What Are My Possibilities?
Whether you are buying a new home or refinancing, the first step is to know your financing options. Use our mortgage calculator below to find what will take to get you there! You can input a different home price, down payment, loan term and interest rate to see how your monthly payment changes.
15-Year Vs. 30-Year Loan
If you can afford a little bigger monthly payment you’ll pay less interest with a 15-year mortgage than you would on a 30-year mortgage. The main factor that works in your favor – the interest rate – 15-year loans typically have lower interest rates than 30-year loans, so you’ll pay less interest right from the beginning.
Additional Payments Towards Your Principal
It can really help you save money on interest and pay off your loan faster. If you want to make extra payments on your mortgage, budget extra money each month to put toward your principal balance. This means that you make extra payments on your principal loan balance. Paying additional principal on your mortgage can save you thousands of dollars in interest and help you build equity faster.