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Last updatedThursday, July 29th 2021

Mortgage Calculator

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BestMoney Total Score

Our product scores consist of a combination of the following 3 components:

TrustPilot Score

Trustpilot is a trusted third-party consumer review website open to anyone looking to share a business review. The BestMoney Total Score will consist of the brand’s score on TrustPilot. If a brand does not have a TrustPilot score, the BestMoney Total Score will be based solely on the Click Trend Score and Products & Services Score (read below).

Click Trend

BestMoney measures user engagement based on the number of clicks each listed brand received in the past 7 days. The number of clicks to each brand will be measured against other brands listed on the same page and device (desktop, mobile, or tablet). Therefore, the higher the share of clicks a brand receives, the higher the Click Trend Score. BestMoney accepts advertising compensation from companies, which impacts their (and/or their products’) position, and in some cases, may also affect their Click Trend Score.

Products & Features

BestMoney’s editorial team researches and reviews financial products based on factors such as: range of products and services offered, ease-of-use, online accessibility, customer service, special awards, and more. Each brand is then given a score based on the offerings in each parameter. The specific parameters which we use to evaluate the score of each product can be found on its review page, which is updated every 3 months. If the editorial team cannot locate information relevant to a brand's Products & Services Score, it will not be included in its calculation.

Editorial Reviews

Quicken Loans

Quicken Loans

Read review
AmeriSave Mortgage

AmeriSave Mortgage

Read review
Beeline Loans

Beeline Loans

Read review
CapCenter

CapCenter

Read review
Read all reviews

Why You Need a Mortgage Calculator

Buying a home is one of the biggest decisions you will ever make. Not only are you choosing a home for you and your family to live in for years to come, but you are also entering into a major financial commitment, and it’s important to know what you are getting into. Using a home loan calculator to calculate your estimated mortgage payments is a very important step on your journey to your new home. This way, you can calculate your expected mortgage payments and determine just how much house you can afford, and also avoid falling in love with a house that is outside your realistic price range.

Using a home loan calculator will also help you set your budget upfront, so you can narrow down your search when the time comes for you to choose your dream house.

Our mortgage calculator can help you do just that. Simply put in your loan amount and expected loan term, and our loan interest calculator will direct you only to the most relevant results.

Current Mortgage Rates for July 2021


Average Rate
Today
Average Rate
3 Months Ago
Purchase
30-year fixed
2.967%3.208%
Purchase 
15-year fixed
2.327%2.542%
Refinance 
30-year fixed
3.095%3.354%
Refinance 
15-year fixed
2.438%2.758%

Today's Current Mortgage Interest Rates

While mortgage lenders’ requirements have grown significantly stricter in recent years, the COVID-19 pandemic has led to extremely low-interest rates on mortgages. Even a fraction of a percentage point can lead to thousands or tens of thousands of dollars in savings over the term of a mortgage.


Mortgage rates can vary widely depending on various criteria, such as your credit history and the value of your new home, along with market conditions.


December 2020June 2021
Average 30-year fixed rate2.67%2.93%
Average 15-year fixed rate2.17%2.24%

Source - YCharts

Buying a House in 2021

Even under normal conditions, buying a house presents challenges of one sort of another for buyers. Buying a house in 2021 comes with a number of challenges.

One factor has been a dwindling supply of homes in some parts of the country. This stems from a combination of some sellers taking their home off the market and increased demand for homes in many areas. In some cases, sellers may have decided that this isn’t a good time to move, or perhaps they’ve encountered a financial situation that has led to this decision. Due to the pandemic, many families have decided to move out of congested urban areas and into suburban areas. In many cases, the lower supply and increased demand have resulted in higher prices and stiff competition.

Mortgage Interest Rates & COVID-19

The economic fallout from COVID-19 has impacted the mortgage market in the form of stricter requirements from many lenders. Perhaps having learned from the financial crisis of 2008, many lenders have tightened their lending standards. 

These more stringent requirements vary by lender, but some examples are:

  • Some lenders have raised their minimum credit scores in general, or at least require to qualify for more preferential interest rates and mortgage terms. 
  • Some lenders have increased the down payment amount required to qualify for a loan.
  • In some cases, mortgages that had previously been pre-approved are subject to a re-verification process prior to the finalization of the loan.
  • Even government-backed loans through the FHA and VA have been impacted by some lenders’ stricter minimum requirements to obtain these loans. 

