Mortgage Calculator

Estimate monthly payments and compare loan scenarios.

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Pre‑Approval & Credit Readiness

Strengthen your application with a clear budget, healthy credit, and documented income.

Lenders assess your ability to repay using income documentation, credit history, and obligations. A strong file starts with an accurate monthly budget and stable savings. Review revolving balances, avoid new credit lines before applying, and correct errors on your report. A pre‑approval letter not only clarifies your price range but also signals to sellers that financing is credible and timely.

Estimate affordability by pairing our Payment Estimator with cash flow tools in Personal Finance. If you need to consolidate or build credit strategically, explore options in Loans. Keep pay stubs, W‑2s, bank statements, and ID ready; self‑employed borrowers should prepare two years of tax returns and a year‑to‑date P&L.

Sources: CFPB Mortgage Guide; FICO consumer resources.

Pre‑approval checklist illustration

Rate Types, Points, and Lock Strategy

Compare fixed vs. adjustable rates and understand how points and locks affect costs.

Fixed‑rate mortgages offer predictable payments over the term, while adjustable‑rate mortgages (ARMs) start lower but can adjust based on an index and margin. Points are prepaid interest that reduce your rate; weigh the break‑even period against how long you expect to keep the loan. A rate lock protects you from market volatility during underwriting; confirm the lock length and any extension fees.

Model scenarios with our Calculator and benchmark rates with reputable indices. For buyers uncertain about timing, consider a longer lock if inventory is tight. If you plan to refinance soon, paying points may not be economical—review alternatives in Personal Loans for interim needs.

Sources: Freddie Mac Primary Mortgage Market Survey (PMMS); CFPB mortgage resources.

Chart comparing fixed vs ARM payments

Down Payment, LTV, and PMI

Optimize cash down and understand private mortgage insurance requirements.

Your loan‑to‑value (LTV) ratio compares loan amount to home value. LTV above 80% typically triggers private mortgage insurance (PMI) on conventional loans, increasing monthly costs. A larger down payment reduces LTV and may eliminate PMI sooner, but balance this with reserves for maintenance and closing costs. Some programs allow lower down payments with specific underwriting considerations.

Explore assistance programs and compare scenarios with the Calculator. Protect the asset with appropriate coverage in Homeowners Insurance and consider liquidity planning in Finance Management to avoid stretching emergency funds.

Sources: CFPB on PMI and LTV; Fannie Mae Selling Guide.

Diagram illustrating LTV and PMI thresholds

Closing Costs & Timeline

Plan for appraisals, inspections, escrow, and lender fees from contract to keys.

Typical closing costs include origination, appraisal, credit report, title insurance, escrow, and prepaid taxes or interest. Expect document collection, underwriting review, and conditions prior to clear‑to‑close. Coordinate appraisal and inspections early to avoid delays, and review the Closing Disclosure for accuracy three business days before signing.

Work closely with your agent and lender on dates and contingencies. If you are comparing neighborhoods and inventory, visit Real Estate Listings. Keep funds accessible for certified payment and be prepared for final walkthrough notes. Our team helps you anticipate each step so moving day is predictable.

Sources: CFPB Closing Disclosure; ALTA title resources.

Timeline of mortgage closing steps

Refinancing & HELOC Strategies

Evaluate rate‑and‑term, cash‑out, and home equity lines based on goals.

Refinancing can lower payments, shorten the term, or unlock equity. Cash‑out refinances replace your existing loan with a larger balance; consider impacts on LTV, PMI, and rate. A home equity line of credit (HELOC) provides revolving access to equity with variable rates—use for staged projects and track draw periods and repayment terms carefully.

Compare scenarios in Calculator and coordinate with budgeting tools in Finance Management. For large renovations, see Business Loans for equipment or expansion financing and review property impacts in Real Estate.

Sources: Freddie Mac refinance insights; CFPB HELOC guidance.

Comparison of refinance and HELOC structures

First‑Time Homebuyer Programs

Explore FHA, VA, USDA, and local assistance options to reduce barriers.

Government‑backed programs can expand eligibility with flexible down payment and credit requirements. FHA loans allow lower down payments with mortgage insurance, VA loans offer no‑down financing for eligible service members with favorable terms, and USDA supports rural purchases subject to income and geography. Local down‑payment assistance may complement these options.

We help you determine program fit, coordinate appraisals, and align timelines with Real Estate. Use the Calculator to compare monthly costs across programs and integrate with your broader plan in Finance Management.

Sources: HUD FHA resources; VA Home Loans; USDA Rural Development.

Icons representing FHA, VA, and USDA programs

Payment Estimator

Enter loan details to see your estimated monthly payment

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Principal and interest only; excludes taxes, insurance, and HOA.