MORTGAGE CALCULATOR
Use our home loan calculator to estimate your total mortgage payment, including taxes and insurance. Simply enter the price of the home, your down payment, and details about the home loan, to calculate your mortgage payment, schedule, and more.
Mortgage Loans & Helpful Information
Read Full Blog: How to Pick the Right Lender: Comparing Loan Estimates, Fees, and Rates
Pick the Right Lender: Comparing Loan Estimates, Fees, and Rates
Choosing the right lender is a crucial step on your homebuying journey. With so many options, terms, and numbers thrown your way, it’s easy to feel overwhelmed. Let’s break down what you need to know so you can confidently compare lenders and find the best fit for your needs.
Understanding Key Loan Terms
- Loan Origination Fees: These are upfront charges by the lender for processing your loan. They typically range from 0.5% to 1% of the loan amount. Always ask for a breakdown so you know exactly what you’re paying for.
- Interest Rate: This is the cost you’ll pay each year to borrow money, expressed as a percentage. Lower rates mean lower monthly payments, but be sure to check if the rate is fixed or adjustable.
- APR (Annual Percentage Rate): The APR includes the interest rate plus most fees, giving you a more complete picture of the loan’s true cost. When comparing loans, always look at the APR for apples-to-apples comparisons.
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.
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.
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