Here are some ways that you can use our mortgage calculator:
Get estimates of different loan types – This way you can estimate the cost differences between ARM products and and 30-year mortgage or the difference between a 15-year and a 30-year mortgage For the most part, 30-year fixed products have the lowest payment, but a higher interest rate. In contrast, a 5/1 ARM product has a lower interst rate but the rate can increase after the initial fixed period ends.
Calculate different scenarios – If you are considering what to offer on a purchase of a new home our mortgage calculator can help you estimate and compare the monthly payments for different offer scenarios. It can be used to see the impact of making a larger down payment, for example.
Find out where your money is going – Our mortgage calculator shows the different costs associated with your mortgage. The breakdown will show you exactly where your estimated payment will go: Principal and interest (P&I), homeowners insurance, property taxes, and private mortgage insurance (PMI).