Mortgage Payment Calculator

To get a better sense of the total costs of buying a home, use our home mortgage calculator and figure out what your future mortgage payments might be.

Start Pre-Approval
Your monthly payment would be
$ 2,024.00

doughnut chart

Breakdown
$ 1,504.00
$ 0.00
Speak with mortgage expert

How can I lower my mortgage payment?

Tip #1 – Speak with a mortgage expert

Down payment, discount points, loan term, interest rate, personal assets, credit score, income? All of these factors, and more, play into your ultimate mortgage rate. A licensed mortgage specialist can help you find the lowest monthly payment and loan terms to fit your lifestyle and budget.

If you have initial questions or want to know how to start, you can schedule time with one of our loan experts for a consultation.

Lock in your my rate

Tip #2 – Lock in my mortgage rate

You can lock in your mortgage rate for up to 90 days between the time you apply for a mortgage and when you close.

Locking in your mortgage rate allows you to shop with confidene since you know the exact rate your loan will have.

Tip #3 – Improve my credit score

As you would imagine, your credit score is an important part of determining mortgage pre-approval eligibility. In order to improve your credit score, it’s a good idea to understand how credit scores are calculated. Take a look at the following chart to understand the key factors that are used to determine credit scores

Tip #4 – Know the mortgage loan types available

Get to know the different types of home loans we offer. Click each loan type to learn more about their benefits terms and requirements.

Conventional

Women using heloc loan for home improvement costs

VA 2

Women using heloc loan for home improvement costs

FHA

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ARM

Women using heloc loan for home improvement costs

Tip #5 – Use a Rate Reduce Program

2-1 Buydown

4% for Year 1

5% for Year 2

6% for Year 3-30

1-0 Buydown

5% for Year 1

6% for Year 2-30

1.5-.5 Buydown

4.5% for Year 1

5.5% for Year 2

6% for Year 3-30

Mortgage calculator FAQ

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    Understanding your amortization schedule will help any borrower. Calculate your mortgage amortization to see how your amortization payments decrease over time.

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  1. Checklist: Are you ready to buy a home?

    You've got your eye on a home. Next up, it's time to shop and compare loan products and rates. If you're still unsure what to do here, we don't blame you.

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Home loan calculators

All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Rate, Inc. Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.

1   Rate does not provide credit counseling or credit repair services.

2   Rate is a private corporation organized under the laws of the State of Delaware. It has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the Nevada Department of Veterans Services, the US Department of Agriculture, or any other government agency. No compensation can be received for advising or assisting another person with a matter related to veratns’ benefits except as authorized under Title 38 of the United States Code.

3   Buydown option only available from participating builders and sellers on select properties.

*Rate’s 5-minute pre-approval refers to an automated underwriting review of borrower submitted loan documentation and subsequent pre-approval and should not suggest to a borrower that Rate has fully funded or approved the borrowers mortgage application within 5 minutes. Rate cannot guarantee that a loan will be approved or that a closing will occur within a specific timeframe. Not all borrowers will be approved. Borrower's interest rate will depend upon the specific characteristics of borrower's loan transaction, credit profile and other criteria. Restrictions apply.

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