Buying
Mortgage payment calculator
Estimate monthly principal and interest for a loan amount, rate and term.
Resources
Tools to think it through.
Calculators and plain-language explanations to help you plan a purchase or refinance. Results are estimates; a conversation will get you real numbers.
Calculators
Refinancing
Refinance savings calculator
Compare your current loan with a new one and see estimated monthly savings and break-even time.
Paying off
Early payoff calculator
See how extra payments could change your payoff date and total interest.
Paying off
Payoff in 15 years calculator
Find the extra monthly payment needed to pay off your mortgage in 10, 15 or 20 years.
Loan language
Mortgage terms, explained
APR vs. interest rate
The interest rate determines your principal and interest payment. The APR (annual percentage rate) also reflects certain loan costs, such as some fees, expressed as a yearly rate. It’s useful for comparing offers.
Pre-qualification vs. pre-approval
A pre-qualification is an early estimate based on what you share. A pre-approval is based on documents and an initial review. Neither is final approval, which comes after underwriting reviews your full file and the property.
Closing costs
Fees paid to complete the loan and the purchase or refinance, such as lender, appraisal, title and escrow fees, plus prepaid items like taxes and insurance. Your Loan Estimate itemizes them.
Escrow (impound) account
An account your loan servicer uses to pay property taxes and homeowners insurance on your behalf. A portion of your monthly payment goes into it.
PMI and MIP
Mortgage insurance protects the lender if a loan defaults. Conventional loans use private mortgage insurance (PMI), which can often be removed later. FHA loans use a mortgage insurance premium (MIP), which follows FHA rules.
Rate lock
An agreement that holds a specific rate and terms for a set period while your loan is processed, protecting you if market rates rise before closing.
Before you call: helpful information
You don’t need any of this to start a conversation, but it helps us give more specific answers.
- Your goal: buying, refinancing or financing a rental
- A rough price range or your current loan balance and rate
- How your income is earned (salaried, hourly, self-employed, rental)
- Approximate savings available for a down payment and closing costs
Verify a mortgage company
You can look up any licensed mortgage company or loan originator on NMLS Consumer Access. Clarke Capital’s company NMLS number is 1766970.