Whether you’re buying a home or ready to refinance, our professionals can help.
Portland, OR, is a city renowned for its eclectic charm, verdant landscapes, and a warm embrace of the unconventional. As you set forth on your homeownership quest in the Rose City, a clear financial roadmap is essential. The Mortgage Calculator is your dedicated companion, designed to illuminate the nuances of Portland’s property market and guide you to a mortgage plan that syncs with your financial aspirations.
With the Mortgage Calculator, you’re equipped to make educated decisions, ensuring each step in your property acquisition journey resonates with the spirit of this captivating city.
If you’re looking for financing in Portland, OR, we can help. Call us today to have your mortgage questions answered or visit our website to get an instant rate quote.
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:
Work forward based on the price of the home you want to figure out your best loan term and potential monthly payment.
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.
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.
Pay every other week instead of once a month and save thousands over your loan term by reducing the principal amount quickly.
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.
Take your savings, deduct the amount you’ll need for closing costs, and what’s left will serve you as a down payment.
Remember that your interest rate will vary depending on the lender you choose, your loan program, and your credit score.
Depending on the type of loan you get (FHA, VA, USDA, or conventional), your finances will be impacted differently.
The assessed value of the home multiplied by the local tax rate will give you the estimated amount of your property tax.
Home value and location will both impact how much you will have to pay for home insurance to protect your investment.
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.
A homeowners association (HOA) will charge monthly or annual dues, so find out if your home is located in an affected neighborhood.
If you can make a larger than required payment every month, the additional funds can go to reduce your loan principal.
Divide your annual income by 12 months to arrive at the monthly income that will be used when determining your ability to repay.
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.
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.
A bigger monthly payment means you’ll pay off your loan more quickly, cutting years and interest costs off your mortgage.
If you make half of a mortgage payment every other week, it works out to a whole extra mortgage payment every year.
Ask your mortgage company to provide you with your amortization schedule so you can learn your estimated payoff date.
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!
Mortgage rates are dynamic and can change multiple times throughout a single day.
Yes, 15-year fixed mortgages generally offer a lower interest rate compared to 30-year terms.
Loans exceeding the conforming limit, known as jumbo loans, may carry slightly different rates and stricter requirements.
While the type of employment doesn’t directly set the rate, a steady income is required to qualify for the best available rates.
A higher credit score typically qualifies a Portland borrower for the most favorable, lowest interest rate offers.
Yes, a larger down payment reduces the lender’s risk and can help you qualify for a lower interest rate.
First-time buyers can access lower-rate government-backed programs like FHA or specific Oregon bond programs.
You can often secure a mortgage rate lock for a set period, typically 30 to 60 days, during your home search.
Government-backed loans like VA and FHA often have competitive rates and easier qualification standards for eligible borrowers.
Refinancing can be beneficial if the new lower rate significantly reduces your monthly payment and saves money over time.
We offer a variety of loan programs, including conventional, FHA, VA, jumbo loans, and other innovative programs.
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.
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