Mortgage Calculator Colorado

View full report
Payment breakdown
Amortization schedule
Payment breakdown
Monthly Payment

How is my monthly payment calculated?
Principal and Interest
Private Mortgage Insurance
Property Tax
Homeowners Insurance
HOA/Other
Amortization schedule
Principal Remaining Interest Paid Principal Paid
Estimated Payoff
Oct 2024

Connect with a Mortgage Advisor Today!

Whether you’re buying a home or ready to refinance, our professionals can help.

 

Buying a home in Colorado is a significant financial milestone. Knowing your potential monthly payments and the various numbers can be overwhelming. That’s where a Mortgage Calculator comes in. This tool is designed to help you tweak your down payment and total purchase numbers, allowing you to arrive at a reasonable monthly payment that fits your budget.

Why Use Mortgage Calculator in Colorado?

  1. Flexibility in Down Payment: One of the most challenging aspects of buying a home is understanding how much down payment is needed. Our calculator allows you to adjust this amount freely, providing immediate updates on your monthly payments.
  2. Adjust Total Purchase Numbers: Not just the down payment, you can also adjust the total purchase price based on your budget or the types of homes you’re looking at. This offers a more holistic view of your potential investment.
  3. Financial Planning: Beyond just numbers, the calculator helps you visualize your mortgage payment structure over time. This can be a crucial asset in your long-term financial planning.

How It Works:

  1. Enter Basic Information: Enter the home price, down payment, loan term, and interest rate.
  2. Tweak as Needed: Use the adjustable sliders or input fields to change your down payment and total purchase price as you see fit.
  3. See Real-Time Results: The calculator will immediately update to provide a new estimate of your monthly payment and a breakdown of where each dollar goes.

Our Mortgage Calculator aims to demystify the home-buying process for home buyers in Colorado. The tool provides the flexibility to adjust key financial variables, empowering you to make informed decisions tailored to your circumstances.

Common Mortgage Calculator Terms

You can use our mortgage payments calculator to provide yourself with information about the estimated monthly mortgage payments you’ll make on a new home, with the option to include your anticipated tax, insurance and PMI costs. The following types of information can be entered into the mortgage calculator to give you the best results:

By Home Price

Work forward based on the price of the home you want to figure out your best loan term and potential monthly payment.

By Affordability

Use your down payment and monthly budget to discover how much home you can afford, then save up to $3000 by comparing top lender quotes.

By Monthly Payment

Input your monthly payment to discover what kind of loan will work best for you, then fill out an application with a lender to verify the estimate.

Bi-Monthly Payment

Pay every other week instead of once a month and save thousands over your loan term by reducing the principal amount quickly.

Home Price

You can input the amount you plan to offer for the home of your dreams or run the numbers based on the home list price.

Down Payment

Take your savings, deduct the amount you’ll need for closing costs, and what’s left will serve you as a down payment.

Interest Rate

Remember that your interest rate will vary depending on the lender you choose, your loan program, and your credit score.

Loan Program

Depending on the type of loan you get (FHA, VA, USDA, or conventional), your finances will be impacted differently.

Property Tax

The assessed value of the home multiplied by the local tax rate will give you the estimated amount of your property tax.

Home Insurance

Home value and location will both impact how much you will have to pay for home insurance to protect your investment.

Monthly Private Mortgage Insurance

You’ll need to pay PMI ranging from 0.5% to 2% of the loan amount if your down payment amounts to less than 20% of the home price.

HOA Dues

A homeowners association (HOA) will charge monthly or annual dues, so find out if your home is located in an affected neighborhood.

Additional Principal Payment

If you can make a larger than required payment every month, the additional funds can go to reduce your loan principal.

Annual Income

Divide your annual income by 12 months to arrive at the monthly income that will be used when determining your ability to repay.

Monthly Debts

Add all recurring expenses or payments that you owe every month (like credit card bills or auto loan payments) to arrive at your monthly debt.

DTI

Compare your monthly income and monthly debt to find out what your debt to income (DTI) ratio is, the lower this number is, the better.

Desired Monthly Payment

A bigger monthly payment means you’ll pay off your loan more quickly, cutting years and interest costs off your mortgage.

Biweekly Payments

If you make half of a mortgage payment every other week, it works out to a whole extra mortgage payment every year.

Estimated Payoff

Ask your mortgage company to provide you with your amortization schedule so you can learn your estimated payoff date.

Rate quote isn’t what you expected?

If your instant rate quote isn’t what you expected, we can provide counsel on how to potentially transform your quote into something more acceptable. Sammamish Mortgage is a family-owned mortgage company with over 30 years of experience in the industry. We proudly serve customers in the Pacific Northwest region. We serve WA, ID, OR, CO and CA. If you’re looking to buy a home in one of these states, we can help!

