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The golden rule of thumb for the home’s price as your down payment is 20% of the home purchase price, although some mortgage loan programs require as little as 3.5% down. The down payment amount reduces the full amount of your mortgage loan. The more you pay your down payment, the less you can pay monthly. As an option, you may afford the more expensive house.
The loan programs can regulate the interest rate and borrower’s monthly payment. You may select from 30-year, 15-year fixed, and others in the calculator above.
The most commonly used types of mortgage loans are fixed or adjustable-rate loans. Fixed-rate loan’s interest rate remains the same for the loan’s entire life. That means your monthly payment can remain the same, even for long-term loans, such as 30-year fixed-rate mortgages. There are two pros of the fixed-rate loan type: stability and the ability to calculate the total interest up front. Adjustable-rate mortgages (ARMs) have variable interest rates over time of the loan. Typically they start 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 3/1 ARM, you will have the same interest rate for the first three years, and your interest rate will change yearly. The main benefit of an adjustable-rate loan is starting with a lower interest rate.
This field is pre-filled with the current average mortgage rate. However, the credit score and down payment can change, and your actual rate will vary.
Some mortgage payment calculators may include estimated property taxes based on the home’s value. You can edit this in the advanced options. Your mortgage officer can obtain up-to-date property tax rates and amounts.
Home insurance or homeowners insurance is typically required by lenders, depending on the loan program. You can edit this number in the mortgage calculator’s advanced options.
The homeowners association fee (HOA fee) is an amount that must be paid monthly by owners of specific residential properties. The HOA collects these fees to assist with maintaining and improving properties in the association.
Based on information from the Spartanburg Multiple Listing Service, Inc. as of 07/04/2024 15:52. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or the MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
The information is provided exclusively for consumers’ personal, non-commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed to be accurate.