Determining exactly how much home you can afford is an important step in the home-buying process. Before you buy a house, you’ll need to figure out how much mortgage you can afford each month as well as how much of a downpayment you would need to avoid having to purchase PMI.
Our mortgage comparison calculator can help you compare different loans and what your monthly payment would be on each.
You can click here to download our mortgage comparison calculator – but be sure to watch the tutorial video below before you start using it! The mortgage comparison calculator is on the second tab of the spreadsheet, which includes all four of our mortgage calculators: mortgage affordability, mortgage comparison, mortgage payoff, and refinance comparison.
This video shows you how to use the mortgage comparison calculator to compare a 15-year mortgage to a 30-year mortgage and see how your monthly payment differs and how much you’d pay over the life of the mortgage.
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