House Payment Calculator

Mortgage Calculator

Home Value

This is the purchase price of the home.

Down Payment

This is in terms of percent or dollars. FHA is a minimum of 3.5%, conventional loans start at 3% and go up from there. To eliminate PMI or MIP, you need to have 20% down. If you are looking for ideas on how to save for a down payment, click on 9 ways to save for a down payment.

Interest Rate

This is a fixed interest rate. You may estimate the interest rate by reviewing the current rates below. The calculator automatically populates with a based 30-year fixed interest rates. Use the slide to move the interest rate either up or down. And remember, your actual rate will be based on your overall credit picture.

Amortization Period

This is the length of the loan in years. A typical new buyer opts for a 30 year loan. If you are refinancing a loan, you may opt into a 15 year loan.

Annual Property Tax

Enter property taxes as a percent of the loan. Typically, in Snohomish County, we see between 1% and 1.25%. You can also check County records.

Annual Hazard Insurance

This is estimated homeowners insurance.

Monthly HOA

These are fees for a homeowners association. Most condos and townhouses have this as well as some single family residences.

MI

This can be PMI (private mortgage insurance) or MIP (mortgage insurance premium for FHA loans). It is based on the mortgage term, amount down, and your credit score. Annual fees vary from 0.3% to 1.5% of the original loan amount. With 20% down payment, there is no PMI or MIP. Talk to a lender for more information.

Tips to Get the Lowest Mortgage Interest Rate

It's important to shop around for mortgage loans as lenders have different loan programs. To reduce your rate, you may choose to pay points. Generally paying one point (or 1% of the loan) will reduce your mortgage rate by 0.25%. Improving  your credit score can reduce your mortgage rate. If you don't think rates will rise, wait to lock in your rate as lenders charge slightly higher rates for longer lock-in periods.

       "We were on the same page all the way through..."

Ron was informed and handled everything I asked of him well. He was proactive without my asking and was very helpful in dealing with a very non-responsive lender...We were on the same page all the way through and I could not have been happier with my first experience using him. I have made many purchases over the years and Ron was as professional as anyone.

winwinhomesolutions
4/4/2014
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