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By clicking "GET FREE QUOTES," you authorize selected lenders and FREEandCLEAR to contact you using the information you provided. This authorization overrides any previous registrations on federal, state, or private Do Not Call registries or any private solicitation preference you previously expressed. You agree that lenders may use automatic dialing systems to make calls to any phone number entered, even to a cell phone or other service for which the called party is charged. You understand that consent is not a condition of purchase.
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Mortgage Calculator

Determine your monthly mortgage payment, total interest expense and pay-off date for a fixed rate mortgage. The graph below the table shows how the principal balance gets paid down over the term of the mortgage and how at the beginning of the mortgage, the mortgage payment is comprised of mostly interest while at the end of the mortgage, the payment is comprised of mostly principal

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When you provide your personal info we may connect you with lenders which enables you to compare mulitple mortgage proposals. Comparing proposals from multiple lenders is the best way to save money on your mortgage
 
 
 
 
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Rate Details*
Loan Program:  
Monthly Payment:  
APR:  
Rate:  
Points  More Info:
Points: Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
 
Total Lender Fees:  
Loan type:  
Property Value:  
Loan to Value:  
Credit Rating:  
Date Submitted:  
Monthly Housing Payments
P & I More Info
Principal & Interest: A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to the reduction of the principal balance.
Mortgage Insurance More Info
Mortgage Insurance: The monthly cost for a policy that protects the lender in case you’re unable to repay the full amount of the loan. It is typically required for loans that have a loan-to-value ratio between 80% to 100%.
(Estimated)
Property Tax More Info
Property Tax: (Also called "Real Estate Tax.") Property taxes are government assessments on real estate property. With mortgage financing, the local, county or state tax assessment on real estate property is considered part of the monthly housing obligation and typically collected and set aside by the lender ...
(Estimated)
Homeowner Insurance More Info
Homeowner Insurance: or also commonly called hazard insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.lender ...
(Estimated)
Homeowner Association Fee More Info
Homeowner Association fee: (HOA) fees are funds that are collected from homeowners in a condominium complex to obtain the income needed to pay (typically) for master insurance, exterior and interior (as appropriate) maintenance, landscaping, water, sewer, and garbage costs.
(If Any)
Total Monthly Housing Payments
Lender Fees
Points More Info
Points Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
Origination Fee More Info
Origination Charge: A loan origination charge is a fee charged by the lender for evaluating, processing, and closing the loan.
Credit Report Fee More Info
Credit Report Fee: Fee charged to obtain an applicant’s credit history prepared by one or all of the three major credit bureaus. Used by lender to determine the borrower’s creditworthiness.
Tax Service Fee More Info
Tax Service Fee: A fee charged by the lender to cover the cost of retaining a tax service agency. These agencies monitor the property tax payments on the property and report the results to the lender.
Processing Fee More Info
Processing Fee: A processing fee is a charge by the lender for clerical items associated with the loan. Examples of processing include loan set up, organization of loan conditions for underwriting, and preparing required disclosures for the borrower.
Underwriting Fee More Info
Underwriting Fee: A fee charged by the lender to verify information on the loan application, authenticate the property’s value, and perform a risk analysis on the overall loan package.
Wire Transfer Fee More Info
Wire Transfer Fee: In most cases lenders wire funds to escrow companies to fund a loan. Commercial banks that perform this function will charge the lender so the fee is generally passed on to the borrower.
(If Any)
FHA Upfront Premium More Info
FHA Upfront Premium: A fee paid in cash at the close of escrow or more commonly it is financed into the loan. These premiums are pooled together by the FHA and are used to insure the risk of borrower default on FHA loans. FHA upfront premiums are prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of the loan, they are entitled to a partial refund of the FHA upfront premium paid at loan inception.
(If any)
VA funding Fee (If any)
Flood Fee
Other Fees More Info

Other fees could be either additional Administrative Fees that a lender charges or it could be a Flat Fee to cover all lender charges such as: (Origination Fees, Points, Underwriting and Processing Fees, Credit Reports and Tax Service Fees)

The flat fee does not include prepaid items and third party costs such as appraisal fees, recording fees, prepaid interest, property & transfer taxes, homeowners insurance, borrower’s attorney’s fees, private mortgage insurance premiums (if applicable), survey costs, title insurance and related services.

Total Lender Fees
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.
While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.

