It’s important to know how much your monthly payments will be before buying a home. The FastExpert mortgage calculator makes it easy.

Start by entering the price of the home you wish to buy in the “Home price” field.

For “Down payment” enter either the percentage or the amount you plan to pay at the time of the purchase. The higher this amount is, the less your monthly payment will be. This is because you will need to borrow less from the lender.

Next is “Loan type”. This is the length of the loan and is typically 30 years, but can be 20, 15, or 10.

Last is the “Interest rate”. This is the rate you have locked in from your lender once you have a home contract in hand. We have the current average rate listed but it can be higher or lower depending on who you work with.

Our mortgage calculator also includes estimated property taxes, homeowners insurance, homeowners association fees, and mortgage insurance. You can edit these amounts or ignore them as you have or don’t have that information.

This is meant to help you get an idea of what you can afford as a monthly payment based on the above factors. As always, reach out to an experienced local real estate agent for more advice and information.

There is a smart limit to how much house you should buy. If you aren’t sure how much you can afford, follow the 28-36 percent rule. This is something that many financial advisors would agree on. Generally you shouldn’t spend more than 28% of your gross income on housing and no more than 36% of your gross income should go toward total debt. This would include things like student loan payments, credit cards, medical, and mortgages.

That means that if you make $50,000/year your gross monthly income is $4,166

28% of your gross monthly income is $1,167. Meaning that is the most you should pay monthly for your mortgage

That’s a max loan amount of $185,200

There are a few options to help lower your monthly payment. Try a few of these suggestions to get that price within reach:

• Go with a longer loan - You’ll pay more interest over time but each payment will be lower.
• Choose a lower-cost home - A lower loan amount means lower payments.
• Avoid PMI - When you put down at least 20% on a home you don’t have to pay private mortgage insurance which can add hundreds to your monthly payment.
• Find a lower interest rate - You are allowed to shop around. Just be sure you read all the fine print.
• Put more money down - A larger down payment will help lower your loan amount and monthly payments.