Monthly Payment: Provide the amount you can comfortable spend every month. If you currently pay rent or have a house payment, use that. In most cases, mortgage interest is tax-deductible, lowering your yearly tax bill significantly. If, for example, you saved $2,400 in taxes per year, you could add another $200 per month to your monthly mortgage payment. This can buy you substantially more home. Down-payment: Please enter how much cash you can afford to put down on the house. For almost all home purchases, you cannot finance the entire cost of the home. You may also have to pay closing costs, which may reduce your down-payment. Interest Rate: The actual interest rate depends on your credit history, your income and the current mortgage market rates. In recent years, rates have ranged from 5% to 9% for average to good credit. If you are not sure, leave it at 6.5%. Loan Length: This calculator is based on a conventional, fixed-rate, long-term mortgage of either 15 or 30 years.