Mortgage calculator

Our mortgage calculator provides results based on the numbers you enter and is for estimation purposes. 

Your numbers can (and likely will) change slightly between the time you apply and the time your loan closes. For example, we may need to change your loan amount after you find a home or after we get the appraisal report. 

The best way to get a better idea of what’s possible is to talk to us.

A down payment of 20% or more used to be the standard but not anymore.

While a 20% down payment will probably get you the best interest rates and the most loan options, there are a variety of low down payment options available.  

You may be able to buy a home with as little as 1% to 3% down. If you qualify for a VA loan, you may not have to put any money down, although you will be responsible for closing costs.

Your interest rate is the percentage you pay to borrow money from a lender.  

There are several factors that determine your interest rate, including your loan type, loan amount, down payment amount and credit history. Interest rates are also determined by market trends and can change frequently.

A typical monthly mortgage payment includes four things: principal (or loan balance), interest, taxes and insurance. These are commonly referred to as PITI. 

Principal/Loan Balance: The amount you borrow from your lender to buy your home. It’s factored into your monthly payment and paid off throughout the life of your loan. 

Interest: The percentage you pay to borrow money from a lender. Your mortgage interest rate might be fixed or variable. 

Taxes: The amount you pay in property taxes is based on a percentage of your property value, which can change from year to year. The actual amount you pay depends on several factors including the assessed value of your home and local tax rates. 

Insurance: Lenders typically require you to purchase homeowners insurance. The coverage you’re required to purchase may vary by location. For example, if you live in a flood zone or a state that’s regularly impacted by hurricanes, you may be required to buy additional coverage. If you live near a forest area, you may need additional hazard insurance. 

Note: This calculator doesn’t include mortgage insurance or guarantee fees. Those could be part of your monthly mortgage payment depending on your financial situation and the type of loan you get.

The best loan is the one that’s best for your situation. This will depend on a few things: 

• Your lender profile (including your income, credit profile, debt and assets) 
• Whether you’re a first-time home buyer 
• The type of house you’re buying 
• Your down payment amount 

If you still have questions, our Home Loan Experts are here to help. They will work to find the best mortgage options for you.