Start with the home price, let the calculator assume a 20% down payment, then tune the cash down, term, points, and lender credits. The page estimates a current market rate and surfaces both monthly and upfront ownership costs.
Use the slider or number field. Home price drives a default 20% down payment, and a lower down payment adds estimated PMI.
Start with the purchase price, then the calculator derives the loan amount from your down payment.
Defaults to 20%. Below 20% adds estimated monthly PMI; above 20% reduces the loan amount and monthly payment.
Shorter terms usually carry lower rates but higher monthly payments.
A one-time fee paid at closing to reduce your interest rate.
Lender credits lower closing costs in exchange for a higher rate.
Estimated for the 60004 and Chicagoland area using Cook County style property taxes, Arlington Heights insurance assumptions, and PMI when needed.
Keep the same home price, down payment, and term. Compare how buying points or taking lender credits shifts both monthly cost and long-run total paid.
Each row compares against a neutral loan with 0 points and 0 credits. Bars left of center reduce cost, bars right of center increase cost.
The calculator surfaces the same concepts lenders use when quoting a rate.
A one-time fee paid at closing to get a lower interest rate.
Money from the lender to offset closing costs in exchange for a higher interest rate.
The percentage of interest charged on the amount you borrow.
The overall cost of the loan, including interest and estimated fees, shown as a single percentage.
The amount of money borrowed to buy the home before interest is added.
Rate data is pulled from public Freddie Mac mortgage series hosted by FRED when available. Estimates for points, credits, and APR are illustrative and meant for quick comparison, not a lender quote. Local cost assumptions use Cook County property tax averages, Arlington Heights home insurance averages, and a mid-range closing cost estimate.