MORTGAGE ARCADE

SYS v2.6 // READY

LOAN AMOUNT

INTEREST RATE (%)

LOAN TERM (YEARS)

HOME PURCHASE PRICE

INPUT TAXES & INSURANCE?

ANNUAL PROPERTY TAXES

ANNUAL HOMEOWNERS INSURANCE

Approximate Monthly Payment

—

/ month

—

Principal & Interest —

Monthly Property Tax —

Monthly Homeowners Insurance —

Monthly mortgage insurance is required on any loan with less than 20% down payment. Mortgage insurance quoted here is an estimate and to be used for educational and informational purposes only. To get the most accurate mortgage insurance quote, please speak to a lending professional.

15 YEAR LOAN

LOAN AMOUNT

INTEREST RATE (%)

HOME PURCHASE PRICE

30 YEAR LOAN

LOAN AMOUNT

INTEREST RATE (%)

HOME PURCHASE PRICE

INPUT TAXES & INSURANCE?

ANNUAL PROPERTY TAXES

ANNUAL HOMEOWNERS INSURANCE

15 YEAR LOAN

APPROX. MONTHLY PAYMENT

—

/ month

—

30 YEAR LOAN

APPROX. MONTHLY PAYMENT

—

/ month

—

✓ 15 YEAR — PROS

Pay significantly less interest over the life of the loan
Every extra dollar above interest goes directly toward principal
Own your home free and clear in 15 years

✗ 15 YEAR — CONS

Higher monthly payment — not ideal if budget is tight
Fixed payment with no option to pay less — this is the required minimum every month

✓ 30 YEAR — PROS

Lower required monthly payment gives you more breathing room
Option to pay extra toward principal each month without being required — enter both scenarios to see your accelerated payoff estimate

✗ 30 YEAR — CONS

More of each payment goes toward interest, especially in the early years
Longer repayment period — 30 years before the loan is paid off on the standard schedule

RENT

ESTIMATED MONTHLY RENT

ANNUAL RENT INCREASES (%)

AMOUNT INVESTED / MONTH

ESTIMATED INVESTMENT RETURN (%)

BUY

PURCHASE PRICE

DOWN PAYMENT

INTEREST RATE (%)

LOAN TERM (YEARS)

ANNUAL HOME APPRECIATION (%)

INPUT TAXES & INSURANCE?

ANNUAL PROPERTY TAXES

ANNUAL HOMEOWNERS INSURANCE

TIMEFRAME (YEARS)

CURRENT RENT

Monthly Rent

—

/ month, today

Principal & Interest —

Est. Property Tax —

Est. Homeowners Ins. —

Est. Mortgage Insurance —

CURRENT MORTGAGE

Total Monthly Payment

—

/ month, today

—

Principal & Interest —

Est. Property Tax —

Est. Homeowners Ins. —

— YEARS FROM NOW

RENTING

FUTURE ESTIMATED RENT PAYMENT

—

Annual increase —

After years —

ESTIMATED NET WORTH (INVESTMENTS)

—

Monthly invested —

Total contributions —

Investment return —

BUYING

FUTURE ESTIMATED MORTGAGE PAYMENT

—

Principal & interest (fixed) —

Est. future property tax —

Est. future homeowners ins. —

ESTIMATED NET WORTH (HOME EQUITY)

—

Future home value —

Remaining loan balance —

Home equity —

— PRESS START —

Mortgage Arcade is for educational and informational purposes only. Information in Mortgage Arcade is not a commitment to lend and should not be used as a qualifying tool. Mortgage Arcade is intended to be a user directed tool to help understand the math behind mortgages. Actual rates, terms and payment information can vary depending on credit and other qualifications. Contact a lending professional to get the most accurate quote.

Private mortgage insurance (if applicable) is an estimate. Actual mortgage insurance terms can vary widely depending on credit qualifications, down payment, and loan program. Contact a lending professional to get the most accurate quote.

*The APR listed is an estimate, and is calculated based on estimated origination fees of $1,525, estimated settlement fees for home purchases in Portland, Oregon, a 1% discount "buy down" fee, and 15 days of prepaid interest. Origination fees, discount fees, and prepaid items vary depending on each individual loan scenario. Contact a lending professional for the most accurate quote.

Future property taxes and future homeowners insurance estimates are based on the assumption that they increase at the same rate as the input annual home appreciation. Actual future taxes and insurance are based on outside factors, and these estimates should not be relied upon as actual future tax and insurance estimates. These are intended to show that taxes and insurance payments can also increase (even if your principal and interest payment is fixed).