At Waterstone Mortgage, we’re committed to making the mortgage lending process as easy as possible for our homebuyers. You don’t have to be an expert – we know it’s something most people only do once or twice in their lives. We’ve got the tools and resources to help you through each step. And if you’d prefer to just talk it out with an expert, you can find a loan professional in your area and set up an appointment.
To get an idea of how much you’ll have to pay each month, use our Home Affordability Calculator. You’ll be able to enter the loan amount, interest rate, and loan term in order to determine the monthly payments and the total interest you’ll pay over the life of the loan. It will help you determine the approximate price range of the home you’d like to buy (because you’ll want to know before you start house-hunting, trust us.)
If you’re interested in viewing a year-by-year breakdown of what your mortgage payment includes, check out our Mortgage Amortization Calculator. By entering your mortgage amount, interest rate, the number of years you'll be paying your loan, and first payment year, you can view a detailed table that categorizes your payments into principal and interest. Plus, you can see what the balance on your mortgage will be at the conclusion of each year.
Refinancing can be a great way to save money if the current interest rate is lower than it was when you first purchased your home. By using our Refinance Calculator, you can instantly determine what your new total monthly mortgage payment would be, if you decide to refinance. Then, it's very simple to determine if the costs saved over time outweigh any closing costs you may have during the refinance process.
In some cases, it can be beneficial to prepay your mortgage (usually, when you’re planning to stay in the home long-term and pay off the loan in full). This is because you’ll reduce some of the interest costs and could even shorten the length of your loan. Check out our Prepayment Savings Calculator for more information.