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These run in your browser and nothing is sent anywhere. They use sample default rates to make the arithmetic readable. Your real numbers come from a rate sheet on the morning we shop your file.
Principal, interest, taxes, insurance, mortgage insurance and association dues, broken out so you can see which line is actually big.
Works backwards from income, debts and a 45% back-end ratio to a purchase price, the way an underwriter does.
How many months of savings it takes to recover your closing costs. The only number that decides whether a refinance is worth it.
Read this before you trust a number on any mortgage calculator, ours included.
Every rate, payment, fee and saving produced by these tools is a sample figure for illustration only. It is not an offer of credit and not a commitment to lend.
Points, credits and buydowns are not discounts. They are a trade between what you pay today and what you pay every month, and the right column depends entirely on how long you keep the loan.
No points, no credit
The rate with nothing bought and nothing sold
The baseline every other column is measured against. You pay your own closing costs and the note rate is whatever the lender's rate sheet gives at zero discount.
You expect to keep the loan a long time and you have cash for closing costs.
Illustration only. Rate sheets reprice daily and intraday.
You pay points
Buy the rate down for the life of the loan
One discount point is 1% of the loan amount paid at closing. What that buys in rate changes every day and is rarely a clean quarter point, which is why we always show the break-even in months rather than the rate alone.
You are certain you will hold the loan past the break-even month.
Illustration only. Your break-even depends on the day's rate sheet.
The lender pays
Take a higher rate and let the lender cover costs
The mirror image of points. You accept a higher note rate and the lender returns a credit at closing that can be applied to non-recurring closing costs and prepaids.
Cash to close is tight, or you expect to refinance before the extra interest adds up.
Illustration only. Credit cannot exceed actual closing costs.
The seller pays
Two years of a lower payment, funded by the seller
The seller deposits money into an escrow account that subsidises your payment by two percentage points in year one and one point in year two. You still qualify at the full note rate, which is the part people miss.
A motivated seller who will not reduce the price but will contribute to costs.
Illustration only. Seller contribution limits apply by program.
We put these four columns on one page with your actual loan amount in them, then show the break-even in months.
Run the numbersNot covered here? Call (505) 555-0135 or send us a note. Se habla español.
Because a rate without a file behind it is a guess. Your rate depends on credit tier, loan-to-value, occupancy, property type, loan amount and which lender ends up with the file. Send documents in the morning and you will have real numbers from several lenders in the afternoon.
Only if you will hold the loan past the break-even month. One point is 1% of the loan amount, and what it buys in rate changes daily. We show the break-even in months on the comparison sheet rather than quoting the rate alone.
Once you are under contract and the appraisal is ordered, in most cases. Some panel lenders offer a one-time float-down if rates improve after you lock, and extended locks exist for new construction.
Extensions cost money and worst-case repricing costs more. This is one of the few situations where being a broker helps directly: we have moved a file to a different panel lender mid-process rather than pay a punitive extension.
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