Mortgage Calculator


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.