Mortgage Calculator Portland, OR

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Amortization schedule
Payment breakdown
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Principal and Interest
Private Mortgage Insurance
Property Tax
Homeowners Insurance
HOA/Other
Amortization schedule
Principal Remaining Interest Paid Principal Paid
Estimated Payoff
Nov 2023

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

Brooks B.
November 28, 2023
We had a great experience working with Sammamish Mortgage. Their rates were the best by far: +50bps lower than competitors. But that's just the beginning: the quality of service consistently exceeded my expectations. Trevor was helpful, responsive, and friendly. He patiently answered all my questions, helped me evaluate tradeoffs, and supported our family in finding the right loan option. In addition, Tonya was great as our Loan Processor. We had a 3-week closing period and Sammamish Mortgage was able to meet that tight turnaround. Tonya was great throughout the process: she kept us informed, educated us about the process, and made sure everything continued to move forward. Overall, I cannot recommend Sammamish Mortgage highly enough, and will be recommending them to all my friends and family.
Vinay N.
November 21, 2023
My experience with Sammamish Mortgage has been amazing. Sandra and Jana have provided excellent customer support and help me throughout the process of my owning the house. I would highly recommend to go with Sammamish mortagage, they hands down provided the best rates in the market. Thanks for all your assistance Sammamish Team!
Krzysztof D.
November 21, 2023
Y'all are very honest people, were upfront about pricing, and were clear about what has to happen to make the loan go through.
Susan O.
November 16, 2023
This was the easiest mortgage I have ever done. Nick was a true professional and guided us through the process ensuring we were kept informed along the way. Stacey helped to smooth the financial side and ensure a clean submittal to underwriting. There were no surprises and everything came together with no hitches. The best team to work with, we highly recommend!!
Aubrey K.
November 14, 2023
Communication and promptness was fantastic! I felt that the process was very clear and easy to follow, even for a first timer. It was great how everyone took the time to understand my personal situation and concerns. Definitely feels more human than working with a large bank!
Nathaniel S.
November 8, 2023
Nick, Stacey and the rest of the team were great throughout the entire process. Cant recommend enough!
Efren John M.
November 5, 2023
Chris and Jana helped and guided us all throughout the entire process from pre-approval to closing. They were very quick to respond and were just on top of things. Wouldnt have picked a different lender.

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 that require us to pay out large commissions. 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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