Mortgage Rate Calculator
Calculate what mortgage interest rate you need to afford your target monthly payment, or determine your affordable loan amount based on current rates. This calculator helps you understand mortgage affordability.
Rate Calculation
Payment Analysis
Rate Comparison
Current Mortgage Rate Trends
30-Year Fixed
6.5-7.0%
Average range
15-Year Fixed
5.5-6.0%
Average range
5/1 ARM
6.0-6.5%
Average range
FHA Loans
6.0-6.5%
Average range
*Rates are approximate and vary by lender, credit score, and market conditions. Always check current rates.
Understanding Mortgage Rates
Mortgage interest rates determine how much you'll pay for your home loan. This calculator helps you understand what rate you need to afford your target payment, or how much you can borrow at current market rates.
How Mortgage Rates Work
Your mortgage rate is the annual interest rate charged on your loan. Even small differences in rates can have significant impacts on your monthly payments and total interest paid over the life of the loan.
Factors Affecting Your Rate
- Credit Score: Higher scores qualify for lower rates
- Down Payment: Larger down payments can reduce rates
- Loan Type: Conventional, FHA, VA, and USDA loans have different rates
- Loan Term: Shorter terms generally have lower rates
- Market Conditions: Economic factors influence all rates
- Property Type: Investment properties have higher rates
Rate Types
Fixed-Rate Mortgages
- Rate stays the same for entire term
- 15 or 30-year terms most common
- Higher rates than ARMs initially
- Protection from rate increases
Adjustable-Rate Mortgages (ARMs)
- Lower initial rates
- Rates adjust periodically
- Good for short-term ownership
- Risk of payment increases
Shopping for Rates
- Get Multiple Quotes: Compare rates from multiple lenders
- Check APR: Annual Percentage Rate includes fees
- Consider Points: Discount points can lower your rate
- Look at Total Cost: Compare lifetime costs, not just monthly payments
- Timing Matters: Rates fluctuate with market conditions
Rate Lock Considerations
Rate locks protect you from rate increases during the loan process. Typical lock periods are 30-60 days, with options to extend. Consider current market trends when deciding on a lock period.
Tip: Mortgage rates can change daily based on economic conditions. Use this calculator to understand your affordability, but always get current rate quotes from multiple lenders for the most accurate information.