Mortgage Calculator

Calculate your monthly mortgage payment and see a complete breakdown of costs.

Current Mortgage Rates

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30-Year Fixed
6.85%
unchanged
15-Year Fixed
6.10%
unchanged
30-Year Jumbo
6.95%
unchanged
30-Year FHA
6.45%
unchanged
30-Year VA
6.35%
unchanged
30-Year USDA
6.40%
unchanged

52-Week Rate Performance

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Loan Details

Rate automatically updates based on selected loan type

$400,000
$50K$2M
$80,000
$0$400,000
6.85%
2%12%

Rate adjusts automatically based on term

Additional Costs (Annual)

$
$
$

Your Monthly Payment

Estimated Total

$2,530

per month

Principal & Interest$2,096.83
Property Tax$333.33
Home Insurance$100.00

Loan Summary

Loan Amount$320,000
Down Payment$80,000 (20.0%)
Loan Term30 years
Interest Rate6.85%
Total Interest Paid$434,859
Total Amount Paid$834,859

Payment Breakdown

Principal & Interest82.9%
Taxes & Insurance17.1%

Understanding Mortgage Rates

What Affects Mortgage Rates?

  • •Credit Score: Higher scores (740+) qualify for better rates
  • •Down Payment: 20% or more typically secures lower rates
  • •Loan Type: Conventional, FHA, VA, and ARM loans have different rate structures
  • •Market Conditions: Federal Reserve policy and economic trends

Rate Comparison

15-Year Fixed6.10%

Lower rate, higher monthly payment, less total interest

30-Year Fixed6.85%

Higher rate, lower monthly payment, more total interest

30-Year USDA6.40%

Low rate for eligible rural properties

When Should You Lock In Your Rate?

Lock Now If:
  • • Rates are at historic lows
  • • You found your dream home
  • • Economic indicators suggest rate increases
Wait If:
  • • Rates are trending downward
  • • You're still house hunting
  • • Working on improving your credit score
Pro Tip:

Rate locks typically last 30-60 days. Coordinate with your lender to ensure your lock period covers your closing date.

Mortgage Tips

Target a 20% Down Payment

A 20% down payment helps you avoid PMI (typically $30-70/month per $100K borrowed) and may qualify you for better rates.

Example Impact:
On a $400K home, a 20% down payment ($80K) can save you $200-300/month by eliminating PMI and securing a better rate.

Optimize Your Credit Score

A higher credit score can qualify you for significantly better rates. The difference between a 680 and 760 score can be 0.5% or more.

Quick Wins:
Pay down credit card balances below 30% utilization, dispute errors on your credit report, and avoid new credit applications before applying.

Compare Multiple Lenders

Shop at least 3-5 lenders within a 14-day window. Rate shopping inquiries within this period count as a single credit check.

Money Saved:
A 0.25% rate difference on a $320K loan saves you ~$47/month or $17,000 over 30 years. Worth the effort!

Current Market Opportunity

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