Mortgage Calculator
$440,000 loan · 30-year fixed · 6.75% rate · $110,000 down (20%)
$440,000 loan · 6.75% · 30 yr · $587,379 total interest
Principal exceeds interest at year 21
Estimate Your Closing Costs
Beyond the down payment, buyers typically pay 2–5% of the purchase price in closing costs. Adjust the numbers below to estimate your total cash to close.
$110,000
$2,200
$1,375 · 3 months
$550,000 purchase · 20% down · $440,000 loan · WA state defaults
Estimates only, actual costs vary by transaction. Consult your agent for a detailed breakdown.
Loan Types
Understanding your loan options is the first real step. Here are the most common types.
Traditional mortgages not backed by the government. Best rates for strong credit profiles.
5–20%
620+ (ideal 740+)
Government-backed with lower barriers to entry. Requires mortgage insurance premium (MIP).
As low as 3.5%
580+
No down payment, no PMI, competitive rates. Available to eligible veterans and active-duty service members.
$0
None
For loan amounts exceeding conventional limits. Common in Bellingham's higher-priced neighborhoods.
10–20%
700+
Key Terms
Full glossary →Annual Percentage Rate: the total yearly cost of your loan
Fees paid upfront to lower your interest rate
Private Mortgage Insurance, required if down payment < 20%
Account that holds funds for taxes and insurance
Debt-to-Income ratio, which determines loan eligibility
Loan-to-Value ratio: loan amount vs. home value
Pre-Approval Checklist
- Proof of income (pay stubs, W-2s)
- Tax returns (2 years)
- Bank statements
- Credit report authorization
- ID and Social Security
- Employment verification
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