The bottom line for home buyers is that these tougher requirements may require more shopping to obtain an affordable mortgage. 

How to Choose the Right Mortgage Lender

Choosing the right lender takes a fair amount of research and requires a thorough review of your situation before you even start your search. For example, if you are a first-time buyer, some lenders might be better than others for your situation. Other factors that can help determine the right lender for your situation might include:

  • Do you have a high credit score, or are there issues here?
  • Are you looking for a 30-year mortgage or perhaps one with a 15-year term
  • Are you a veteran?


The key factors to consider when starting your search include:

  • Your credit score
  • The amount of your down payment
  • The loan term you are seeking
  • Extra fees and closing costs associated with the mortgage
  • The interest rate


The types of lenders you might consider include:

  • Banks
  • Credit unions
  • Online lenders

In some cases, it might make sense to work with a mortgage broker who can help you look across the mortgage lender spectrum and can often help you obtain a suitable deal. Some online mortgage sites offer access to several different lenders, much like a traditional mortgage broker. 

How to Apply for Low Interest Rates

A mortgage application is a longer process than most other financial transactions that you might engage in. It’s essential to be prepared with the required documents and information before completing the application. This includes:

  • Recent pay stubs or verification of employment
  • Bank statements for all accounts
  • Your most recent personal and if applicable, business tax returns
  • W-2s for at least the past two years

Additionally, the lender will run a credit check on to obtain your credit score. They will also ensure that the property you are looking to finance is actually worth the purchase price. 

Our Top Lenders

LenderMin. Down PaymentVisit Site
AmeriSave3%View Rates
Quicken Loans3%View Rates
Better.com3%View Rates

AmeriSave

AmeriSave Mortgage Corporation is a full-service mortgage lender that has funded 220,000+ homes for a total value of more than $55 billion. AmeriSave is known for offering streamlined online applications with the option of contacting customer support any time you need assistance. Read the full review.

AmeriSave Mortgage AmeriSave Mortgage View Rates

Quicken Loans

Quicken Loans is one of the most reputable mortgage lenders. It offers a large range of mortgage options including refinance loans, FHA, USDA, VA loans, jumbo loans and more. Read the full review.

Quicken Loans Quicken Loans View Rates

better.com

You can get pre-approved for a mortgage in minutes with Better mortgage. There are no origination or lender fees, no commission, and no prepayment penalties. Better allows you to lock in your rate and connects you with a single loan officer once you've finished the pre-approval process. Read the full review.

Better Better View Rates

Here are the answers to some commonly asked questions about obtaining a mortgage. 

What's the difference between an adjustable and a fixed-rate mortgage?

A fixed-rate mortgage is based on a fixed interest rate. This is the rate used to calculate the monthly payments that will remain fixed over the loan term. The benefit is certainty about the level of your monthly payment over the life of the loan.

With an adjustable-rate mortgage (ARM), the interest rate can adjust periodically. Typically the interest rate is fixed for an initial period and then adjusts periodically. Sometimes there is a cap on the amount of the adjustment. Often whether the rate changes and by how much is based upon some sort of benchmark such as the rate on 1-year Treasury Bills. An ARM might start off with a lower rate than a fixed-rate mortgage, but if interest rates rise, the interest rate could skyrocket drastically, increasing your monthly payment.

Should I get a conventional or government-backed loan?

The answer depends upon your situation. If you have good credit, have the ability to make the required down payment, and have a steady employment history, a conventional mortgage might be the right option for you. Conventional loans often carry favorable interest rates and terms.

An FHA loan might be a good option for those who are not “perfect” applicants. This might include a lower credit score, an inconsistent work history, or other blemishes that could deter a lender on a conventional loan. An FHA loan carries a government guarantee, which gives the lender a bit more security. 

If you are a veteran, a VA loan might be a good option for you. Again, the government guarantee allows the lender to risk you even if your financial situation doesn’t match up with what might be required for a conventional loan.

Will applying for a mortgage affect my credit score?

When lenders check your credit score, it is reflected as a credit inquiry. If you apply for several mortgages within a compressed time frame of 45 days or less, these multiple inquires by mortgage lenders will show up as a single credit inquiry

How long will the process take?

Generally, the mortgage application process should take about 30 days. This could end up being longer or shorter. Some online lenders might be able to complete the process in as little as a week. In other cases, especially during peak periods for applications, this process can stretch out a bit longer. Much will also depend upon how prepared you are with the information the lender requires.