Find Your Perfect Mortgage Fit with the Loan Calculator
If you’re exploring homeownership and want to estimate your monthly payments before starting the loan process, our Loan Calculator is here to help.
Designed with home buyers in mind, this tool lets you quickly gauge affordability and plan your budget. Simply input your desired loan amount, interest rate, and repayment term to see an estimated monthly mortgage payment.
Remember: This estimate focuses on principal and interest only—it doesn’t include property taxes, homeowners insurance, or closing costs. Use it as a starting point to confidently navigate your homebuying journey!
Monthly Payment:
Key Mortgage Terms Every Homebuyer Should Know
Annual Percentage Rate (APR): The total yearly cost of your mortgage, including interest and fees (like origination charges). It’s your “true cost” number—use it to compare loan offers, not just the interest rate!
Interest Rate: The percentage you’ll pay annually to borrow the money. Your credit score, loan type, and market trends (like Federal Reserve rates) impact this number. Current rates typically range from 5% to 20%, but well-qualified buyers often secure lower rates.
Repayment Term: How long you’ll take to pay off the loan (e.g., 15, 20, or 30 years). Shorter terms = higher monthly payments but less interest paid overall.
Principal: The amount you borrow to buy the home (sale price minus your down payment). This is the base number your interest is calculated on.
Closing Costs: Fees due at signing, including appraisal fees, title insurance, and lender charges. These typically add 2–5% to your home’s purchase price. Pro tip: Some lenders offer “no-closing-cost” loans—but you’ll pay more interest over time.
Down Payment: The upfront cash you pay toward the home’s price. Most conventional loans require 3–20% down. A larger down payment can lower your monthly payment and help you avoid private mortgage insurance (PMI).
Understanding these terms helps you budget smarter, compare loan offers confidently, and avoid surprises at closing. Use them alongside a loan calculator to find a mortgage that fits your lifestyle!