Mortgage Payment Calculator

For a quick, broad estimate of your monthly mortgage payment, enter the amount that you will borrow after paying any down payment (your mortgage amount). Then, enter the interest rates and the desired loan term. Once complete, click “calculate” to see the estimated monthly payment and the total cost of each loan.

 

Remember that there are other costs when purchasing a home. This calculator does not consider other expenses such as property taxes, rates, utility payments and homeowners association payments. Talk to your Herring Bank Mortgage Loan Officer for more information about which loan term makes the most sense for your financial situation.

15 Year vs 30 Year Mortgage Comparison Calculator

To compare estimated mortgage costs, enter your expected mortgage amount. This is the amount that you will borrow after paying any down payment. Then, enter the interest rates for both loans. The interest rates will differ according to the number of years over which the loan is amortized. The calculator is designed to calculate only the repayments for a fixed mortgage, so if you are taking out an adjustable rate mortgage, the calculation may not be accurate. Once complete, click “calculate” to see the estimated monthly payment and the total cost of each loan.

 

Remember that there are other costs when purchasing a home. This calculator does not consider other expenses such as property taxes, rates, utility payments and homeowners association payments. Talk to your Herring Bank Mortgage Loan Officer for more information about which loan term makes the most sense for your financial situation.

Closing Costs Calculator

This calculator helps you identify and estimate closing costs that may be applicable to your home purchase. The calculator starts by asking you for some general information about your potential loan:

  • Original Loan ($) – the total amount borrowed.
  • Years – the term of your mortgage loan.
  • Mortgage Rate (%) – the annual percentage interest rate of your mortgage loan

The following 12 fields represent specific fees typically required during the process of closing a mortgage transaction. You don’t have to add a value for each of these in order to compute an estimate, but understand that you may encounter these, or other fees, as part of your home purchase.

  • Origination Fee (%) – the fee, represented as an annual percentage of the total loan, associated with the origination of the mortgage loan by a broker.
  • Lender Fees ($) – any and all fees required by the lending institution.
  • Credit Report ($) – any fees and expenses related to running your credit report.
  • Appraisal Fee ($) – a flat fee associated with having the value of the real estate property assessed by a professional and independent appraiser.
  • Title Insurance ($) – the costs associated with an insurance policy protecting the buyer in the event of another party challenging the buyer’s legal ownership of the real estate property.
  • Reconveyance Fee ($) – this is a flat fee paid at closing that covers the expense of removing the lender’s lien at a future time when the loan is paid off in full.
  • Recording Fee ($) – flat fee associated with entering the change of ownership into public land records.
  • Wire and Courier Fee ($) – any and all expenses accrued for expediting the transaction or transfer of documents.
  • Endorsement Fee ($) – fees for any additional endorsements added to the title’s insurance policy meant to protect the buyer from future financial liabilities related to conditions that may have been unknown at the time of purchase, such as structural damage or code violations.
  • Title Closing Fee ($) – fee paid to the title company acting as an independent party facilitating the processing of the closing.
  • Title Document Preparation Fee ($) – additional charges covering the cost of preparing and underwriting the documents by the broker.
  • Other ($) – any and all expenses not listed above, such as property and other taxes, pest inspection, attorney fees, and home owner’s association transfer fees.

 

Your Herring Bank Mortgage Loan Officer will help walk you through the fees associated with your home purchase.

Use these valuable tools and resources to
help you smoothly navigate your homebuying journey.

Still looking for answers? Check out our other calculators:

Talk to our Experts about which mortgage is right for you.

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