Overview
The Home Loan Calculator, or House Loan Calculator, helps determine your monthly home loan payment and answer, “How much home loan can I afford?” It also tracks loan balances and details the interest and principal payments in the amortization schedule.

Types of Home Loans
1. Conventional Mortgages
    -Conforming Loans: Higher interest rates but lower overall costs, 3% down payment, and possible PMI if under 20%.
     -Jumbo Loans: For more expensive homes, competitive rates, 10-20% down payment, and higher debt-to-income ratio requirements.

2. Government-Insured Mortgages
     -FHA Loans: Low down payment and lower credit score requirements.
     -USDA Loans: No down payment for eligible rural borrowers.
     -VA Loans: For military members, no down payment, no PMI, and capped closing costs.

3. Fixed-Rate Mortgages
      -Constant interest rate over the loan term, good for budget planning, available in 15, 20, or 30-year terms.

4. Adjustable-Rate Mortgages (ARMs)
      Variable interest rates after an initial fixed period, potential savings on interest, look for rate caps to avoid financial trouble.

5. Other Home Loans
     -Construction Loans: For building a home.
     -Interest-Only Mortgages: Pay only interest for a set period.
     -Balloon Mortgages: Large payment at the end of the term.

How to Apply for a Home Loan
1. Choose a lender and apply in person, by phone, or online.
2. Provide personal, employment, and financial information.
3. Submit documents: W-2 forms, pay stubs, bank statements, tax returns, profit/loss statements (if self-employed), and Purchase and Sales Agreement.
4. The lender will review your credit report and financial history.

Using the Home Loan Calculator
   Input Specifications:
o Loan Amount: Principal loan amount.
o Loan Term: Repayment period.
o Interest Rate: Annual interest rate.
o Monthly Income: Pre-tax income for DTI ratio.
o Compounding Frequency (Advanced): How often interest is calculated.
o Extra Monthly Payment (Advanced): Additional payments to reduce loan term and interest.

    Payment Summary:
o View DTI ratio, monthly payment, total payment, and interest.
o Follow balances and payments through an amortization schedule.

Disclaimer
The Home Loan Calculator provides financial approximations for instructional purposes.
Figures are estimates based on user inputs and may not be exhaustive. Feedback for improvement is welcome.