credit score, down payment amount, debt-to-income ratio, loan term, loan type, and current market conditions. Generally, higher credit scores and larger down payments result in better rates.

It depends on your financial situation. A 15-year mortgage typically has lower interest rates and you'll pay less interest overall, but monthly payments are higher. A 30-year mortgage offers lower monthly payments but costs more in total interest. Consider your budget, other financial goals, and risk tolerance.

Private Mortgage Insurance (PMI) is typically required when you put down less than 20% on a conventional loan. It protects the lender if you default on the loan. PMI can usually be removed once you reach 20% equity in your home through payments or appreciation.

A general rule is that your total monthly housing costs shouldn't exceed 28% of your gross monthly income. This includes principal, interest, taxes, and insurance (PITI). Consider your debt-to-income ratio, emergency savings, and other financial obligations when determining affordability.

Yes, most mortgages allow extra payments toward the principal. This can significantly reduce the total interest paid and shorten the loan term. Even small additional payments can have a big impact over time. Check your loan terms for any prepayment penalties.