Understand the before you talk with a lender
MortgageDirectory.com publishes guides on buying, refinancing, and home equity, plus a calculator for a rough monthly payment. We do not quote rates or take applications.
- Guides on buying, refinancing, and equity
- A calculator for a rough monthly payment
- Plain language, not a sales pitch
- Not a lender, broker, or quote service
Start with the loan that fits the job
Buying, refinancing, tapping equity, and reverse mortgages work differently. Read the explainer for the one you are considering.
Home Purchase
The mortgage pays the seller. You repay the lender, with the house as collateral.
Home Refinance
A refinance pays off the mortgage you have and replaces it with a new one.
Home Equity
Equity is the part of the home’s value you own. Borrowing against it puts a lien on the house.
Reverse Mortgage
Some older homeowners can borrow against equity and defer repayment. The balance grows, and the loan is not free cash.
Guides
Short explanations of the numbers that show up on a Loan Estimate.
Basics
How a mortgage works
A mortgage is a loan secured by the house. Here is how principal, interest, term, and escrow fit together.
Basics
Fixed-rate vs adjustable-rate
A fixed rate stays put. An adjustable rate can change after an introductory period. The tradeoff is payment certainty versus a lower starting rate.
Basics
What affects a mortgage rate
The rate on an offer is not one national number. Credit, down payment, loan type, term, points, and the market all move it.
Buying
Down payments and PMI
The down payment changes how much you borrow and whether the loan requires mortgage insurance.
Buying
Closing costs
Closing costs are the fees and prepaid items due when the loan funds. They are not the same thing as the down payment.
Buying
First-time buyer checklist
A practical order of operations for a first purchase: budget, credit, preapproval, offer, and the papers that come after.
Mortgage Calculator
Estimate principal, interest, taxes, insurance, PMI, and HOA from numbers you enter. The result is a learning tool, not a rate quote.
Estimated monthly payment
$1,685.20
- PMI
- $208.33
- Monthly tax paid
- $200.00
- Monthly home insurance
- $83.33
- PMI end date
- November 2028
- Total PMI payments
- 26
- Monthly payment after November 2028
- $1,476.87
Loan breakdown
- Down payment (8.6%)
- HOA & Insurance (5.16%)
- Tax (12.38%)
- Principal (42.98%)
- Interest (30.89%)
Mortgage details
Loan amount
$250,000.00
Down payment
$50,000.00(16.67%)
Total interest paid
$179,673.77
Total PMI to November 2028
$5,416.67
Total tax paid
$72,000.00
Total home insurance
$30,000.00
Total of 360 payments
$537,090.43
Loan payoff date
August 2056
Monthly vs bi-weekly payment
$1,476.87
Monthly payment
$738.44
Bi-weekly payment
August 2056
Monthly payoff date
July 2052
Bi-weekly payoff date
$179,673.77
Total interest paid
$151,482.12
Total interest paid
Total interest savings: $28,191.64
This calculator is an estimate only. Actual rates, taxes, insurance, and PMI are set by lenders and local authorities. It is not a loan offer or approval.
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