Mortgage Calculator Portland, OR

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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
Jun 2024

Connect with a Mortgage Advisor Today!

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.

Benefits of Using the Mortgage Calculator in Portland:

  • Tailored Down Payment Options: The Portland housing scene is as diverse as its culture. Our calculator adjusts to your chosen down payment, providing real-time updates on your monthly commitments.
  • Adaptable Purchase Value: Whether eyeing a cozy residence in the Pearl District or a serene suburban haven, adjust the total purchase value to align with your budget and the homes you’re exploring.
  • Proactive Financial Planning: This tool goes beyond basic calculations. It offers a visionary outlook on your mortgage payment trajectory, ensuring you’re well-prepared for your future in Portland.

How the Mortgage Calculator Functions:

  1. Input Primary Details: Start by entering the property’s valuation, your preferred down payment, the loan’s tenure, and the prevailing interest rate.
  2. Fine-Tune as Needed: The tool’s intuitive features allow for swift recalibrations of down payment and property value, aligning with Portland’s ever-evolving real estate pulse.

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.

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

James W.
June 12, 2024
From the beginning through the end of the mortgage securing process, the Sammamish Mortgage TEAM kept focused on and kept me focused on, the processes needed to get us over the finish line! Thank you very much!
Ishan
June 9, 2024
Sammamish mortgage has amazing customer service. We worked with Trevor and Priscilla, and they responded to all our queries super quick.
Kevin K.
June 8, 2024
The experience was great start to finish. We were kept up to speed throughout the whole process.
Preston Dunn
June 6, 2024
Excellent customer service with competitive rates! Honest, easy, professional.
Mike Black
June 5, 2024
I worked with Ryan and Barb. I liked Ryans straightforward way of explaining things with pros/cons. Didnt feel like he was just trying to close a sale. Barb sends out auto-update texts reminding you to complete paperwork on the portal which is very helpful as closing moves super quick and not signing documents for even just a day can be detrimental to closing on time. This is a busy office so if you need to be hassled to get your documents in to close on a home on a short time frame then Im not sure if this lender is for you. They give you more than enough information to complete the process but I get the feeling theyre too busy to hold someones hand through the process. You may need to remind them to complete a task during the process but theyll get back to you right away and complete the task once reminded. If youre good at staying on top of the process, I highly recommend. And of course the most important part.. Theyre very competitive.
David Romanelli
June 4, 2024
We had an excellent experience working with Sammamish Mortgage during our home loan process. Ryan and the team were incredibly knowledgeable and provided personalized service that made the entire process succinct and easy. They answered all our questions with patience and clarity, ensuring we understood each step. I highly recommend Sammamish Mortgage for anyone looking for a smooth and stress-free lending experience!
Travis F.
May 31, 2024
We had a great experience with Sammammish Mortgage. Ryan and his team were extremely helpful in answering our questions and giving us the best set of options for our mortgage loan. I also appreciated how quick they worked at every stage of the home buying process. I highly recommend Sammammish to anyone looking to buy a home.

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.


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