Fixed:
A fixed term (for example, 15 or 30 years) as well as a fixed interest rate. The interest rate and term are fixed at the start of the mortgage. The monthly amount for the payment of principal and interest will not change during the term of the mortgage.

Adjustable:
Often referred to as an ARM (Adjustable Rate Mortgage). The interest rate on your mortgage will be adjusted up or down according to current interest rate levels. The monthly amount for your principal and interest payment will go up or down with these rate changes. These mortgages may include "Interest Only" type of loans.

 



* Mortgage rates could change daily.

* Actual payments will vary based on your individual situation and current rates.

* Some products may not be available in all states.

* Some jumbo products may not be available to first time home buyers.

* Lending services may not be available in all areas.

* Some restrictions may apply.

* Based on the purchase/refinance of a primary residence.

* We assumed (unless otherwise noted) that: closing costs are paid out of pocket; this is your primary residence and is a single family home; debt-to-income ratio is less than 30%; and credit score is over 720, or in the case of certain Jumbo products we assume a credit score over 740.

* The lock period for your rate is 45 days.

* If LTV > 80%, PMI will be added to your monthly mortgage payment.

* Please remember that we don't have all your information. Therefore, the rate and payment results you see from this calculator may not reflect your actual situation. Quicken Loans offers a wide variety of loan options. You may still qualify for a loan even if your situation doesn't match our assumptions. To get more accurate and personalized results, please call (800) 710-1755 to talk to one of our mortgage bankers.

*30-Year Fixed-Rate Mortgage: The payment on a $200,000 30-year Fixed-Rate Loan at 4.875% and 80% loan-to-value (LTV) is $1058.42 with 1.5 points due at closing. The Annual Percentage Rate (APR) is 5.059%. Payment does not include taxes and insurance. Some state and county maximum loan amount restrictions may apply.

*15-Year Fixed-Rate Mortgage: The payment on a $200,000 15-year Fixed-Rate Loan at 4.25% and 80% loan-to-value (LTV) is $1504.56 with 1.25 points due at closing. The Annual Percentage Rate (APR) is 4.526%. Payment does not include taxes and insurance. Some state and county maximum loan amount restrictions may apply.

*Adjustable-Rate Mortgage: The payment on a 30-year $200,000 5-year Adjustable-Rate Loan at 3.50% and 80% loan-to-value (LTV) is is $898.09 with 2 points due at closing. After 5 years, the principal and interest is $862.42. Payment does not include taxes and insurance. The Annual Percentage Rate (APR) is 3.466%. Rate is variable.

1) Principal: The repayment of the original amount borrowed on a monthly basis.
2) Interest: The cost of borrowing the principal amount, repaid on a monthly basis.
3) Taxes: Real Estate taxes paid to a local government agency.
4) Insurance: Homeowners insurance on the home. Also any mortgage insurance, which is paid to protect the mortgage company.
The total of these items is known as the PITI (Principal/Interest/Taxes/Insurance) payment.