Home Loan Calculator | Plan Your Property Financing

A larger down payment reduces your loan amount, resulting in lower monthly payments and less interest paid over time. Additionally, a down payment of 20% or more typically allows you to avoid private mortgage insurance (PMI), which can save you hundreds of dollars monthly.

A 15-year loan typically offers lower interest rates and significantly reduces total interest paid, but requires higher monthly payments. A 30-year loan provides lower monthly payments, making homes more affordable, but results in substantially higher interest paid over time. Your choice should balance monthly affordability with long-term cost.

Making extra payments toward the principal can dramatically reduce the total interest paid and shorten your loan term. Even small additional monthly payments (like $100-200 extra) can save tens of thousands in interest and cut years off your mortgage.