Found your dream home in Jesup, Ga? Do you need an estimate for your monthly mortgage payments? Use the calculator below for insight.
Start by searching your housing market for homes you may need. This will help you get an idea of the purchase price you're aiming for.
The higher your down payment, the less you have to finance through a mortgage lender. A bigger down payment also reduces the lender's risk, which can result in a lower interest rate.
Do research on mortgage rates to have a general idea of the current rate environment. Your interest rate will depend on the type of loan you have, such as FHA or conventional, as well as the repayment length, the loan amount, the loan-to value ratio and your credit worthiness.
A 30-year fixed rate is a popular choice among home buyers because it allows you to split a lower monthly payment over a longer period of time. A 15-year fixed higher rate mortgage may be a good option for you if you can afford a higher monthly payment, since a shorter repayment term will cost you less in interest charges over the life of the home loan.