Run the numbers.
Enter your own figures to estimate a monthly payment. It's an estimate to help you plan, not a loan quote or an approval. When you're ready for real numbers, Theresa will run them with you.
This is an estimate for educational purposes only. Actual loan terms, rates and payments vary. Taxes, insurance, mortgage insurance, fees and other costs may be different from what you enter. A calculator result is not a loan approval, offer or guarantee. Talk to Theresa for a personalized quote.
Reading the calculator
Change one number at a time and watch what happens. It's the quickest way to see how the pieces of a mortgage fit together.
- Home priceIf you've found a home, enter its price. If not, try a few prices to see how the payment moves.
- Down paymentThe cash you'll put toward the purchase. The loan amount is the price minus this.
- Interest rateUse a rate you've been quoted. Your actual rate depends on your credit, program, down payment, property and the market that day.
- Loan termHow many years you take to repay. Longer terms usually mean a lower payment and more interest over time.
- Taxes & insuranceProperty taxes vary by location. Lenders require homeowners coverage. Enter the yearly figures if you have them.
- Mortgage insurance & HOASome loans carry mortgage insurance. Some neighborhoods have HOA dues. Enter a monthly amount if either applies.
Your payment schedule, simply
An amortization schedule looks intimidating, but it only shows how each payment splits between principal and interest.
Early in the loan, more of each payment goes to interest than to principal.
Over time that flips, and more of each payment goes to principal.
On a fixed-rate loan the principal and interest payment doesn't change. Extra payments toward principal can shorten the loan.
With an adjustable-rate mortgage, the payment may change according to the loan's terms.
Is the calculator result an approval?
No. It's an estimate for illustration only and isn't a commitment to lend. A real pre-approval looks at far more than the handful of fields here.
Why doesn't the calculator fill in a rate?
Rates change and depend on your credit, loan program, down payment, property type and the market that day. Use a rate you've been quoted, then Ask the Huntress to confirm what's available for your situation.
What should I enter for mortgage insurance?
Whether mortgage insurance applies, and how much, depends on the loan program and your down payment. If you don't know yet, leave it blank and ask Theresa for a figure.
Can paying extra really shorten my loan?
On a fixed-rate loan, extra money applied to principal reduces the balance faster, which can shorten the term and reduce total interest.
Ask the Huntress
Bring your figures to Theresa and she'll test them against real programs for your situation in Kansas, Missouri, Nebraska, Arkansas, Tennessee, Texas or Washington.
(913) 705-0049