MORTGAGE CALCULATOR
Simply enter the price of the home, your down payment, and details about the home loan, to calculate your mortgage payment, schedule, and more.
It is essential you know your numbers when going in to make a house purchase. We provide these tools so you can make the best choice with the property you pursue.
Mortgage Terms (Home Buying with Asante Realty)
Down Payment
The typical rule of thumb is to pay 20% of the home’s price as your down payment, although some mortgage loans require as little as 3.5 percent down.
Your down payment reduces the total amount of your mortgage loan.
The more money you put down, the lower your payments will be – or the more expensive a house you can buy.
Loan Term
Your loan program can affect your interest rate and monthly payments. Your lender will be able to provide you exact details on what you qualify, but this calculator is good at providing you an overview of your payments based upon your estimated loan terms.
Choose from 30-year fixed, 15-year fixed, and more in the calculator.
Loan Type
There are several types of mortgage loans, but the most commonly used are fixed-rate and adjustable-rate loans.
Fixed-rate loans have the same interest rate for the entire duration of the loan.
That means your monthly payment will be the same, even for long-term loans, such as 30-year fixed-rate mortgages.
Two benefits to this loan type are stability, and being able to calculate your total interest up front.
Adjustable-rate mortgages (ARMs) have interest rates that can change over time.
Typically they start out at a lower interest rate than a fixed-rate loan, and hold that rate for a set number of years, before changing interest rates from year to year.
For example, if you have a 5/1 ARM, you will have the same interest rate for the first 5 years, and then your interest rate will change from year to year.
The main benefit of an adjustable-rate loan is starting off with a lower interest rate.
Interest Rate
This field is pre-filled with the current average mortgage rate.
Your actual rate will vary based on factors like credit score and down payment.
Property Tax Rate
The mortgage payment calculator includes estimated property taxes based on the home’s value. Property taxes are typically required by lenders, depending upon your loan program. If the loan program requires the lender to collect your property taxes, then you will need to have an escrow/impound account. The amount of property taxes collected will vary greatly upon the month that you close on your new home.
Please review the escrow/impound table below which will help you determine how many months they will collect for property taxes and when your first payment will be due.
You can edit this in the advanced options.
