Mortgage calculator

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Congratulations! You’ve decided to buy a new home. Financing this purchase is a big deal – for first-timers and seasoned owners.  Explore how we can help make that dream house yours with our free mortgage calculator. 

Fixed and variable mortgages

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A fixed rate mortgage will keep your monthly payments at the same amount and a variable rate mortgage could mean less interest, depending on how the market is doing at that time. Currently rates are historically low, so why not see if you can lock into a fixed rate? Here’s an easy calculator to give you a sample:

  1. Enter the desired loan amount you’re requesting
  2. If you can, provide your best estimate for the annual taxes and insurance amounts. You can also leave them blank – you’ll still get an estimated monthly amount
  3. Press “calculate” to get the total estimate for your monthly mortgage

What's it all mean?

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Between the complicated language, abbreviations and industry jargon, researching and understanding mortgages can be a bit much. Here are some important terms that come into play when understanding mortgages, your payment schedule and approval odds. Wen you’re ready, our mortgage experts are here to help.

Annual percentage rate (APR): The APR reflects the true and total cost of the loan. It factors in interest rate, fees and any other charges you pay to get the loan. The APR will usually be higher than the interest rate shown on the loan and all lenders are required to state the APR so you have a clear idea of what your mortgage will cost you.

Interest rate: The cost you pay each year to borrow money, expressed as a percentage.

Mortgage insurance:  Designed to protect the lender in case of default. Generally required if a borrower is putting down less than 20% on the property. For non-government mortgages, it’s known as private mortgage insurance (PMI) and once the borrower reaches 20% equity in their home, they can request to cancel the PMI.

Equity:  The difference between what you owe and what is the market value of your home. Equity builds as you pay down your mortgage and/or if home values increase in your area. If the timing is right, maybe even both!

Closing costs: The amount of money you need to close the mortgage, typically 2-5% of the purchase price. Closing costs could include title insurance, escrow fees, lender charges, real estate commissions, transfer taxes and recording fees.

Origination fee: Lender may charge an origination fee which can include the cost of processing the mortgage application and underwriting and funding the loan. This fee can typically be 1-6% of the loan amount.

Helpful resources

Lending Insights

What you need to know about getting a mortgage

While there is never certainty with regards to when is the best time to enter the housing market, the idea of homeownership continues to resonate with most Americans and the concept of home ownership being central to the American dream remains very much alive.
Lending Insights

Know before you owe: Mortgage and home equity key drivers

When applying for a mortgage or home equity loan or line, there are some equations that come into play. Here are the most common factors that will be calculated to determine your credit worthiness.
Lending Insights

Credit score pointers for home buyers

When you’re ready to finance a new home, you may get thrown a curve ball—your credit score. A recent study by the National Foundation for Credit Counseling found that 36% of people think there's no reason to check their credit score, much less what kind of credit score you need to buy a house.


All loans and lines of credit are subject to credit approval.