MORTGAGE CALCULATOR
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Mortgage Help
Down Payment
A common misconception is that you need to put 20% down in order to buy a home but the reality is that depending on what loan you qualify for, you could actually buy a home with little to no money down. There are many reasons why putting LESS money down may be more beneficial than putting more money down. It depends on your preferred money management style and lifestyle in general. When we meet we will be able to discuss all options and give you all of the information so you can make the most infomred decision.
Loan Term
The Loan Term refers to the length of time to pay it back. There are 7 year mortgages and in some cases even 40 year mortgages. These can be fixed or variable. The most common is 30 year fixed and fully amortized.
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.