ClearPath Mortgage Group/Idaho/Mortgage Calculator
Mortgage calculator for IdahoYou supply the rate. We do not publish one.
Every calculator that shows you a rate is showing you a number somebody chose. This one asks for yours, and does the arithmetic on it. Nothing here is stored and nothing touches your credit.
This calculator needs JavaScript. Everything below the fields works without it, and the phone number at the foot of this page always works.
Enter all three and the monthly principal and interest appears here.
What this figure is, and what it leaves out
Principal and interest only. It is not your full monthly payment. Property taxes, homeowner's insurance, any mortgage insurance and any association dues are on top, and on most loans they are collected with it.
The down payment is not in this arithmetic. You entered a loan amount, not a purchase price, so whatever you put down is already reflected in the figure you typed. Nothing here assumes a down payment of any size.
The repayment terms are the ones you chose — the term in the box above, repaid in equal monthly instalments of principal and interest at the rate you entered, fixed for the whole term.
The rate you entered is not an annual percentage rate. The APR is at least that high and usually higher, because it folds in costs this page cannot see — and we do not publish one, or any rate. The APR that applies to you comes in writing from the lender making the offer. If you are quoted an adjustable rate, it can increase after closing, and the figure above would change with it.
What actually moves it
Three inputs, and they do not pull equally.
The term moves it most, and it is the one most calculators fill in for you. Shortening it raises the monthly figure and cuts the interest paid over the life of the loan, usually by a great deal. Lengthening it does the reverse. Try the same loan at each of the four.
The rate moves it steadily, and it is not one number. The rate you are offered depends on the programme, your credit, the size of the down payment and what you pay up front to buy it down. Test a range rather than a single figure — that is what the box is for.
The loan amount is not the price. It is the price less what you put down, plus anything financed into it. Two people buying the same house borrow different amounts.
What none of that tells you is which programme you land in, and that decides which rates you are choosing between in the first place. How to read a rate on this site sets out what we publish and what we refuse to.
Send me the numbers and I will tell you which rates you are actually choosing between.
The figure above is arithmetic on numbers you chose. The rate that matters comes from a lender looking at your file, and the first conversation costs you nothing: no credit pull, no application, nothing to sign.