Mortgage Calculator

Calculate your monthly payment and review your loan options.

How much should I put as down payment?

First-time homebuyers may put as little as 3% down on a Conventional mortgage and 3.5% down on a FHA mortgage. There are benefits to putting more money as a down payment as it reduces the need and the amount of mortgage insurance. The best solution is to speak with one of our loan specialists to understand your specific scenario and formulate a plan to meet your needs.

Besides my loan payment, what else is going to be charged?

When obtaining a mortgage, there is also the requirement to pay for property insurance and property taxes. Many times, these payments are escrowed and collected monthly along with your mortgage principal and interest payments. Part of the home purchase requires a property title search along with title insurance. These costs originate from a title company or Real Estate attorney and are included in the amount needed to bring to closing.

What period should I set for my loan?

It depends on how long you plan on staying in the home. Most people average 7 years in a home and there are benefits to having a shorter loan duration vs. a 30 year mortgage. However, each scenario is unique to the individual’s circumstances and part of our process is to provide a consultative approach and structure the mortgage according to each individual and family.

What factors are being evaluated to determine my interest rate?

Interest rates are determined on a number of factors with credit score being only one factor.

The type of property

  • Single family house 

  • Condominium

The occupancy status (primary residence, second home, investment property)

Loan amount.

At or below FHA and Conventional limits vs. above the conforming loan limits), which is determined based on the geographical area.

Type of loan

  • Fixed rate vs adjustable rate.

  • Conforming vs non-conforming.

  • Qualified mortgage vs. non-qualified mortgage.

Length of the loan: i.e 30 year fixed vs 15 year fixed.

The borrower’s income level may also qualify you for a lower rate if the borrower meets either Home-Ready or Home Possible eligibility.