Question 1

How do I use this mortgage calculator?

Accepted Answer

Use our mortgage payment calculator above: enter your purchase price, down payment, zip code, and credit score. Click "More Options" for points, rate lock length, property type, and property use. Hit "Update Lenders" to refresh the table—you can sort by APR, monthly payment, rate, or fees. The payment shown is principal and interest only; it does not include property taxes, insurance, or PMI. For a full breakdown including taxes and insurance, see our home affordability tools.

Question 2

Does using a mortgage calculator affect my credit score?

Accepted Answer

No. Viewing mortgage rates in our mortgage payment calculator does not affect your credit. You self-report your credit score range—no credit check runs until you choose to connect with a lender and move toward pre-approval. You can compare lender rates and monthly payments with zero impact on your credit.

Question 3

What are mortgage points?

Accepted Answer

Mortgage points are prepaid interest—you pay a fee at closing in exchange for a lower interest rate. One point equals 1% of your loan amount. The "Points" filter in More Options lets you limit how many points you're willing to pay (e.g., "Up to 1 point") so you only see offers within that range. Points can lower your monthly payment over the life of the loan.

Question 4

What's the difference between mortgage APR and interest rate?

Accepted Answer

The interest rate is what you pay on the loan principal. APR (annual percentage rate) includes the rate plus certain closing costs and fees, so it reflects the true cost of the mortgage. When comparing mortgage rates from different lenders, APR is often a better apples-to-apples comparison—use the sort options in our calculator to compare by APR.

Question 5

What is a mortgage rate lock?

Accepted Answer

A rate lock holds your mortgage interest rate for a set period (e.g., 30 or 60 days) while you complete the loan process. That protects you if rates rise before closing. The "Rate Lock" filter in More Options lets you see offers that include a lock within your preferred timeframe.

Question 6

How does mortgage length affect my rate?

Accepted Answer

Shorter terms typically have lower interest rates. A 15-year fixed mortgage usually has a lower rate than a 30-year fixed because you're paying off the loan faster—less risk for the lender and less interest over time. The tradeoff: your monthly payment is higher on a 15-year loan since you're compressing the payoff. Use our mortgage payment calculator to compare 15-year vs 30-year home loan rates and see how the term affects both your rate and payment.

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