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Calculators

Mortgage Calculators

Why a Mortgage Calculator Helps You

The monthly payment for your mortgage loan will likely be the biggest contributor to your cost of living. Whether you live in California or elsewhere, you can use this mortgage calculator to help you determine what you can afford and what type of loan is right for you.

Find the right length of term for your home loan

A 30-year fixed-rate will lower your monthly payment, but a 15-year fixed rate will reduce the total amount of interest you pay on the loan.

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Decide if an ARM is a good fit for you

An adjustable rate mortgage starts at an initial rate and changes, higher or lower, over time. Redwood Credit Union’s 5/5 ARM can be a great choice if you plan on being in a home for just a few years, or don’t want yearly changes to your monthly payment [like you would with 5/1 or 7/1 ARM loans.] If that can come out, it would be good.

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Ask important questions before deciding

Remember to review all the details and compare several loans before making your decision.

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Monthly Payment
Property Tax: 167
Homeowners Insurance: 100
HOA Fee: 0
Mortgage Insurance: 167
Loan Amount
$
$
Fixed Rate
%
Term Years
Advanced Options

Purchase

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How Much Can You Afford?

Find out how much “house” you can afford.

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How Much Income Do You Need?

Estimate what your income level needs to be based on loan amount.

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What is Your Monthly Payment?

So, how much will you have to pay for that house each month?

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Should You Rent or Buy?

Want to know the “after-tax” net cost of owning a house versus renting?

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Refinance

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Should I Refinance?

Calculate how much interest you can save if you refinance your mortgage.

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How Much Can I Borrow?

Calculate the maximum amount you can potentially refinance.

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What’s My Monthly Payment?

Will the size of your monthly payment pinch your pocket book?

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Reduce Your Term

How much will you save in the long run by refinancing your home loan right now?

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Refinance Payback

How long will it take to realize savings if you refinance.

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Amortization

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Amortization Calculators – Monthly or Annual Schedule

Don’t like surprises? Then take a look at these calculators.

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Mortgage

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Rent vs. Buy

Should you rent or should you buy your home?

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15 vs. 30 Comparison

Determine which mortgage term is best for you.

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Mortgage Loan Comparison

Compare your real costs of different loan options.

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Mortgage Points Calculator

Determine if it makes sense for you to buy down a mortgage using points and how many points make sense.

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