This calculator is provided solely as a tool to estimate monthly mortgage payments and does not constitute an offer to lend. Smith Douglas Homes is not a lender. Please consult with a qualified lender for more details.
Down Payment:
- The portion of the purchase price that a buyer puts down to reduce their mortgage loan amount.
- Common conventional loan down payment amounts are 3%, 5%, 10% and 20% for qualified borrowers.
- FHA loans typically require a minimum of 3.5% down.
- Some loan programs require mortgage insurance, depending on down payment amount.
Annual Interest Rate:
- Recent lowest mortgage interest rates have fluctuated between 3.5% and 4.5% for borrowers with the highest credit scores. Borrowers with lower credit scores may expect rates that exceed 5%.
Mortgage Term:
- The amount of time to pay off a mortgage.
- 30 years is typical. To reduce the amount of interest paid over the life of a loan, some borrowers choose a shorter payback period of 20, 15 or even 10 years.
Annual Property Tax:
- Property taxes vary widely by location based on millage rate & property value. Consult a lender for an accurate estimate for the location and property of your choice.
Annual Property Insurance:
- While it’s common for property insurance to be estimated at $100 per month or $1,200 annually, actual rates can vary widely depending on a number of factors. Please consult an insurance professional for an accurate estimate.
