If you’re thinking about buying a home, we can help you estimate your monthly mortgage payment.
Designed to make home buying more affordable. Put 1% down, and Rocket Mortgage covers an additional 2%.
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How accurate is Rocket’s mortgage calculator?Our mortgage calculator provides results based on the numbers you enter and is for estimation purposes.
Your numbers can (and likely will) change slightly between the time you apply and the time your loan closes. For example, we may need to change your loan amount after you find a home or after we get the appraisal report.
The best way to get a better idea of what’s possible is to talk to us.
How much do I need for a down payment?A down payment of 20% or more used to be the standard but not anymore.
While a 20% down payment will probably get you the best interest rates and the most loan options, there are a variety of low down payment options available.
You may be able to buy a home with as little as 1% to 3% down. If you qualify for a VA loan, you may not have to put any money down, although you will be responsible for closing costs.
How is my interest rate determined?Your interest rate is the percentage you pay to borrow money from a lender.
There are several factors that determine your interest rate, including your loan type, loan amount, down payment amount and credit history. Interest rates are also determined by market trends and can change frequently.
What’s included in my mortgage payment?A typical monthly mortgage payment includes four things: principal (or loan balance), interest, taxes and insurance. These are commonly referred to as PITI.
Principal/Loan Balance: The amount you borrow from your lender to buy your home. It’s factored into your monthly payment and paid off throughout the life of your loan.
Interest: The percentage you pay to borrow money from a lender. Your mortgage interest rate might be fixed or variable.
Taxes: The amount you pay in property taxes is based on a percentage of your property value, which can change from year to year. The actual amount you pay depends on several factors including the assessed value of your home and local tax rates.
Insurance: Lenders typically require you to purchase homeowners insurance. The coverage you’re required to purchase may vary by location. For example, if you live in a flood zone or a state that’s regularly impacted by hurricanes, you may be required to buy additional coverage. If you live near a forest area, you may need additional hazard insurance.
Note: This calculator doesn’t include mortgage insurance or guarantee fees. Those could be part of your monthly mortgage payment depending on your financial situation and the type of loan you get.
What’s the best kind of home loan to get?The best loan is the one that’s best for your situation. This will depend on a few things:
If you still have questions, our Home Loan Experts are here to help. They will work to find the best mortgage options for you.
A Home Loan Expert will review your information and get you an estimate of what you could spend on a home — all without affecting your credit.
Get expert helpDid you know you can qualify as a first-time home buyer if you haven’t owned a home in 3+ years? Our experts are here to guide you.
Find your homeYour dedicated team will be with you every step of the way, answering questions and getting you the best loan options.
²Client will be required to pay a 1% down payment, with the ability to pay a maximum of 3%, and Rocket Mortgage will cover an additional 2% of the client’s purchase price as a down payment, or $2,000. Maximum grant amount is $7,000. Offer valid on primary residence, conventional loan products only. Maximum loan amount of $350,000. Cost of mortgage insurance premium passed through to client effective January 2, 2024. Offer valid only for home buyers when qualifying income is less than or equal to 80% area median income based on county where property is located. Not available with any other discounts or promotions and cannot be retroactively applied to previously closed loans or loans that have a locked rate. This is not a commitment to lend. Rocket Mortgage reserves the right to cancel/modify this offer at any time. Additional restrictions/conditions may apply.
³Client will receive a 1 point (1.000) loan level price adjustment (LLPA) credit on HomeReady and Home Possible purchase loans locked on or after January 2, 2024. One point (1.000) is equal to 1% of the loan amount. Minimum credit amount will be $2,000. Maximum loan amount is $350,000. Offer is not available with any other discounts or promotions. Offer cannot be retroactively applied to previously closed loans or loans already in process; offer is not transferable. Rocket Mortgage reserves the right to cancel/modify this offer at any time. Additional restrictions/conditions may apply. This is not a commitment to lend.
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