Mortgage

Find out which mortgage is best for you

A fixed-rate mortgage has the same payment for the entire term of the loan. Use this calculator to compare a fixed-rate mortgage to an interest-only mortgage.

This calculator requires a Java-enabled browser. To download the plugin, click here.

Mortgage

This Financial Calculator requires SUN's Java� Plug-in. If you see this message you will need to download SUN's Java� Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing �Install ActiveX Control�.

Get the Java� Plug-in!

For more information about this Plug-in please visit: SUN's Java� Plug-in
For more information these financial calculators please visit: Financial Calculators from KJE Computer Solutions, LLC

Definitions

Fixed Rate Mortgage: A fixed rate mortgage has the same interest rate and monthly payment throughout the term of the mortgage. The payment is calculated to payoff the mortgage balance at the end of the term. The most common terms are 15 years and 30 years.
Interest Only Mortgage: An Interest Only mortgage only requires monthly interest payments. Since you are not paying any principal, this can lower your monthly payment. However, since your mortgage's principal balance is not decreased, you will have a balloon payment at the end of the mortgage's term. Some Interest Only mortgages will also be adjustable rate mortgages (ARM). An Interest Only ARM will often have a period where the interest rate is fixed, and then it is adjusted annually. This calculator assumes that the interest rate for your Interest Only Mortgage remains fixed for the entire term.
Mortgage amount: Expected balance for your mortgage.
Term in years: The number of years over which you will repay this mortgage. The most common mortgage terms are 15 years and 30 years. Please note that for the Interest Only Mortgage you will have a balloon payment for the entire principal balance at the end of the loan term.
Interest rate: Annual interest rate for each mortgage type.
Prepayment: A monthly prepayment of principal you would like to apply to your Interest Only Mortgage balance.
Monthly payment: Monthly principal and interest payment (PI) for the Fixed Rate Mortgage. This is an interest only payment for an Interest Only ARM.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

Compare Mortgage Rates

Zip code:

Product:

30 yr fixed average
3.73%

About our rates

About this index

Mortgage Overnight Averages

Product	Rate	+/-	Last week
30 yr fixed mtg	3.73%		3.65%
15 yr fixed mtg	2.85%		2.79%
5/1 ARM	2.60%		2.59%
30 yr fixed mtg refi	3.72%		3.64%

View rates in your area:

Partner Center

Mortgage rates giving you motion sickness?

Let us watch for you. We'll tell you when they hit your target.

Place this widget on your Web site!

Choose from many types:

Subscribe:RSS Feeds

Advertising Disclosure: Bankrate.com is an independent, advertising-supported comparison service. Bankrate may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.