What will your payment really be?

The calculator adds up to five parts: principal and interest on the loan, property tax, home insurance, mortgage insurance when it applies, and any HOA dues. Principal and interest come from the loan amount, the interest rate and the loan term. The other parts are estimates that you can change.

Residential property in Tennessee is assessed at 25 percent of its appraised value. The yearly tax is the assessed value divided by 100, multiplied by the combined rate per $100 set by the county, the city and, in some places, a school district. Rates differ by area, so the area list fills in an estimate that you can overwrite. The calculator applies the area's latest rate to the purchase price, but the county's appraisal and later rate changes can make a real bill different.

Closing costs typically run 2 to 4 percent of the purchase price, plus earnest money and moving costs. The calculator shows a range for your estimated cash to close: your down payment plus 2 to 4 percent of the price.

Private mortgage insurance is typically required on conventional loans when the down payment is under 20 percent. FHA loans allow a down payment as low as 3.5 percent. VA loans typically require no down payment and no monthly mortgage insurance, though a funding fee may apply. For FHA, the calculator adds HUD's 1.75% upfront premium to the loan and uses HUD's published annual premium for your loan term, loan size and down payment (HUD Mortgagee Letter 2023-05). For VA, it adds the VA funding fee for first-time use (1.25% to 2.15% depending on the down payment, per VA.gov), and veterans who are exempt can remove it under More options. These are estimates, and your lender can give you exact figures.

It is Freddie Mac's most recent weekly average 30-year fixed mortgage rate, published by the Federal Reserve Bank of St. Louis. It is an average, not a quote, so use the rate in your lender's quote when you have one.

Extra principal is money you pay toward the loan balance on top of the required payment each month. It shortens the loan and reduces the total interest. Open "More options" in the calculator to try it.

No. The calculator gives estimates only and is not a loan offer or a commitment to lend. Actual rates, taxes, insurance, mortgage insurance and fees vary. The 615 Agent is not a lender.