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Mortgage Calculator

Calculate your monthly mortgage payment and see a complete breakdown of costs.

Current Mortgage Rates

Updated rates as of January 2, 2026 (MND Rate Index)

30-Year Fixed
6.20%
unchanged
15-Year Fixed
5.75%
-0.01%
30-Year Jumbo
6.37%
unchanged
30-Year FHA
5.85%
unchanged
30-Year VA
5.87%
unchanged
7/6 ARM
5.74%
+0.01%

52-Week Rate Performance

30-year fixed rates have decreased approximately 0.87% over the past year, ranging from a low of 6.13% to a high of 7.26%. Current rates remain competitive for homebuyers looking to lock in.

Loan Details

Rate automatically updates based on selected loan type

$400,000
$50K$2M
$80,000
$0$400,000
6.20%
2%12%

Additional Costs (Annual)

$
$
$

Your Monthly Payment

Estimated Total

$2,393

per month

Principal & Interest$1,959.90
Property Tax$333.33
Home Insurance$100.00

Loan Summary

Loan Amount$320,000
Down Payment$80,000 (20.0%)
Loan Term30 years
Interest Rate6.20%
Total Interest Paid$385,564
Total Amount Paid$785,564

Payment Breakdown

Principal & Interest81.9%
Taxes & Insurance18.1%

Understanding Mortgage Rates

What Affects Mortgage Rates?

  • •Credit Score: Higher scores (740+) qualify for better rates
  • •Down Payment: 20% or more typically secures lower rates
  • •Loan Type: Conventional, FHA, VA, and ARM loans have different rate structures
  • •Market Conditions: Federal Reserve policy and economic trends

Rate Comparison

15-Year Fixed5.75%

Lower rate, higher monthly payment, less total interest

30-Year Fixed6.20%

Higher rate, lower monthly payment, more total interest

7/6 ARM5.74%

Lowest initial rate, adjustable after 7 years

When Should You Lock In Your Rate?

Lock Now If:
  • • Rates are at historic lows
  • • You found your dream home
  • • Economic indicators suggest rate increases
Wait If:
  • • Rates are trending downward
  • • You're still house hunting
  • • Working on improving your credit score
Pro Tip:

Rate locks typically last 30-60 days. Coordinate with your lender to ensure your lock period covers your closing date.

Mortgage Tips

Target a 20% Down Payment

A 20% down payment helps you avoid PMI (typically $30-70/month per $100K borrowed) and may qualify you for better rates.

Example Impact:
On a $400K home, a 20% down payment ($80K) can save you $200-300/month by eliminating PMI and securing a better rate.

Optimize Your Credit Score

A higher credit score can qualify you for significantly better rates. The difference between a 680 and 760 score can be 0.5% or more.

Quick Wins:
Pay down credit card balances below 30% utilization, dispute errors on your credit report, and avoid new credit applications before applying.

Compare Multiple Lenders

Shop at least 3-5 lenders within a 14-day window. Rate shopping inquiries within this period count as a single credit check.

Money Saved:
A 0.25% rate difference on a $320K loan saves you ~$47/month or $17,000 over 30 years. Worth the effort!

Current Market Opportunity

With rates down approximately 0.87% from their 52-week high of 7.26%, now may be a favorable time to lock in. While rates at 6.20% are higher than historic lows, they represent a significant improvement from recent peaks.

Remember: You can always refinance later if rates drop further, but waiting too long could mean missing out on your ideal home or facing higher rates if the market shifts.

Ready to Buy Your Home?

Get pre-approved and start your home buying journey with expert guidance.

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