Mortgage Calculator

	Purchase price: $ Down payment: % Mortgage term: years Interest rate: % Property tax: $ per year Property insurance: $ per year PMI: % First payment date: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Loan amount: $ Loan term: years Interest rate: % First payment date: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Investigating Your Loan Options

There are many loan options available.  Currently the most common loan product is a 30 year fixed mortgage.  Other popular mortgage options include Hybrid ARMs like the 3/1, 5/1, 7/1 and 10/1 ARM.  ARM stand for Adjustable Rate Mortgage.  The first number represents the length of time the ARM is fixed .  For example a 10/1 ARM has a fixed rate for the first 10 years. 

To further expand ARM options we also offer amortized and interest only payment calculations.  An amortized loan product means you are paying back principal and interest based on a pre-determined amortization schedule.  Interest Only means you are only required to pay the interest owed each month but you may pay extra towards principal in you choose.

In addition to all the mortgage products available there are also different sources of loan securitization.  The main categories of mortgages available are FHA, VA, and Conventional (Fannie Mae and Freddie Mac).  Each carries its own set of guidelines (lending rules) and each has its own benefits.

Your Loan Officer can help guide you through all the choices available and help you arrive at which options may best suit your situation.  Mortgage options are not one size fits all.  Once you determine which loan options work best, your loan officer can begin to quote rates and closing costs to meet your exact criteria.  Rate and closing cost quotes are commonly delivered as a Good Faith Estimate. 

Next Step: Understanding Rates and Costs

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