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The Loan Advisors mortgage payment calculator is for estimation purposes only. Qualification, rates and payments will vary based on timing and individual circumstances. This is not a commitment to lend.
The payment on a $200,000 30-year Fixed-Rate Loan at 3.125% (3.373% APR) is $856.76 for the cost of 2.00 point(s) due at closing and a loan-to-value (LTV) of 74.91%. One point is equal to one percent of your loan amount. Payment does not include taxes and insurance. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply. Rates shown are valid on publication date of September 16, 2020.
What is the required down payment amount?
Putting down 20% or more can lead to a lower interest rate and no need for private mortgage insurance. However, there are loans that require lower down payments:
Keep in mind that your minimum down payment may be higher for second homes or investment properties. Ask a Home Loan Expert about your options.
What’s included in my monthly payment?
The monthly mortgage payment consists of principal and interest, and that’s what the calculator shows. The principal portion goes toward paying off the total amount borrowed. The interest is a percentage of the amount borrowed that you pay to your lender.
However, monthly mortgage payments may include more than just principal and interest. Property taxes and homeowners insurance premiums can also be included if an escrow account is set up. An escrow account allows you to pay for your taxes and insurance premiums as part of your monthly mortgage payment.
Remember – if the neighborhood where you’re purchasing a home includes a homeowners association (HOA), you may want to add the HOA fees into your monthly payment budget. However, HOA fees are not part of your mortgage payment.
Should I choose a long term or short term loan?
The loan term determines the number of years for repaying the loan. Generally, shorter-term loans offer lower interest rates but higher monthly payments, while longer-term loans have lower monthly payments but higher interest rates.
What factors determine my interest rate?
Various factors may influence mortgage rates such as:
In general, your interest rate is based on the risk level that lenders predict for your loan. That’s why so many factors contribute to your individual rate. Additionally, mortgage rates change daily based on market trends.
