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    Mortgage Center
    Estimate your mortgage payment, including taxes, insurance, and other monthly costs. Enter your home's price and down payment to see a breakdown of your mortgage payments. By adjusting these numbers, you can see how different factors, like down payment or HOA fees, impact your overall monthly payment.
    How much can you afford?
    Enter your income and expenses to figure out the best budget for your new home.
    Is it better to rent or buy?
    Use this handy calculator to see which makes the most sense.
    Use these handy calculators to figure out what you can afford or choose between renting or buying. But remember, our simple calculators can never replace the seasoned and personal advice your REALTOR® and a mortgage professional can offer you.
    Our calculators are based on standard formulas and the data you provide and may not apply to your specific situation. Always check with a professional before making a significant financial decision.

    Mortgage Calculator Definitions

    Gross Annual Income
    Your income is how much you make before taxes. Include total income for you and any co-borrowers.
    Down Payment
    This is the amount of money you will pay up front for the home. A higher down payment will lower the monthly payment. Make sure your down payment meets any minimum required by the lender.
    Interest Rate
    This number is based on current average mortgage rate, but may vary depending on your financial situation, credit score, down payment, or lender.
    Loan Term
    This is how long it will take you to pay off the home loan.
    HOA/mo
    This field can be used to include any Home Owners Association (HOA) fees or other monthly fees for the property.
    Home Insurance
    Insurance is often required by lenders. You can remove this from the calculation by clicking the box labeled "Remove Mortgage Insurance."
    Property Tax
    Property tax is estimated based on the home's value. You can edit this number.

    Type of Loans

    You can classify home loans in any number of ways, but here are the most common types of mortgages:
    Fixed rate or adjustable rate
    A fixed rate loan is a mortgage with an interest rate that is set when you take out the loan, and it will never change. An adjustable rate mortgage has an interest rate that may go up or down.
    Conforming or Jumbo Loan
    A conforming loan means that the mortgage is made under the auspices of Fannie Mae and Freddie Mac, government entities that guarantee loans for banks. In New York City and some other parts of our service area, conforming loans only go up to $726,525. You'll need a jumbo loan, which is not backed by the government, if you need a loan over this amount.
    First or second mortgage
    A first mortgage will always be the primary lien on your home, and it takes precedence over every other type of loan you might take out on your home. Usually, the loan used to purchase your home is secured by the first mortgage. Second mortgages also use your home as collateral, and it is paid out in one lump sum at the beginning of the loan. Many people use a combination of loans to achieve their financing goals.

    Talk to your REALTOR®

    First and foremost, one of the best resources available to you to discuss your mortgage options is your REALTOR®, who can likely recommend a mortgage professional to help you put the right financing in place.

    An important but little-known fact is that it really matters where you get your mortgage when you're making an offer on a home. Sellers will often look for buyers with solid financing from lenders they know and trust, because it can make the whole transaction run more smoothly.

    That's why your local mortgage lender or broker, working hand in hand with your REALTOR®, can make the difference between an offer that is accepted and one that comes in second place.

    It's also important to consider your goals. Do you plan to stay in your new home for years? Will you ever rent it behind you? Is this your first home, or your fourth? All of these factors are important considerations when it comes to choosing the right loan for your circumstances.

    Frequently Asked Questions