Monthly Mortgage Payment Calculator
Are you better off with an adjustable vs. fixed-rate mortgage?
When making mortgage decisions, small rate changes can make a big difference in how much house you can afford—or even if you can afford to buy a house at all.
Use this calculator to see if you're better off, over time, with an adjustable rate that might increase (or, given the right circumstances, decrease) or with the stability of a fixed-rate mortgage.
Keep in mind that most people take an adjustable-rate mortgage expecting to sell the house in a few years or planning to refinance to a fixed rate at some point. And remember that additional expenses like taxes, fees, and insurance may apply.
Questions about your mortgage options? You can always contact us to speak with a credit union loan officer.
* The calculator shows results for mortgage amounts only, excluding any up-front fees and points as well as required payments for property taxes and insurance, and excluding any tax benefits that may result from itemizing deductions.
* This calculator is solely for informational purposes and provides reasonably accurate results; the calculations are not intended to be relied upon as actual mortgage payment computations.
What is an Adjustable-Rate Mortgage?
An adjustable-rate mortgage, or ARM, allows the lender to adjust the interest rate during the term of the loan. Generally, these changes are determined by a margin and an index so that interest rate changes, up or down, based on the market conditions at the time.
Other terms to know include:
Adjustment date: The date on which the interest rate changes for an ARM
Adjustment period: The time that elapses between the adjustment dates for an ARM
What is a Fixed-Rate Mortgage?
With a fixed-rate mortgage, the monthly principal and interest payments remain the same throughout the life of the loan. The most common mortgage terms are 15 and 30 years.
Current Mortgage Rates
Mortgage FAQs
First, ask yourself how much you can spend. Look at all your financial obligations to get a better picture of what you can put into a down payment as well as monthly payments.
You also want to consider the other costs of home-buying and ownership, like Private Mortgage Insurance (PMI) and property tax.
Need a little help with the numbers? Use our handy mortgage calculators to determine if it’s time to buy, calculate your monthly mortgage payments, or decide between mortgage types.
After you’ve gathered your financial information, you’re all set for the next step—talking to one of our loan officers. They can help you explore your loan options and answer any questions you may have.
Contact Us
Applying for mortgage preapproval with SAFE is quick and easy. The application takes only about 15 minutes, and you can expect a quick response.
By the way, no official documents (such as ID or proof of income) are required until after you’re pre-approved.
Apply Now
Refinancing can be a great option when your interest rate is above the current market rate. You may wish to refinance in order to:
- Lower your monthly mortgage payment
- Build equity
- Pay off your mortgage loan faster
- Get rid of mortgage insurance
- Switch from an adjustable to fixed-rate loan
However, when weighing the decision to refinance, it’s important to consider the impact of fees, prepayment penalties, or long-term costs. Those expenses could wipe out your potential savings.
Before you decide, let us help you get a customized rate quote based on your loan details. You can also estimate costs using our mortgage refinance calculator. As always, you can talk to one of our loan officers who will help you weigh your options.
To get started, simply visit our secure application portal. You can first receive a customized rate quote based on information such as:
- Type of refinance (Existing Balance or Cash Out)
- Estimated home value/purchase price
- Loan amount you’re requesting
- Location of the property
- Property type
- Credit score
When you’re ready to apply, it’s quick and easy. It takes only about 15 minutes to complete your application, and you can expect to quickly hear back from one of our Mortgage Loan Originators.
Apply Now
When you’re ready to apply, it’s quick and easy. It takes only about 15 minutes to complete your application, and you can expect to quickly hear back from one of our Mortgage Loan Originators.
Just like there are benefits to banking with a credit union, there are benefits to borrowing from one, too. As a not-for-profit credit union, we can offer:
- Lower interest rates
- Fewer fees
- Friendly, personalized assistance from local loan officers
Even when you apply online, a SAFE team member will connect with you to provide one-on-one service throughout the entire mortgage process. You won’t be passed around—your loan will be assigned to a specific loan officer who will guide you from start to finish.
Not yet a SAFE member? You may qualify for membership based on your location or your membership in one of our partner organizations (including your employer). Learn more about joining safe on our Membership page.
South Carolina Mortgage Loans
Work with our mortgage specialists at SAFE to purchase, remodel, refinance, or build your home. They can help you weigh your options and answer key questions, like: Should I refinance? What can I afford? What interest rate can I expect?
15-Year vs. 30-Year Mortgage Calculator
Home Affordability Calculator
