Mortgage Calculator

Estimate your payment with our easy-to-use loan calculator.
Then get pre-qualified to buy by a local lender.
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ZIP Code

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Home Price

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Down Payment

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Interest Rate

Currently:
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Loan Type

30-year fixed

Which Type of Mortgage is Right for Me?

The type of loan you choose will affect your interest rate and your monthly payment, so it’s important to choose wisely. Here’s a look at different loan options for some common mortgage types. The interest rates displayed are averages, but you can find personalized rates here.
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30-Year Fixed

    Loan Type
    30-Year Fixed
    Best for
    Low monthly payments that won't change
    Current Avg. APR
    4.01%
    Min. Down Payment*
    3.0%
    More Details
    30-year fixed is the most common mortgage type
15-Year Fixed

    Loan Type
    15-Year Fixed
    Best for
    Paying loan off faster (vs 30-year loans)
    Current Avg. APR
    3.47%
    Min. Down Payment*
    3.0%
    More Details
    Payments are higher, but much less interest is paid over time vs 30-yr loans
7/1 ARM

    Loan Type
    7/1 ARM
    Best for
    Those who might sell within 7 years
    Current Avg. APR
    3.89%
    Min. Down Payment*
    3.0%
    More Details
    After 7 years, interest rate & mo. payment can change annually
5/1 ARM

    Loan Type
    5/1 ARM
    Best for
    Those who might sell within 5 years
    Current Avg. APR
    3.94%
    Min. Down Payment*
    3.0%
    More Details
    After 5 years, interest rate & mo. payment can change annually
FHA 30-Year Fixed

    Loan Type
    FHA 30-Year Fixed
    Best for
    Those with lower credit scores
    Current Avg. APR
    4.32%
    Min. Down Payment*
    3.5%
    More Details
    Mortgage insurance is required (upfront fee & mo. insurance premium)
VA 30-Year Fixed

    Loan Type
    VA 30-Year Fixed
    Best for
    Qualifying veterans and active military
    Current Avg. APR
    3.94%
    Min. Down Payment*
    0%
    More Details
    PMI is not required for VA loans, but there may be a VA funding fee
Jumbo 30-Year Fixed

    Loan Type
    Jumbo 30-Year Fixed
    Best for
    Those purchasing high-priced homes
    Current Avg. APR
    4.26%
    Min. Down Payment*
    Varies
    More Details
    Jumbo loans are for loan amounts that exceed conventional loan limits
Loan TypeBest forCurrent Avg. APRMin. Down Payment*More Details
30-Year FixedLow monthly payments that won't change4.01%3.0%30-year fixed is the most common mortgage type
15-Year FixedPaying loan off faster (vs 30-year loans)3.47%3.0%Payments are higher, but much less interest is paid over time vs 30-yr loans
7/1 ARMThose who might sell within 7 years3.89%3.0%After 7 years, interest rate & mo. payment can change annually
5/1 ARMThose who might sell within 5 years3.94%3.0%After 5 years, interest rate & mo. payment can change annually
FHA 30-Year FixedThose with lower credit scores4.32%3.5%Mortgage insurance is required (upfront fee & mo. insurance premium)
VA 30-Year FixedQualifying veterans and active military3.94%0%PMI is not required for VA loans, but there may be a VA funding fee
Jumbo 30-Year FixedThose purchasing high-priced homes4.26%VariesJumbo loans are for loan amounts that exceed conventional loan limits
* Actual minimum required down payment may vary depending on criteria established by the lender, investor or insurer of your loan.

How to Lower Your Monthly Payment

If the monthly mortgage payment you’re seeing in the home loan calculator is higher than you can afford, here are a few things you can do to lower it.
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  • Improve your credit score

    If a low credit score is contributing to your high payments, you can take steps to increase it. First, review your credit report and address any red flags or errors. Then, stop applying for new credit, work to reduce your debt, and be sure to make all of your payments on time.

  • Put more money down

    A higher down payment will reduce the amount of money you borrow, leading to lower monthly payments. It can help you qualify for a lower interest rate, which can also lower your monthly payments. In some cases, it can help you avoid paying costly PMI.

  • Make Extra Payments

    If you can’t make a bigger down payment, you can opt to pay extra towards your principal every month. While this won’t immediately lower your monthly mortgage payment, it can help your mortgage payments decrease later and help you pay off the loan faster

  • Opt for a longer loan term

    A longer loan term will spread the cost over a longer period of time, which will lower your monthly mortgage payments. This will lead to more interest paid over the life of your loan, but it’s a good strategy to help make homeownership more affordable.

  • Avoid PMI

    For most conventional loans, you’re required to pay for private mortgage insurance (PMI) along with your monthly mortgage payment until your loan-to-value (LTV) reaches 78-80%. You can avoid this additional monthly cost by putting 20% down on your home.

  • Pay PMI Upfront

    If you have to pay PMI on a conventional loan, instead of paying it every month along with your mortgage payment, you can opt to pay for it upfront as a one-time fee. This won’t lessen the overall cost of PMI, but it will cut down the amount you pay every month.

  • Rent Out Part of Your Home

    If you’re open to living with roommates and you have the space, renting out a bedroom in your home or even a basement apartment if you have it is a great way to reduce your overall monthly payment by having the rental income offset your monthly costs.

  • Make Bi-Weekly Payments

    If you want to immediately lower your payments, bi-weekly payments likely won’t help. But if you want to pay your loan off faster, stop paying PMI faster, or simply pay less interest over the life of your loan, this approach could make a lot of sense for you.

  • Buy Down Your Rate

    Everyone knows that the lower the interest rate you get for your loan, the lower your monthly payment will be. But if you don’t have the credit score or other criteria to qualify for the lowest rate, consider buying discount points to get a lower rate, and a lower payment.

Mortgage Resources

Simplify the mortgage process with our easy-to-use mortgage resources: