Mortgage Calculator
Estimate your payment with our easy-to-use calculator, then get pre-qualified.
Principal & Interest: $1,417
Property Taxes: $258
Home Insurance: $83
HOA Fees: $0
Total Monthly Payment: $1,758
The type of loan you choose will affect your interest rate and monthly payment. It’s important to choose wisely as there are personal finance notes for common mortgage types. The different mortgage types are fixed-rate mortgages and adjustable-rate mortgages (ARM).
| Loan Type | Best for | Current avg APR | Down payment | Key benefits |
|---|---|---|---|---|
| 30 Yr Fixed | Low monthly payments | 6.47% | 3% | Most popular type, the most common. |
| 15 Yr Fixed | Paying off your loan faster | 5.71% | 3% | Pay off your loan in 15 years, lower interest rate. |
| 5/1 ARM | Those who plan to move within 5 years | 5.71% | 3% | Lower initial rate for 5 years, then adjusts annually. |
| FHA 30 Yr Fixed | First-time homebuyers | 6.45% | 3.5% | Lower credit score requirements, smaller down payment. |
| VA 30 Yr Fixed | Qualifying veterans and active military | 6.15% | 0% | No down payment for VA eligible buyers. |
| Jumbo 30 Yr | Those purchasing high-priced homes | 6.62% | 10% | Loans above conforming limits for expensive properties. |
*Actual rates may vary depending on your credit score, down payment, and other factors.
Here are a few things you can do to lower your monthly mortgage payment:
If you have a high credit score, you can qualify for a lower interest rate, which can lower your monthly payment. Pay your bills on time, reduce your debt, and avoid applying for new credit.
The higher your down payment, the lower the amount you need to borrow, which can lower your monthly payment. Aim for at least 20% to avoid private mortgage insurance (PMI).
A longer loan term, like a 30-year mortgage, spreads your payments over a longer period, reducing your monthly payment. However, you’ll pay more interest over the life of the loan.
Private mortgage insurance (PMI) is required if your down payment is less than 20%. You can avoid PMI by putting down 20% or more, which will lower your monthly payment.
You can pay for discount points to lower your interest rate. Each point costs 1% of your loan amount and typically lowers your rate by 0.25%.
If you’re open to being a landlord, you can rent out a portion of your home to help cover your mortgage payment. This can be a great way to reduce your monthly costs.
Some lenders offer the option to buy down your interest rate for the first few years of your loan. This can lower your monthly payment initially, but the rate may increase later.