Get a clearer snapshot of your loan and explore what’s possible with our handy mortgage payment calculator. Over time, as markets change and the Nevada and California market grows, interest rates vary. You may have an opportunity to save over the life of the loan. Estimate your monthly mortgage payment below to find out.
This calculator is indeed solely for general information and educational purposes and is not a commitment to lend. Greater Nevada Mortgage does not guarantee the accuracy of the calculations or the availability of any of the terms provided. Your actual rate, payment and costs could be higher. Get an official Loan Estimate before choosing a loan. The calculator is not intended in any way as financial, insurance, tax or legal information regarding your financial situation, please consult with a financial advisor.
Current Fixed Mortgage Rates
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Adjustable Rate Mortgage (ARM) Calculator
An adjustable rate mortgage (ARM) is a type of home loan with a variable rate of interest. After an initial fixed time period, rates may adjust over time in line with the housing market and other economic factors.
Your debt-to-income ratio is the percentage of your gross income used to cover your mortgage and other debt payments.
Bi-Weekly Mortgage Payments Calculator
One popular strategy for accelerating the payoff of a loan is to make ‘Bi-Weekly’ payments. Under a Bi-Weekly mortgage plan, you will make payments to your lender every two weeks instead of monthly.
Mortgage Frequently Asked Questions
What is a mortgage?
A mortgage is a loan used to buy a home. These home loans are provided by lenders (like Greater Nevada Mortgage) and can vary with different terms, conditions and requirements.
What is a down payment?
A down payment is a payment made when you purchase a home. They can range from 3.5% to 20% depending on the loan type. Several programs exist to help homebuyers gather the cash needed for such a large investment.
What’s the difference between principal and interest?
When you purchase a home, your payments go toward both the principal and interest. The principal is the total you agree to repay, while the interest is the cost of borrowing that amount from a lender over the term.
What determines the interest rate for a mortgage?
Mortgage rates are influenced by different factors. The amount you put down on the home, your credit score and history, the total amount of the loan and loan types can all affect interest rates.
What elements make up the total mortgage payment?
Though you’ll make one payment toward your mortgage every month, the payment may be made up of four individual fees: principal, interest, property taxes and insurance (commonly known as “PITI”). It’s important to note that this is only true if you impound your taxes and insurance payments each month with your loan payment versus paying them on your own when due throughout the year. If you don’t impound your taxes and insurance with your regular payment, then you will only pay the lender for the loan’s principal and interest each month.
Our mortgage calculator can help identify the principal (or home price) and interest fees, but not insurance and city or county fees. As a result, your monthly payment may be a little higher than the one shown.
What is a homeowners insurance premium?
Homeowners insurance premiums are payments you make to the policy provider to keep your coverage active. It may be included in your monthly mortgage payment or it may be separate. You may be required to get private mortgage insurance (PMI) if your down payment is below a certain percentage. Just remember: PMI protects the lender against default, while homeowners insurance protects you against loss.
APR = Annual Percentage Rate. APR is the cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees.
Rates and terms are subject to change without notice. Rates are for illustrative purposes only, and assumes a borrower with a credit score of 700 or higher which may be higher or lower than your individual credit score. Adjustable Rate Mortgage (ARM) loans are subject to interest rate, APR, and payment increase after each change period. For instance, a 5/5 ARM means that you will pay a fixed rate for the first five years of the loan, and then your rate is subject to change once every five years thereafter through the remainder of the loan. Interest rates and APRs are based on current market rates, and may be subject to pricing add-ons related to property type, loan amount, loan-to-value, credit score and other variables. Depending on loan guidelines, mortgage insurance may be required. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. Your loan’s interest rate will depend upon the specific characteristics of your loan transaction and your credit history up to the time of closing. The estimated total closing costs in these rate scenarios are not a substitute for a Loan Estimate, which includes an estimate of closing costs, which you will receive once you apply for a loan. Actual fees, costs and monthly payment on your specific loan transaction may vary, and may include city, county or other additional fees and costs. Not all loan options are available in every state. Borrower is responsible for any property taxes as a condition of the loan. Membership with Greater Nevada Credit Union is required for select loan options. This is not a credit decision or a commitment to lend.
Please contact a mortgage consultant to learn about all details on loan options and programs available. You may contact one directly, or call Greater Nevada Mortgage at 775-888-6999 or 800-526-6999. We do business in accordance with the Federal Fair Housing Law and the Equal Opportunity Act, and the California Fair Employment and Housing Act.