Mortgage Payment Calculator

This mortgage cost calculator provides a quick estimate of your mortgage payment. First, enter the amount of your loan. Then, enter the interest rate and loan term. Click “calculate” to see the estimated monthly payment and the total cost of the 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 HOA payments. Talk to your Herring Bank Mortgage Loan Expert for more information about which loan fits your financial situation.

15 Year vs 30 Year Mortgage Comparison Calculator

Use this mortgage cost calculator to compare mortgage payments between a 15- and 30- Year Fixed mortgage.

Enter your expected mortgage amount. Then, enter the interest rate for both loans. The interest rates will differ according to the length of the loan.

The calculator is designed to calculate repayment for a fixed mortgage. If you are comparing an ARM, please note that the calculation may not be accurate.

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 HOA payments. Talk to your Herring Bank Mortgage Loan Expert for more information about which loan fits your financial situation.

Closing Costs Calculator

This mortgage cost calculator helps you estimate closing costs that may apply to your home purchase. First, enter your loan information:

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

The following 12 fees are typically required to close a loan. You don’t have to add a value in order to compute an estimate, but they may be included as part of your home purchase.

  • Origination Fee – the fee associated with the origination of the mortgage loan.
  • Lender Fees – any fees required by the lending institution.
  • Credit Report – any fees from running your credit report.
  • Appraisal Fee – flat service fee incurred when you have the value of your property assessed by a professional appraiser.
  • Title Insurance – costs associated with an insurance policy protecting the buyer. This insurance protects the buyer if another party challenges the buyer’s legal ownership of the real estate property after the sale.
  • Reconveyance Fee – a flat fee paid at closing that covers the expense of removing the lien 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 associated with expediting or transfer of documents.
  • Endorsement Fee – fees for any additional endorsements added to the title’s insurance policy. These additional endorsements would 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 conducting the closing.
  • Title Document Preparation Fee – additional charges covering the cost of preparing and underwriting the documents by the broker.
  • Other – any additional expenses such as property 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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