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Mortgage Calculator - Know Your Options

EXPECTED READ TIME: 4 MINUTES

Updated February 8, 2023

Our mortgage calculator makes it fast and easy to estimate your monthly mortgage payment. Compare conforming, VA, and Jumbo loan programs to see what's best for you. Your estimated monthly mortgage payment will show both principal and interest. Then when you’re ready to start shopping, you’ll have a good idea of the price range for homes you should be looking at.

While this is a great way to quickly understand an approximate estimate of payments, everyone’s personal financial situation is different. So, if you’d like a more precise estimate of interest rate and payment, based on your situation, you can use our "Get my Rate” tool by supplying some basic financial data.

Start Using the Mortgage Calculator

There are four boxes to fill out on our mortgage calculator.

1. Price of the Home

Try out different amounts here. You’ll be surprised that sometimes getting a home for $350,000 rather than $325,000 doesn’t make that much difference in your payment. Having that leeway makes shopping easier.

2. Down Payment

Decide for yourself if it’s better to put down a larger down-payment or save your funds.

3. Loan Term

Choose between terms of 30, 20, 15, and 10 years. For those wanting to pay off a mortgage in a short period of time, 15-years could be the best option.

4. Interest Rate

To get an idea of current interest rates, take a look at PenFed’s Products & Rates and have fun calculating!

Check Out Your Loan Options & More Mortgage Calculators

VA Loans

One of the best things about VA loans is that you don’t have to have a down payment. Plus, their rates are some of the lowest. If you’re a current service member, veteran, or surviving spouse — look at VA mortgages first. Here’s our PenFed VA mortgage calculator. Get a more detailed idea of what your total mortgage payment will be with taxes and insurance.

Conforming Fixed

PenFed’s conventional mortgages offer excellent rates, especially for those with good credit. The majority of loans in the US are conventional. These loans finance primary residences, second homes, vacation homes, and investment properties. An important point to know is that occupancy type, credit score, and down-payment amount affect the interest rate. PenFed’s conventional mortgage calculator has the option of including estimated taxes and insurance in your payment. These mortgages follow the conforming loan limits. For 2023 the limits are $726,200 for most of the country and up to $1,089,300 in high-cost areas.

Jumbo Loans

If you need a mortgage that exceeds the above conforming limits — our jumbo loans are the solution. Compared to VA and conforming, you’ll need better credit and a larger down payment. Our jumbo mortgage calculator gives you all the data you need to see how much your payment will be.

To get a more detailed and customized rate estimate, use “Get my Rate”.

Disclosures

¹Except for holidays, rates are updated Monday through Friday at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on 30_YEAR_FIXED_CONFORMING_POINT discount point, which equals percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $400,000; loan-to-value ratio of 75%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.

^*Prime Rate is RV Prime Rate % as of Boat Prime Effective Date . The APR for this Home Equity Line of Credit (HELOC) is based on prime plus a margin and can change monthly. Fixed Rate Advances will be amortized over the Fixed Rate Advance Term, with the payment consisting of principal and interest. Your Annual Percentage Rate for a Fixed Rate Advance will be calculated by adding your Prime Rate, your Margin, and the Additional Fixed Rate Lock-In Margin. Your Annual Percentage Rate for a Fixed Rate Advance shall not exceed 18% and shall be equal to or greater than 1020 ELOC OO CLTV 70 Rate % for primary residences and second homes.

Annual Fee: Notwithstanding the foregoing, an annual fee of $99 will be assessed on each account anniversary.
Home equity lines of credit (HELOC) are variable rate loans and the interest rate is subject to increase after consummation of the loan on monthly basis. Closing costs range between $500 and $8,500 for credit lines of $500,000. Contact a representative for additional details.

Appraisals: PenFed will attempt to establish value via an independent method. If that method is unsuccessful, or the value is not sufficient for the amount requested, an appraisal will be required regardless of CLTV. An appraisal is always required in the following circumstances:

For all loans with a loan amount greater than $400,000.

If an appraisal is required, it must be ordered by PenFed. You will be contacted for authorization and payment prior to ordering. Appraisal fees average $550 to $850 (some run higher).

Closing Cost Credit: PenFed will pay most closing costs associated with a home equity line of credit (HELOC), which includes credit report, flood certification, settlement/closing, property ownership and encumbrances search, recording, property search, and quick close. Member is responsible for any city, county, and/or state taxes if the subject property is located in FL, LA, MD, MN, NY, TN, or VA. If an appraisal is required, the member, who is responsible for the fee whether or not the loan closes, will pay the cost.

Interest may be tax deductible, consult a tax advisor for further information regarding the tax deductibility of interest and charges.

Fixed Rate Advance Lock-In You may lock in an Annual Percentage Rate for Advances during the Draw Period. During your Draw Period, you may choose to have three separate Fixed Rate Advances locked in at any one time, with a maximum of two new Fixed Rate Advances per calendar year. Each Fixed Rate Advance must equal or exceed Ten Thousand Dollars ($10,000.00) and you may not request a Fixed Rate Advance that would cause the amount you owe to exceed your Credit Limit. The only term option for your Fixed Rate Advance is 240 months (“Fixed Rate Advance Term”). However, the term of your Fixed Rate Advance cannot exceed your Repayment Period.

Fixed Rate Advances will be amortized over the Fixed Rate Advance Term with the payment consisting of principal and interest. Your Annual Percentage Rate for a Fixed Rate Advance will be calculated by adding your Prime Rate, your Margin and the Additional Fixed Rate Lock-In Margin. Your Annual Percentage Rate for a Fixed Rate Advance shall not exceed 18% and shall be equal to or greater than 1020 ELOC OO CLTV 70 Rate % for primary residences and second homes and 4.75% for investment properties.

Property Insurance: Property insurance is required.

Multiple PenFed Loans: Multiple PenFed Equity loans and HELOCs are available as long as the member and collateral qualify (except Texas). For Equity loans and HELOCs the total indebtedness cannot exceed $500,000 for all PenFed Equity and HELOCs combined.

PenFed does not lend on:

Mobile homes
Co-ops or time-shares
Properties that are currently listed on the market for sale
Commercial property or property used for commercial purposes, even if a residence is part of the property
Undeveloped property (land only)
Properties with more than 4 units

Properties that are currently under major construction/renovations: Property must be fully livable, with no safety issues. (Examples: no missing rails from stairs/decks, no open walls with wires showing, missing kitchen appliances/counters, missing bath fixtures or unfinished pool).

Additional limitations may apply

Home Equity Line of Credit:

This Account has a Draw Period of 10 years, followed by a repayment period of 20 years.
If only minimum payments are made during the draw period, the loan balance will not decrease.
In Texas, the maximum CLTV available is 80% on owner occupied properties. Additional restrictions apply in Texas, so please ask a representative for details.
In all other states, the maximum CLTV is 85% on owner occupied properties and second homes. Additional restrictions or requirements may apply based on application characteristics.
Property type of Condo has a maximum CLTV of 80%.
The maximum CLTV available is dependent on credit qualification.
Rates vary depending on owner occupancy and CLTV and other loan criteria.

Minimum Loan Amount Requirements in all States:

For an owner occupied property or second home the minimum loan amount is $25,000 and the maximum amount is $500,000 with a CLTV of 85% or less of the fair market value.

Other terms and conditions apply; call 844-918-4307 to speak with a representative for details. All rates and offers are subject to change without notice. To receive advertised product, you must become a member of PenFed.

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Mortgage Calculator - Know Your Options

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