Mortgage calculator
How much will your monthly mortgage payment be? Use this calculator to figure out your monthly payment, including your mortgage's principal and interest payments as well as insurance and taxes.
Understanding your monthly mortgage payments is a key part of planning for homeownership. This mortgage calculator helps you estimate what you’ll pay based on your interest rate, amortization period, and down payment—so you can move forward with clarity.
Frequently asked questions
What is a mortgage amortization period?
This is the length of time it will take for you to pay off your mortgage. Maximum amortization is up to 25 or 30 years, depending on the mortgage, which means your payments may be extended over a 25-year period.
What is a mortgage term?
This is the length of time that you lock in your rate and mortgage choice, and ranges from one to five years depending on the mortgage you choose. You’ll likely have several terms over the course of your mortgage amortization period.
What is a fixed rate mortgage and a variable rate mortgage?
A fixed rate mortgage offers a guaranteed rate of interest and set payment amount for a specified period. It could be your best bet if you’re risk-averse, as you can take comfort in knowing exactly how much equity you’ll build by the end of your term. A variable rate mortgage includes a set payment each month, but the amount you pay toward principal and interest fluctuates as rates change. At SCU, variable-rate closed mortgages are available in 5-year terms.
What is a down payment and how much do I need to buy a home?
A down payment is the amount of money you put toward the purchase of your home. The minimum amount you need for your down payment depends on the purchase price of the home. At SCU, you may be able to start with as little as 5% down payment to buy your home.
What’s the difference between a shorter and longer mortgage term?
If you choose a shorter mortgage term, such as 15 years, you’ll pay off your loan quicker and spend less on interest overall, but your monthly payments will be higher. A longer mortgage term, like 30 years, spreads the cost over more time, which lowers your monthly payments but increases the total interest you’ll pay.
What is mortgage default insurance?
Mortgage default insurance is required if your down payment is less than 20%. It protects the financial institution in case you can’t make your mortgage payments. This type of insurance allows you to buy a home with a smaller down payment.
What is a mortgage pre-approval and how do I qualify?
It is a preliminary evaluation to determine whether you qualify to borrow, and what amount you can borrow. Pre-approvals are only valid for a specific period of time and are subject to review if your financial circumstances change.
Visit our pre-approval page to learn what to expect and download our pre-approval checklist before meeting with a lending specialist. We’ll work together to help you find the right mortgage solution and prequalify you for a maximum mortgage amount.
Visit our pre-approval page to learn what to expect and download our pre-approval checklist before meeting with a lending specialist. We’ll work together to help you find the right mortgage solution and prequalify you for a maximum mortgage amount.
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