How to use our mortgage rate calculator.
The free mortgage calculator is a versatile tool, as useful to an individual casually researching properties as it is to someone on the cusp of making a purchase. Let’s take a moment to go through the various moving parts of the home loan calculator to get a better understanding of what future mortgage payments might be by providing information for the following fields:
Home Price
The total sale price of a property agreed upon between buyer and seller.
Down Payment
The amount of money given to the seller by a buyer upon purchase. The remainder of the total home price will be covered by a mortgage. If a buyer makes a down payment of less than 20%, the lender typically requires them to purchase private mortgage insurance (PMI). PMI protects the lender in the event of foreclosure.
Principal
The principal is the balance of the home loan or mortgage to be paid off. It’s calculated as the home price minus the down payment. For example, a $400,000 home purchased with a 20% down payment of $80,000, will have a principal balance at the beginning of the mortgage of $320,000.
Interest Rate
This is the cost of obtaining a loan from a lender expressed as a percent. Your exact interest rate will be determined by your lender after consideration of several factors including inflation, Federal Reserve rates, your credit score, lending fees and the duration of the mortgage you’re seeking. See what our current mortgage rates are today and use them in your home mortgage calculator input above.
Loan Term
This is the duration of the mortgage, or the length of time you’re given to pay off the home loan in full. If you’re unsure which term length is right for you, explore different home loan options before using the house payment calculator.
Property Taxes
The annual tax levied by the government on your property. The nationwide average is about $2,470 annually or just over 1.2% of the home’s assessed value. However, property taxes can vary widely state by state.
Homeowners Insurance
The typical insurance policy that covers damages to your property as well as your possessions kept in the insured home. The average annual cost of homeowners insurance is $1,445. Like taxes, though, homeowners insurance costs can greatly vary from state to state depending on a range of factors.
*This is not a commitment to lend. Consumers are advised to obtain a Loan Estimate. Rates are subject to change and are dependent on credit and underwriting criteria.
Your actual rate, payment and costs could be higher. OriginPoint, Inc. cannot predict where rates will be in the future. Sample rate provided for illustration purposes only and is not intended to provide mortgage or other financial advice specific to the circumstances of any individual and should not be relied upon in that regard. OriginPoint cannot predict where rates will be in the future. 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, contact OriginPoint for current rates and for more information. 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. OriginPoint, 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 OriginPoint, Inc. OriginPoint, 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. Sample rate provided for illustration purposes only and is not intended to provide mortgage or other financial advice specific to the circumstances of any individual and should not be relied upon in that regard.
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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, contact OriginPoint for current rates and for more information.