Our Reviews

Artem Tkachenko
September 29, 2024
Amazing team. Highly recommend
Tyler J Willis
September 28, 2024
We just closed on a home and used Sammamish Mortgage, they went above and beyond to make sure we could close on time. Would highly recommend!
Ryan Foster
September 3, 2024
Nick and Barb did a great job processing our transaction. They secured lower rates and went above and beyond in a unique transaction. Would highly recommend them.
Brianna Campbell
September 2, 2024
As a first time homebuyer the entire process was incredibly daunting! Ryan and his team walked us through everything step by step and made the process easy. They were transparent, timely, and easy to work with. I truly felt like Ryan and his team were always looking out for our best interests. He and his team are very compassionate and I highly recommend them!
Sergiy Saliyev
August 29, 2024
A few months ago I was applying for a loan, and Nick did a fantastic job with explaining all the details, answering all the questions I had, and providing competitive quotes. I had a great experience and would recommend this place and Nick as a loan officer!
Nohemi Magnuson
August 22, 2024
Clint Edwards is the best loan officer we have ever met! We will recommend him to all of our family and friends! He did an excellent job helping us purchase our home! He is very dedicated, and he is passionate with his job! Absolutely enjoyed buying our home thanks to his hard work and dedication to help us understand every step of the way! He is very patient, and very flexible with time and kind towards us. He is knowledgeable about the home market and was willing to explain to us with charts and keep us informed on the current market. It was a pleasure working with Clint Edward, and if we need to purchase or refinance our home, we will definitely be reaching him out! He is phenomenal! Thank you so much! We are so happy he was on our team for our home purchase!
Darren Bridenbeck
August 21, 2024
I worked with Onstad-Hawes and he helped me understand how we could truly do a no cost refi. It sounds too good to be true, and after having him walk me through the loan disclosure like 10x times it finally clicked. Nick is a great teacher, hes patient and doesnt mind reiterating things if they arent clicking. By the time we got to signing I was able to talk through folks in the industry on how our refi was no cost and why it made so much sense and was an awesome idea. Also, Sammamish has amazing rates, no origination fee, and unbeatable lender credits. I shopped around and nothing came close. Ive been recommending Nick and Sammamish to everyone I know. Feel free to shop around if you want, but Im confident Sammamish cant be beat.

FAQ

How can Sammamish Mortgage offer such low rates and fees?

Since 1992 Sammamish Mortgage has offered excellent service at very competitive rates and fees. Over this time, our proven track record and quality loans have helped us build exceptional relationships with the lenders that provide you with home loans. These relationships have been built on trust, integrity, and most of all, exceptional business practices. Our long standing business partnerships allow us the ability to offer unrivaled pricing on home mortgages. This pricing, in addition to utilizing top of the line technology and low overhead, enables us to pass the savings on to you, our clients.

We do not have a large team of loan officers. Instead we have a small team of highly experienced and trained professionals to handle your home loans.

When you show no points, does that also mean no origination fees and/or mortgage broker fees?

Yes. At Sammamish Mortgage you will find that anytime we offer or advertise no points, it assumes no origination fees. Many banks, credit unions and mortgage companies will advertise and offer no point loans on their website only to disclose later in the loan process or in fine print that there is a minimum 1% origination fee added to the loan. We feel that this is a deceptive practice and although it is legal, we feel strongly that it should not be allowed.

Do you guarantee your closing costs?

Yes. At the time of your pre-approval, we can guarantee all lender and 3rd party costs associated with your loan. Your costs may change if there is a valid change in circumstance such as a lower than expected appraised value, or if you decide to change your loan amount as your loan to value is a key factor in pricing your loan. Your loan specialist can go over all the different scenarios with you if you are unsure of your value on a refinance. We rarely have issues with the value on a purchase.

Who would benefit from choosing a loan with no points vs. paying points and/or origination fees?

Choosing a loan with 0 points/origination fees generally benefits the borrower for the first 4 to 7 years of the loan. This is because you exchange lower up front closing costs for a slightly higher interest rate and monthly payment. This is a great option for people that do not have excess liquid cash or emergency funds and people that are not sure how long they are planning on keeping the loan. Since most people either refinance or sell their home every 3 to 5 years, this plan can be of great value. When determining whether a no point, no origination fee and/or no mortgage broker fee loan would work for you, you have to carefully consider the following:

• How long you plan on staying in the property?

• Do you think that you might refinance in the near future?

• Do you have enough emergency funds saved to warrant paying higher up front costs?

If you are uncertain as to which is best for you, one of our loan specialists can assist you in making the decision that best suits your needs.

What are the main factors that can affect my interest rate?

There are several key points that can affect your rate. Below is a detailed breakdown of some attributing factors that may apply:

• Credit Score: Your credit score is one of the most important factors that will determine your rate.
• Loan to Value: Your down payment in a purchase transaction or your equity in a refinance transaction also plays a key role in determining your rate. The lower your loan to value (LTV), the better your rate may be.
• Rate/term refinance vs. Cash out refinance: A rate/term refinance has a loan amount that is just enough to repay the balance of your existing mortgage. You may include all third party fees, taxes, insurance and interest into the loan amount. A cash-out refinance, on the other hand, has a loan amount that exceeds your current mortgage balance.
• Purchase vs. Refinance: There are times when lenders offer purchase specials, which allow us to offer even lower rates than we already do.
• Property type: Often times there can be pricing adjustments for condos and multi-family properties.
• Escrow Reserve: Paying your property taxes and homeowners insurance on your own rather than having them included in your house payment may cost you an additional fee. Most lenders charge a onetime fee for the impound waiver.

• Loan amount: Your loan amount can affect your pricing. If you have a large loan amount (over $417,000) there will be pricing adjustments. If your loan amount is low, there can also be pricing adjustments generally starting at $165,000 and lower.

• Subordinate financing: Having a second mortgage or Home Equity Line of Credit tied to the property can impact the terms of the first mortgage even if no money is owed on the equity line. The line is still considered a lien against your property and impacts your Combined Loan to Value.

What can cause my loan to be considered a cash-out refinance?

The obvious trigger for a cash-out refinance is borrowing more than your existing loan balance; however, consolidating debt that was not obtained as part of the original purchase is also considered a cash-out refinance. This includes second mortgages or Home Equity Line of Credits opened after you purchased the property.

More Online Tools That Matter

Our additional mortgage calculator tools are also free, and use data from your unique loan situation to give you a better idea of your estimated monthly mortgage payments. You can update the amount of your budgeted home price, your down payment, the expected interest rate, and your anticipated loan term to make adjustments to your projected monthly payment.


Compare Mortgage Rates in Your Area Instantly

No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.

Subscribe to our newsletter