What Determines Your Monthly Mortgage Payment

1

Loan Amount

Your loan amount is one of the most important factors in determining your mortgage payment.  Simply put, the larger your mortgage, the higher your monthly mortgage payment and the smaller your mortgage, the lower your monthly mortgage payment.  Borrowers should evaluate mortgage payments for different loan amounts to determine the monthly payment they are comfortable with.  In addition to your mortgage payment, borrowers should factor in other housing expenses including property tax, homeowners insurance as well as other potentially applicable expenses such as mortgage insurance and homeowners association (HOA) dues, to make sure they are getting a mortgage and home they can afford. 

2

Mortgage Rate

The higher your mortgage rate, the higher your monthly payment seems pretty straightforward but a lot of factors go into determining your interest rate.  The amount of closing costs can affect your rate as mortgages with higher closing costs generally having lower interest rates, and vice versa.  For example, a "no cost" mortgage where the borrower pays no recurring closing costs has a higher mortgage rate than a mortgage with standard closing costs.  Borrowers can also elect to pay discount points, which are an additional up-front fee added to your closing costs to "buy-down" or lower their mortgage rate.  As we discuss below, mortgage type and length also impact your interest rate and monthly payment.

3

Mortgage Length

Lenders offer mortgages with different lengths, which are also called terms.  10, 15, 20, 25 and 30 year mortgage terms are available to borrowers with the 30 year term being the most common.  The length of your mortgage directly impacts your mortgage payment with the longer your mortgage term, the lower your payment.  For example, the monthly mortgage payment on a 30 year mortgage is less than the payment on a 15 year mortgage.  The monthly payments are lower on mortgages with longer terms because you pay back the loan over a longer period of time.  On the other hand, the shorter your mortgage term, the lower your interest rate and less interest expense you pay over the life of the mortgage.  So while the monthly payment on a mortgage with a shorter term is more than the payment on a mortgage with a longer term, you actually save a significant amount of money because you pay a lower interest rate and pay off your loan sooner, which reduces your total interest expense.  

4

Mortgage Program

The mortgage program you select also affects your interest rate and monthly payment.  Additionally, depending on what type of mortgage program you choose, your interest rate and payment may change over the course of your loan. If you select a fixed rate mortgage your interest rate and monthly payment stay constant over your entire loan, but you pay a higher interest rate as compared to an adjustable rate mortgage (ARM) or interest only mortgage, at least initially.  With an adjustable rate mortgage, you pay a lower initial mortgage rate for up to ten years but then your interest rate an payment adjust and could potentially increase for the remainder of the loan.  With an interest only mortgage you pay only interest, and no principal, at a lower interest rate for up to ten years, and then you are required to pay both interest and principal plus your mortgage rate is subject to change, which means your monthly payment could increase significantly.  Borrowers should be sure to understand how their interest rate and monthly payment could potentially change over the course of their mortgage depending on the mortgage program they choose.  

More FREEandCLEAR Mortgage Resources

Resources

Mortgage Rates

Compare mortgage rates and fees for leading lenders near you.  Comparing proposals from multiple lenders is the best way to find the mortgage with the lowest interest rate and fees

Resources

What Mortgage Program is Right for Me?

Review, compare and understand the pros and cons for the three main types of mortgage program -- fixed rate mortgage, adjustable rate mortgage (ARM) and interest only mortgage -- to select the mortgage that is right for you

Programs

What Length of Mortgage Should I Choose?

Understand how mortgage term impacts your interest rate, monthly payment and total interest expense over the life of a mortgage

Mortgage Expert Insights

Mortgage Expert Insights

Money and time-saving advice across a wide range of mortgage topics from an expert with over forty years of industry experience

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Get Free Personalized Mortgage Quotes

First Name:
Last Name:
Phone Number:
Email:

My Mortgage Info

Mortgage Type
Credit Score
Loan Amount
Property Value
City
State
GET FREE Quotes
FREEandCLEAR.comThank you for submitting your information!
FREEandCLEAR.comYour mortgage quote request has been sent to our lending partners and you should receive emails from multiple lenders shortly
FREEandCLEAR.comComparing proposals from multiple lenders is the best way to save money on your mortgage!
By clicking "GET FREE QUOTES," you authorize selected lenders and FREEandCLEAR to contact you using the information you provided. This authorization overrides any previous registrations on federal, state, or private Do Not Call registries or any private solicitation preference you previously expressed. You agree that lenders may use automatic dialing systems to make calls to any phone number entered, even to a cell phone or other service for which the called party is charged. You understand that consent is not a condition of purchase.