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A mortgage payment depends primarily on the amount borrowed, interest rate, and repayment term. Subtract your down payment from the home price to estimate the loan principal. For a fixed-rate loan, the principal-and-interest portion remains level while the mix of interest and principal changes over time.
Remember that a complete housing budget may also include property taxes, homeowners insurance, HOA dues, and mortgage insurance. Those costs can change even when the fixed-rate loan payment does not.
Example: A $400,000 home with 20% down results in a $320,000 loan. At 6.5% APR over 30 years, principal and interest are approximately $2,023 per month, excluding taxes and insurance.
Illustrative calculations are estimates, not financial advice.