Mortgage Payment Calculator
Instantly Calculate Your Mortgage Payment!
With the mortgage payment calculator, you can quickly estimate how much your monthly mortgage will be in order for you to set an accurate and realistic budget. With different mortgage lengths available and interest rates varying based on your credit score and type of home loan you plan to use, it’s helpful to know where your mortgage payment will stand with those factors in mind.
Try out the mortgage payment calculator below to find out what your monthly mortgage will be. Contact Homesite Mortgage if you have any questions about how you can qualify for the home loan you need.
Mortgage Payment Calculator Definitions
- Annual Interest Rate: This is the interest rate that will be established when you close on your home loan. This interest rate is the interest that you’ll pay for in addition to the principal of the loan. The lower the interest rate, the lower your monthly mortgage payment will cost you.
- Down Payment: The down payment is a percentage of the total price of the home. With conventional loans, the traditional down payment is 20%, but the down payment requirement will depend on the type of loan you select. The higher down payment you offer, less you will pay each month for your monthly mortgage.
- Home Loan Amount: The home loan amount is how much you borrow from your lender. If you are purchasing a $100,000 home, and offer a $20,000 down payment, your home loan amount will be $80,000.
- Term of Loan: The term of loan is how long you’ll be making mortgage payments. This is finalized at the time you close on your loan. If you want to lengthen or shorten the term of your home loan later on, you’ll need to refinance to establish a new mortgage.
- Payment: The payment listed at the bottom of the mortgage payment calculator is the amount you’ll pay each month toward your mortgage. This amount takes into account the interest rate and length of loan based on the original loan amount. The more payments you make, the more equity you will have built up in your home.
Mortgage Payment Calculator FAQs
How long will it take to close on my home loan?
The length of your home loan process depends on several factors, such as how accurate and thoroughly-prepared your application is when submitted. Expect to see your home loan process to take 20–45 days from submitting it to close.
How will my credit rating affect my home loan interest rate?
Your history of handling your finances in the past will determine your credit score, which communicates to your lender how reliable you’ll be in paying back the loan they offer you. Therefore, if you have a great credit score, you’ll be able to qualify for a lower interest rate. If you are still working on improving your credit score, your interest rate will be higher than applicants with Good or Excellent credit scores.
What can I expect to pay in closing costs?
The final amount for closing costs will typically fall between 2–5% if you opt for a conventional loan. These closing costs will include origination fees, underwriting fees, title insurance, credit report fees, title search fees, credit report fees, appraisal, and miscellaneous fees. Contact us today to find out what to expect in closing costs for other types of home loans.
What is better—a 15-year or 30-year mortgage?
The decision between a 15-year and a 30-year mortgage is a big decision for every homebuyer. The answer is not necessarily clear cut, as it depends on the situation for the homebuyers. Some homebuyers may be eager to pay off their mortgage as quickly as possible and want to take advantage of a home loan with a lower interest rate, in which a 15-year mortgage would be preferable. On the other hand, a 30-year mortgage may be a better option for homebuyers who don’t want their mortgage payment to eat up as much of their monthly budget. Or if the homebuyer has a lot of other set monthly expenses such as paying back student loans, a 30-year mortgage won’t hit the monthly budget as hard.