MORTGAGE CALCULATOR
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Mortgage Help
Down Payment
The typical rule of thumb is to pay 20 percent of the home's price as your down payment, although some mortgage loans require as little as 3.5 percent down. Your down payment reduces the total amount of your mortgage loan, so the more money you put down, the lower your payments will be - or the more expensive a house you can buy.
Loan Term
Your loan program can affect your interest rate and monthly payments. Choose from 30-year fixed, 15-year fixed, and more in the calculator.
Loan Type
There are several types of mortgage loans, but the most commonly used are fixed-rate and adjustable-rate loans. Fixed-rate loans have the same interest rate for the entire duration of the loan. That means your monthly payment will be the same, even for long-term loans, such as 30-year fixed-rate mortgages. Two benefits to this loan type are stability, and being able to calculate your total interest up front. Adjustable-rate mortgages (ARMs) have interest rates that can change over time. Typically they start out at a lower interest rate than a fixed-rate loan, and hold that rate for a set number of years, before changing interest rates from year to year. For example, if you have a 5/1 ARM, you will have the same interest rate for the first 5 years, and then your interest rate will change from year to year. The main benefit of an adjustable-rate loan is starting off with a lower interest rate.
Interest Rate
This field is pre-filled with the current average mortgage rate. Your actual rate will vary based on factors like credit score and down payment.
Property Tax Rate
The mortgage payment calculator includes estimated property taxes based on the home's value. You can edit this in the advanced options.
Home Insurance
Home insurance or homeowners insurance is typically required by lenders, depending on the loan program. You can edit this number in the mortgage calculator advanced options.
HOA Fees
A homeowners association fee (HOA fee) is an amount of money that must be paid monthly by owners of certain types of residential properties, and HOAs collect these fees to assist with maintaining and improving properties in the association.
The Homecoming Queen of reasons to refinance. It's refinancing time when you've built up some serious home equity over the years. Maybe you're dreaming of a new kitchen fit for a gourmet chef? Perhaps an underground home theater? We'll cash you out.
Shorten loan term
Refinance and go from a 30-year to a 15-year loan term. You’ll be mortgage-free a lot faster this way.
Switch mortgage type
Getting kind of bored with your current loan? Refinance and switch it up – go from adjustable to fixed, conventional to FHA, whatever you want.
Stable payments
Tired of your adjustable-rate mortgage payment going on a rollercoaster ride every year? Refinance to a fixed-rate for predictable, stable monthly payments.
Consolidate debt
Stuck under a mountain of high-interest debt? Debt doesn’t mean forever. By cash-out refinancing, you can consolidate other higher-interest debt like credit cards into one loan with your mortgage’s lower rate.
Lower interest rate
If you own a property and rates lower, it’s go-time. By securing a lower interest rate, you can reduce your monthly mortgage payments and save a ton of money over the life of the loan. Talk about some serious long-term savings.
