Mortgage Calculator

Find the Right Mortgage For You

Calculate your monthly payment, interest rate, APR, and total interest using our mortgage calculator.

How it Works

  • Enter your desired loan amount so we know how much money you would like for your mortgage.
  • Enter your zip code and current credit status so we can retrieve the latest Rates and APR.
  • Based on these, we’ll supply you with different mortgage options, the monthly payments of each, and the total cost of the loan.
  • We’ll also provide pros and cons for each mortgage type to help you decide which is best for your situation.

Calculating

Loan Type
Monthly Payment
APR
(Rate)
Total Interest
Term
Lower Payment
Lower Rate
Pay Off Faster
Pay Less Interest
30 YR FIXED
15 YR FIXED
5/1 YR ARM
$
$
$
%
%
%
$
$
???
30 Years
15 Years
30 Years

The mortgage calculator results will show here once you complete the questions above.

Pros and Cons of the Different Loan Types

15 Year Fixed Rate

  • Lower interest rate
  • Lower amount to pay back
  • Home paid off in only 15 years
  • Higher monthly payment

30 Year Fixed Rate

  • Lower monthly payment
  • Higher interest rate
  • In debt for 15 more years
  • Higher amount to pay back

5 Year Adjustable Rate

  • Lower monthly payment for the first five years
  • Perfect if your living situation isn’t permanent
  • Monthly payments after first 5 years will be unpredictable (no fixed interest rate)

Mortgage Calculator FAQ’s

How much can I borrow? How much am I eligible for?

 

How much you can borrow/are eligible for is dependent on several factors such as your credit score, your DTI ratio, and your income. These three components show the lender how well you manage your debt, how much debt you have, and if you can afford to make your mortgage payments

How much interest will I pay?

 

The interest you pay will be dependent on the market rate and your credit score. If you have great credit, you will most likely get a lower rate and the opposite may happen if you have a lower credit score. The interest rate multiplied by the principal balance of the loan will tell you how much you will pay in interest.

What is PMI and why do I need it?

 

PMI stands for Private Mortgage Insurance and is required for homeowners who put down less than 20% as a down payment. This protects the lender in case the home goes into foreclosure. PMI is not a permanent addition to your mortgage and you may ask your lender to cancel your PMI once the loan balance reaches 80% of the home’s original value.

How much would my mortgage payment be?

 

Your mortgage payment would be dependent on the type of you loan you choose. Different terms will yield different payment amounts because there are more or less payments to make. Different mortgages also provide different interest rates which would directly influence your mortgage payment amount.

How do you calculate your mortgage payment?

 

A mortgage payment consists of 4 parts: Principal, Interest, Property Taxes, and Homeowner’s Insurance. The principal is the amount borrowed, interest is the “fee” you pay to use the borrowed amount, property taxes go to your local government, and homeowner’s insurance is required to protect your home.

Your mortgage payment technically is only comprised of your interest and principal, but if you decide to open an escrow account, your lender will calculate how much your property taxes and homeowner’s insurance will cost and charge you per month so that it’s taken care of. Homeowners insurance and property taxes are paid twice a year so many homeowners have a tendency to forget. With an escrow account, your lender will make sure that you’re saving for these every month so that when it’s time to pay, you won’t be shocked by the large amount.