Choosing a Loan Program

Explore the Mortgage101 Library

Check Local Mortgage Rates

Today's Average 4.75%

Calculators

FEATURED CALCULATOR

Loan Program Choices

Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator

MORTGAGE CALCULATORS

TERMINOLOGY

There isn't a single or simple answer to this question. The right type of mortgage for you depends on many different factors:

Your current financial picture
How you expect your finances to change
How long you intend to keep your house
How comfortable you are with your mortgage payment changing

For example, a 15-year fixed rate mortgage can save you many thousands of dollars in interest payments over the life of the loan, but your monthly payments will be higher. An adjustable rate mortgage may get you started with a lower monthly payment than a fixed rate mortgage, but your payments could get higher when the interest rate changes.

The best way to find the right answer is to discuss your finances your plans and financial prospects and your preferences frankly with a mortgage professional."