Mortgage Calculators to Guide Your Decision
Understanding what you might pay is an important first step. Use our calculators to explore different scenarios, see how down payment and loan term affect your monthly payment, and get a clearer picture of what homeownership might look like for you.
Mortgage Payment Calculator
Use this calculator to estimate your monthly mortgage payment based on purchase price, down payment, loan term, and other factors. This is a starting point to help you understand what different scenarios might look like. Your actual payment will depend on your specific loan details, which we can discuss when you're ready to apply.
Calculator results are estimates provided for illustrative purposes only and may not reflect actual loan terms. This is not a commitment to lend, a preapproval, or an offer of credit. Actual rates, payments, and costs depend on credit approval, satisfactory appraisal, and underwriting guidelines. Consult a licensed loan officer for details.
Beyond the Number
Understanding Your True Cost of Homeownership
Your monthly mortgage payment is important, but it's not the whole picture. Property taxes, homeowners insurance, and mortgage insurance (if applicable) all factor into your total housing cost. Additionally, wise homeowners budget for maintenance and repairs. Using our calculator as a starting point, we recommend adding these costs to get a complete view of what homeownership will mean for your budget.
When you're ready to move forward, our loan officers can provide more detailed estimates based on the specific property and loan program you're considering. They can also help you understand what programs might offer the best value for your situation.
Using Our Calculators
How to use the mortgage calculator
Start by entering the home purchase price, your planned down payment amount, and the loan term you're considering. The calculator will estimate your monthly principal and interest payment. You can adjust these numbers to see how different scenarios play out. For example, try adjusting your down payment to see how it affects your monthly cost, or compare a 15-year and 30-year loan. Remember that this is an estimate and doesn't include property taxes, insurance, or other costs.
Evaluating a refinance
If you already have a mortgage, our refinance calculator helps you see whether refinancing might make sense. Enter your current loan balance, remaining term, and current rate, then compare it to potential new terms and rates. The calculator shows you estimated monthly savings and helps you think through whether the benefits justify any refinancing costs. This is a good starting point for a conversation with one of our loan officers.
Try different scenarios
The power of a calculator is exploring what-if questions. What if you put down 10 percent instead of 5 percent? What if you chose a 20-year term instead of 30? What if you refinanced at a lower rate? Playing with different numbers helps you understand the relationships between down payment, loan term, and monthly cost. This exploration can help you clarify what matters most to you financially.
Calculator Questions
Our calculators are tools to help you think through your options. These answers address common questions about how to use them and what they mean.
Are the calculator results accurate for my situation
The calculator provides estimates based on the information you enter. These estimates don't include property taxes, insurance, HOA fees, or other costs that vary by location and property. Your actual monthly payment may be higher. When you're ready to apply, we'll provide you with a detailed, personalized estimate based on your specific loan program and the property you're financing.
What interest rate should I use
The interest rate in the calculator is a placeholder you can adjust. For a more accurate estimate tailored to your situation, we recommend talking with one of our loan officers. Your actual rate depends on many factors including your credit profile, down payment, loan type, and current market conditions. A loan officer can give you a more precise estimate based on where you stand.
Should I use these numbers when budgeting
The calculator is a helpful starting point for budgeting, but it's not complete by itself. Add property taxes, homeowners insurance, and maintenance costs to get a full picture of what homeownership will cost. In some areas, property taxes are substantial. Our loan officers can help you understand typical costs in your area and give you a more complete budget picture.
How does down payment affect my payment
A larger down payment lowers your monthly payment because you're borrowing less money. It can also affect your loan terms and costs. Try adjusting the down payment in our calculator to see the impact. Keep in mind that down payment is one factor; loan term and interest rate also significantly affect your monthly cost.
What's the difference between a 15 and 30-year loan
A 15-year loan has a shorter payoff period, which means higher monthly payments but less total interest paid over the life of the loan. A 30-year loan has lower monthly payments, which can make homeownership more affordable month-to-month, but you pay more total interest. Your choice depends on your income, budget, and financial goals. Our calculators let you compare these options side by side.